China’s State Council announced plans to create a strategic emerging industries board on the Shanghai Stock Exchange on Wednesday. It also said it planned to change the capital markets to make it easier for companies to get access to funding, reported Reuters.

The new board will set higher thresholds for listing candidates than Shenzhen’s Nasdaq-style ChiNext in terms of financial conditions and market capitalization, the Shanghai Stock Exchange said earlier this year.

The State Council said it would increase the number of companies listed on the “New Third Board”, the country’s most active over-the-counter equity exchange, and explore a pilot program that will allow companies listed on the New Third Board to transfer to ChiNext, the cabinet said in an online statement after its weekly meeting.

Other moves the State Council made to move along financial reforms included said allowing financial institutions to apply for securities licenses as long as risks generated from such operations are sufficiently isolated. It also said it would explore the mixed operation of securities, fund and futures companies.

Other reforms included expanding the China Insurance Security Fund’s investment in the capital market, boosting the investment and financing capability of trust companies and bank wealth management funds. The cabinet added that it plans to improve laws and regulations related to start-up firms with “special ownership structure.”

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