BEIJING - A total of 50 small and medium-sized enterprises (SMEs) were added to China's New Third Board, marking further expansion in China's over-the-counter market since the board was officially established three years ago.

The move brings the number of companies listed on the New Third Board to 9,073 and represents China's effort to encourage the development of SMEs amid downward economic pressure.

The market value of the 9,073 companies is about 3.48 trillion yuan ($527 billion). Turnover on the New Third Board reached 3.73 billion yuan last week.

The New Third Board, or National Equities Exchange and Quotation (NEEQ) system, serves as a national share transfer system for SMEs to transfer shares and raise funds.

It was founded in 2006 as an experimental platform to facilitate financing for China's non-listed small and promising high-tech enterprises in Beijing's Zhongguancun Science Park.

The present system was officially established on Jan. 16, 2013 after years of trials in cities including Shanghai, Wuhan and Tianjin.

It complements the existing stock exchange, the SME board and the ChiNext board. The board is seen as an easy financing channel with low costs, simple listing procedures, and a short application period for companies not qualified for listing on the major exchanges.