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China will further simplify procedures for setting up foreign-invested enterprises to promote high-standard facilitation of free trade and investment, the State Council decided at an executive meeting chaired by Premier Li Keqiang on May 16.

China's State-owned enterprises saw a 23.1 percent increase in profits year-on-year from January to July, the Ministry of Finance said in a statement on Thursday.

China's business activity revived and beat market expectations in March, with the manufacturing purchasing managers index return-ing into expansion territory after three months of contraction, according to the National Bureau of Statistics.

China would own more than 40 percent, the largest share among those markets, it said.

China will relax foreign shareholding restrictions on value-added telecommunications services, commercial services and transportation to invigorate the modern services industry, he added.