BEIJING - Turnover on China's National Equities Exchange and Quotation (NEEQ), also known as the "new third board," nearly doubled this week.

The trade volume jumped 92.89 percent from a week ago to more than 5 billion yuan ($770 million).

The increase suggested recovering confidence on the new third board as the country is building a multi-tier capital market. NEEQ will start all auctions on Monday in its latest move to stimulate the market.

The total number of companies on the board has reached 11,623.

NEEQ was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges, serving small and medium-sized enterprises.

It is seen as an easy financing channel for small businesses with low costs and simple listing procedures. Last year, total turnover on the board stood at 227 billion yuan, up 18.7 percent from 2016.