China inaugurated its science and technology innovation board on Thursday, kicking off the country's much-anticipated capital market reform this year.

The new market will support tech companies that are in line with the national strategies, make breakthroughs in core technologies and are well accepted by the market to grow stronger, Yi Huiman, chairman of the China Securities Regulatory Commission (CSRC), said at the launching ceremony of the sci-tech innovation board at the Lujiazui Forum in Shanghai.

Yi pledged to push forward key institutional innovations and implement the registration-based initial public offering (IPO) system on the new board that underlines sufficient information disclosure.

Yi said the CSRC will promote experience from the sci-tech innovation board to push forward sweeping reforms of the capital market and build the capital market into a regulated, transparent and open one full of vigor and resilience.

"The sci-tech innovation board is full of broad development prospects, but it would inevitably meet some challenges during its development," he said.

Yi vowed to stick to the market-oriented, law-based and international approach, respect the market rules and ensure the solid implementation of all reform measures.