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China will accelerate cuts to the negative list of foreign investment access to the country and pilot free trade zones, said the Ministry of Commerce on Friday.

China set up the National SME Development Fund in September 2015 to support growing SMEs in the seed and early stages. With the first batch of capital hitting 60 billion yuan, the fund called for the joint participation of private and State-owned enterprises, financial institutions, as well as local governments.

China was among the first to release its national plan and progress report. Following the new development philosophy, China has been pursuing balanced progress in its efforts on the economic, social and environmental fields.

China issued a guideline in early November to improve the business environment for foreign investors with a focus on the national treatment of foreign-funded enterprises.

China will continue to pursue a proactive fiscal policy and a prudent monetary policy, while encouraging deleveraging and preventing potential risks, according to Zhou, who warned that shadow banking and housing market bubbles could increase vulnerability.