Chinese equity exchanges are exploring new and creative ways to accommodate strong funding demand from high-growth companies.

The Shanghai Stock Exchange is applying for regulatory permission to establish a strategic emerging industry board for high-growth and innovative enterprises, said Chairman Gui Minjie, a member of the CPPCC National Committee.

"The capital market has made big progress in supporting the domestic strategic emerging sector and innovative enterprises, but it needs to do more to support such a large economy," said Gui.

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In 2009, the Nasdaq-style ChiNext board opened at the Shenzhen Stock Exchange. In 2012, the National Equities Exchange and Quotations, China's third national equity exchange, opened to provide financing platforms for high-growth enterprises.

ChiNext has 379 listed enterprises, with more than 640 enterprises at the NEEQ, but there are still plenty of fast-growing companies hungry for funding.

Gui said the latest board would be created for emerging and innovative enterprises that have achieved "a certain scale" of business, rather than those at the entrepreneurial stage.

He also said the strict listing system in China can't be applied to many enterprises in strategic emerging sectors.

"If the strategic emerging industry board can be launched, the SSE will consider allowing those not yet profitable to be listed, and we'll seek new regulations covering companies' equity structure," said Gui.

Gui said the new board at the SSE and the ChiNext board at the Shenzhen Stock Exchange will have "healthy" competition, which will push each exchange to offer better services, lower costs and greater efficiency.

Chen Dongzheng, chairman of the Shenzhen Stock Exchange, offered support for the SSE move.

A long, sustainable process is needed to support the development of small and medium-sized and high-growth enterprises, he added.