The city of Tianjin has submitted a proposal to the State Council to open China mainland's third stock market, the 21st Century Business Herald reported.

The China Securities Regulatory Commission hasn't yet received the report from the State Council, which will consider the proposal first, the newspaper said, citing unidentified people close to the commission.

The mainland's present stock markets are in Shanghai and Shenzhen. The Shanghai Composite Index has surged 81 percent this year, and the Shenzhen Composite Index has jumped 79 percent.