BEIJING -- China's National Equities Exchange and Quotations (NEEQ), also known as the "new third board," saw a lower turnover last week.

From Oct 19 to Oct 23, the board's turnover fell to 2.11 billion yuan (about $316.7 million).

This year, the board has seen 512 listed companies complete stock issuance, raising 25.1 billion yuan. As of Friday, 8,373 companies are listed on the NEEQ.

Launched in 2013, the NEEQ aims to offer small and medium-sized enterprises (SMEs) a new financing channel with low costs and simple listing procedures.

China has outlined a series of reforms to better orient the NEEQ to the needs and features of small enterprises, and to support the quality growth of the real economy.