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Although China's broader economy is slowing, China's young entrepreneurs are driving a wave of startups that has become a bright spot for the economic landscape and an important engine for future growth.

Liu called for organizations to have the audacity to give young, talented people key roles in the S&T field while urging senior scientists to offer them sound guidance.

The commission has canceled or delegated 44 administrative approval items since 2013, giving more autonomy to enterprises and loosening restrictions on foreign investment. More than 95 percent of foreign investments no longer need to be approved but only have to file for records.

China, Li said, will also promote the development of inclusive finance, develop multi-level capital market, support small and medium-sized banks and private banks, and lower the corporate leverage gradually through the development of the capital market and direct financing.

Wang added that parties involved agreed to hold the next round of talks in early February.