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As a key move to boost China's financial opening-up, the reform can facilitate global investment in the Chinese market in RMB, broaden the channels for overseas RMB use and make the Chinese market more attractive to foreign investors, said Wu Wen, an analyst with the Bank of Communications.

In response to U.S. National Security Adviser John Bolton's warnings to China and Russia against supporting the Maduro government, Hua called on the United States to draw lessons from history and give up sowing discord immediately.

Thirteen items of approval concerning foreign trade will be cancelled. More items of approval will be simplified, require shorter time for approval or have a longer period of validity, the statement said.

The move came after the United States decided to make adjustments to the additional tariffs to be imposed on Chinese goods on Oct. 1 and added to a timeline of encouraging events since the beginning of September.

"In just several decades, China has finished what took developed countries several hundred years to complete," Wang said. "In so doing, China has blazed a new path to modernization for developing countries, and what China has achieved has enriched the dreams of people around the world for a better life."