China's top securities regulator announced Friday that it has decided to establish a working group for the launch of a futures exchange in the southern city of Guangzhou.

Approved by the State Council, the move marks that the launch of the new futures exchange has entered a significant stage, the China Securities Regulatory Commission (CSRC) said in an online statement.

The launch of the futures exchange is important for the reform and development of the country's futures market, according to the CSRC.

It will also help boost the high-quality development of the real economy, and promote the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, as well as the Belt and Road, the CSRC said.