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China will simplify business registration procedures for foreign investors in a bid to spur overseas investment and create a more open business environment in the country, officials said on Tuesday.

China will strive to make new strides in economic development during the period, according to a communique released after the session.

China will keep making remarkable achievements on tackling pollution with a good understanding of the role that policy plays in incentivizing the private sector to respond to green finance, said a senior executive of the Asian Development Bank.

China's Vice-Finance Minister Zhu Guangyao had earlier disclosed that foreign businesses will be allowed to own as much as 51 percent of shares in a joint venture in securities, funds and futures industries, up from the current 49 percent.

China will start to renovate 39,000 old urban residential areas this year, benefiting some 7 million households, according to guidelines released previously by the State Council.