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Zhao Chenxin, of the National Development and Reform Commission, said at a press conference that China had a shortage of high-end commodities and an "unsound consumption environment."

Other violations included unapproved use of public vehicles, illicit gift giving and receiving, as well as extravagant weddings and funerals.

The legislation, which will come into force on May 1, also mandates the government to formulate plans and promote the research and surveys of resources.

He said the SOE overhaul has two dimensions. One is that authorities in charge of state assets should only be responsible for maintaining and increasing the value of state assets, and allocating well such assets. The other is that SOEs should be dealt with differently on the basis of industries they belong to.

Xi's remarks expounded the historical role, significance, obligation, goal and principle of the Party's media work, and enriched Marxist journalism theories, Liu said at a teleconference held by the department.