China will establish a futures exchange in Guangzhou, Guangdong province to support development of the Guangdong-Hong Kong-Macao Greater Bay Area, the China Securities Regulatory Commission, the top securities regulator, said on Friday.

The commission has officially approved the establishment of the new exchange to implement the country's development blueprint for the Greater Bay Area and the pilot free trade zone in Guangdong, the commission said in a statement.

The Guangzhou futures exchange is of great importance for perfecting the country's capital market system and promoting high-quality economic development, the commission said.

The exchange will focus on serving the real economy and green development, upholding the development position of being innovative, market-oriented and internationalized.