China's top securities regulator on Wednesday issued rules on a test run of issuance and trading of China Depositary Receipts (CDRs).

The rules, which became effective when issued, lay the institutional foundation for innovative firms to issue CDRs in domestic capital market, said an online statement of China Securities Regulatory Commission (CSRC).

CSRC has also released amended rules on initial public offerings (IPO) and a package of measures to support innovative firms in their domestic issuance of stocks or CDRs.

Qualified innovative firms can submit applications for CDR issuance to the CSRC from Thursday.

The pilot CDR program will allow domestic investors access to tech giants such as Alibaba and Baidu, currently listed in the United States.

CSRC said it will strictly control the number of enterprises and volume of funding for the pilot CDR program, and properly arrange the timing and pace of CDR issuance.