Proposals to expand a pilot program allowing for an over-the-counter equity exchange system for small- and medium-sized enterprises has been submitted to the State Council, according to China Securities Journal.

If approved, these enterprises will be able to apply to trade equities through the National Equities Exchange and Quotations Ltd Co.

Premier Li Keqiang urged a State Council meeting on May 6 to expand equity transactions as an economic reform priority.

Yang Xiaojia, board chairman at the National Equities Exchange and Quotations, said that now is the right time to welcome more enterprises in the equity market.

Brokerages are discussing and preparing rules for the expanded system.

Currently, unlisted enterprises from four high-tech industrial parks in Beijing, Tianjin, Shanghai and Wuhan in Hubei province can apply to trade equities.