China will establish a new stock exchange in Beijing to facilitate innovative small and medium-sized enterprises (SMEs) and deepen reform of its National Equities Exchange and Quotations (NEEQ), or the "new third board," Chinese President Xi Jinping told the Global Trade in Services Summit of the China International Fair for Trade in Services (CIFTIS) on Thursday.

The CIFTIS is a major platform for trade in services in China. This year's event is taking place from September 2 to 7.