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By enabling SOEs to divest some of their non-core business units, they will be encouraged to sharpen their focus on growing their main business, Peng said. The government will continue to encourage SOEs to build more key infrastructure and manufacturing projects in the country and partner economies involving in the development of the Belt and Road Initiative over the next five years.

By the end of 2019, China had been the world's leading gold producer for 13 consecutive years.

By letting the market play a larger role, the reform to cut red tape is part of the government's plan to speed up the shift to high-quality development and a modernized economy.

ByteDance owns several products including TikTok, news portal Toutiao and the video-sharing platform Xigua. To date, Douyin, the Chinese version of TikTok, has seen the number of its daily active users exceed 400 million, the company said.

CAAM also noted that the sales of commercial vehicles was driven by government investment in infrastructure and as buyers upgraded to comply with stricter emissions rules. Sales of trucks and other commercial vehicles, which constitute around a quarter of the market, surged 41.6 percent to 431,000 units in August.