BEIJING - A total of 44 small and medium-sized enterprises (SMEs) were added to China's New Third Board from August 29 to September 2, marking further expansion in China's over-the-counter market, after the board was officially established three years ago.

The move brings the number of companies listed on the New Third Board to 8,920 and represents China's effort to encourage the development of SMEs, amid downward economic pressures.

The market value of the 8,920 companies is about 3.4 trillion yuan (about $509 billion).

Turnover on the New Third Board reached 3.06 billion yuan last week, a 1.13 percent decrease on the previous week.

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

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

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

It complements the existing stock exchange, the SME board and the ChiNext board, being 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.