BEIJING - China's National Equities Exchange and Quotations, also known as the "new third board," saw lower turnover in the past week.

From Aug 31 to Sept 4, turnover on the board fell 8.05 percent from the previous trading week to 2.94 billion yuan ($429.89 million).

As of Friday, the board had 8,421 listed firms and a total turnover of 89.84 billion yuan this year.

The exchange was launched in early 2013 to supplement the Shanghai and Shenzhen stock exchanges to serve small- and medium-sized enterprises.

It is seen as an easier financing channel for small businesses, with low costs and simple listing procedures.