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While China is developing a consumption-driven economy, many sectors such as logistics services will improve to better serve Chinese consumers, David Bell, a business professor with the Wharton School at the University of Pennsylvania, said while visiting Shanghai Jiaotong University last month.

The decision was announced during the State Council's executive meeting on Wednesday chaired by Premier Li Keqiang.

According to an action plan jointly made by the MIIT, the Ministry of Civil Affairs and the National Health and Family Planning Commission, China will build a smart health and elderly care industry with more than 100 industrial leading enterprises and a number of brands by 2020.

In the face of downward pressures, China has rolled out an array of measures to streamline administration and give the market greater say in hopes of sustaining economic growth. Business registration reforms were initiated in March 2014 by lowering barriers for market entry and cutting red tape.

The report also said the Chinese government had taken many steps to implement its numerous commitments about its accession to the WTO over the past 15 years.