SHANGHAI, (Reuters) – China has published a set rules for its newly created Beijing Stock Exchange. This is a significant step towards the launch of a market that funds innovative start-ups.

This exchange is the third in a series of bourses that were established in China’s capital.

The establishment of the Beijing Stock Exchange forms part of President Xi Jinping’s strategic plan to develop China’s capital markets. It will also support innovation and small and medium-sized businesses (SMEs), according to the China Securities Regulatory Commission.

After a public discussion, the CSRC released the rules to govern public offerings and information disclosure for the Beijing exchange. These rules will be in effect from Nov. 15.

China’s support of SMEs is growing in a slower economy has been increased. However, President Xi cracked down on technology giants as part of his vision for “common prosperity”, a strategy to close the wealth gap.

The CSRC released draft guidance late Friday night that requires higher quality information disclosures in prospectuses of companies under China’s registration-based IPO (on which Beijing Stock Exchange) system.

The U.S.-style registration-based IPO system has been adopted by Shanghai’s technology-heavy STAR Market, and Shenzhen’s startup board ChiNext. This gives market a greater role in pricing and evaluating IPOs.