Mainland China’s two major stock exchanges are in the financial hub of Shanghai and in the southern city of Shenzhen, on the mainland’s border with Hong Kong.

“We will continue to support the innovation-driven development of small and medium-sized enterprises by deepening the reform of the New Third Board and setting up the Beijing Stock Exchange as the primary platform serving innovation-oriented SMEs,” Xi said in a video address at the opening of the China International Fair for Trade in Services (CIFTIS).

Reuters reported in March that China was considering establishing a bourse to attract overseas-listed companies and bolster the global status of its onshore share markets, citing sources with knowledge of the matter.

The sources said then that upgrading Beijing’s existing equity exchange for small and mid-sized firms, known as the New Third Board, was among the options being discussed.