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Businesses owned by Hong Kong and Macao investors will no longer be treated as foreign companies whose establishment or business conversion usually need to undergo examination and approval procedures, it said.

China, Li said, will also promote the development of inclusive finance, develop multi-level capital market, support small and medium-sized banks and private banks, and lower the corporate leverage gradually through the development of the capital market and direct financing.

People's confidence in the country's independent "path, theory and system" should be further boosted, Liu said at a conference held by the Central Spiritual Civilization Development Steering Commission.

The role that legislation plays in the country's political life has notably changed. Decades ago, a reform would start without the law's endorsement since the country's legal system was hardly in place. A new law would be drafted or an existing one be revised based on successful results of government policies.

In a major push to advance law-based government administration, the State Council submitted proposals to the Standing Committee of the National People' s Congress (NPC) on enacting or revising 15 laws including the Food Safety Law, and formulated or revised 38 sets of administrative regulations including the Provisional Regulations on Enterprise Information Disclosure. We took thorough steps to increase transparency in government operations, and used multiple means to widely solicit comments from the public on major government decisions and policies. The third national economic census was completed. We reformed the system for handling public complaints made in the form of letters or visits. Legal aid was expanded to cover not only people living on subsistence allowances but also those on low incomes. We strengthened efforts in both urban and rural community building, and made direct registration a reality for four types of social organizations, including industry associations and chambers of commerce. We cracked down on crime, strengthened efforts in the comprehensive maintenance of law and order, and effectively safeguarded national security and public safety.