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BEIJING, June 17 -- China will turn to the capital market to help make financing more accessible to emerging and creative businesses, according to a central government guideline issued on Tuesday.

According to the guideline published by the State Council, the cabinet, rules for making initial public offerings (IPOs) will be relaxed and the Shanghai bourse will launch a new board for emerging and creative firms.

In China, the cabinet publishes guidelines to inform the drafting and revision of policies and regulations. Tuesday's guideline focused on supporting new businesses and facilitating innovation.

To file for an IPO, businesses must have turned a profit for the past two years and posted accumulated profits of no less than 10 million yuan (about 1.6 million U.S. dollars). This puts filing for an IPO out of reach for startups.

The State Council said in the guideline that it will look into ways to allow the listing of Internet and high-tech companies that are still unprofitable on the ChiNext, the NASDAQ-style board.

The guideline also called for an acceleration of a pilot program allowing some Internet and technology companies which have not yet turned a profit to get listed on the ChiNext after staying in the national equities exchange and quotations (NEEQ) system for a certain period.

This will make the ChiNext more attractive and give the NEEQ system greater status and momentum to expand, said Dong Dengxin, head of the finance and securities research institute at Wuhan University of Science and Technology.