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China will endeavor to promote a wide-ranging transformation of production and people's lifestyles to ensure a fundamental improvement in environmental quality by 2035, according to the communique of the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China on Thursday.

China's Nasdaq-style sci-tech innovation board, known as the STAR Market, has also provided new opportunities for SOEs in terms of financing channels as well as improvement in management and incentive mechanisms. With the promotion and support from the SASAC, many central SOEs have been listed on the STAR Market.

China will step up guidance and oversight for Chinese enterprises that have gone global and bring standards to their investments and operations, he said. Chinese enterprises will also be guided to abide by local laws, regulations and international practices, he added.

China will ramp up efforts to reduce financing costs for small and medium-sized enterprises this year, with the government ready to adopt a targeted policy tool to spur lending to small and private firms, Premier Li Keqiang said on Tuesday.

China's advance also comes as countries including Germany, Japan, and South Korea are unanimously turning to translate technological findings into new commercial products, according to the report.