The recent sharp rise of the ChiNext Index, which tracks the performance of listed high-tech and innovative companies and start-ups, reflects the government's economic restructuring drive and encouragement for entrepreneurship and more sophisticated businesses.

The index has surged over 160 percent since January 5, the first trading day of 2015.

Starting from a tiny pool of 28 enterprises in 2010, the board is now home to 458 companies in emerging industries such as electronics, information technology, new energy, new materials, environmental protection, high-end manufacturing and bio-medicine.

The board's boom has come amid China's efforts to encourage innovation and entrepreneurship as growth drivers, while exports and consumption remain lackluster.

As the government continues to cut red tape and spearhead comprehensive reforms, young entrepreneurs are behind a wave of start-ups that have become an economic bright spot.

According to official data, the number of newly registered firms in China in the first quarter rose by nearly 40 percent year-on-year.

Authorities recognize the role of the stock market in restructuring the economy. Xiao Gang, president of the China Securities Regulatory Commission (CSRC), said last month that the CSRC will strive to build a multi-tiered capital market so it can play a bigger role in serving the real economy and boosting innovation and entrepreneurship.

Based on a Xinhua story.

Xinhua News Agency