President Xi Jinping announced in his keynote speech at the opening of the first China International Import Expo in Shanghai on Monday that the Shanghai Stock Exchange will launch a new science and technology innovation board, and the new trading platform will experiment with a registration-based system for listed companies.

He said the new board will support Shanghai's bid to be an international financial center and technological innovation center, and improve the domestic stock market.

The move will further promote reform and opening-up of China's financial market. The China Securities Regulatory Commission said later that the new board is a significant reform measure to carry out the innovation-driven development strategy and promote high-quality development.

The commission said it will learn from successful international experience to improve the regulation and arrangements related to the new board. It will also strengthen its management of science and technology investors so they invest rationally. And it will encourage small and medium-sized investors to participate in science and technology investment through public funds and other ways so they can share the achievements of innovative enterprises.

At the same time, the registration system will have strict standards and procedures for application review, registration, issuance, and transactions, and close attention will be paid to the truthfulness and comprehensiveness of information disclosure to protect the rights and interests of investors.