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To deepen reforms, governmental functions should be transformed, while industrial upgrading should be boosted through growing new competitive strengths, it said.

Johnston said the Canadian side cherishes its friendship with China and will work with the Chinese side to give full play to their mutually complementary advantages and expand cooperation in trade, investment, energy, resources, technology, education and culture in pursuit of common development and further improvement of bilateral relations.

The general objective of reform is to improve and develop socialism with Chinese characteristics and modernize the governing system and its capabilities, Liu stressed.

During a meeting with Chairman of the Bulgarian National Assembly Mihail Mikov, Du Qinglin, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), highlighted the deep traditional friendship between China and Bulgaria.

The State Council demanded the China Securities Regulatory Commission (CSRC) simplify approval procedures for higher efficiency in accordance with the reform plan for the initial public offering system unveiled on Nov. 30.