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"Now, many companies seek cooperation with us. We believe we will see faster development."

The CPC is continuing to lead the reform and opening up, often called "China's second revolution," which has lasted for 40 years. To continue this revolution, the Party decided to remove the obstinate barriers, such as outdated mentalities, deep institutional flaws and strong vested interests.

China lodged an additional complaint with the World Trade Organization Friday over tariffs formally implemented by the United States based on a trade investigation against China under Section 301.

"In the face of growing international competition, we must fully appreciate the pressing need for stepping up the reforms of our government's functions, which are crucial for energizing market entities and grassroots initiative and for improving China's overall business environment," Li said at the meeting.