China Securities Regulatory Commission (CSRC), the country’s securities regulator, has given priority to enterprises from the country's western regions that are seeking approval for initial public offerings, China daily reported Tuesday.

The move, starting from this month, aims to promote the development of the country's western regions, China Securities Journal reported yesterday, the newspaper citing sources from the CSRC.

Enterprises from western regions that are applying for an IPO on the Shanghai or  Shenzhen markets will be specially labeled, according to the CSRC.

Up to now, a total of 758 enterprises are seeking approval to get listed in the country’s two bourses, according to the CSRC's announcement on Friday.

Of which, 129 enterprises are applying for IPOs in Shanghai, while 629 in Shenzhen.

However, due to the probably poorest performance of China’s stock market worldwide, the CSRC has slowed down the pace of approving, although it had previously hinted that it will not suspend IPOs. No new prospectus has been published since July 16, according to the CSRC's website.