China's top economic planner released economic priorities for 2014 in a plan that has been approved by the State Council, the country's cabinet.
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The National Development and Reform Commission said authorities will cut red tape and slash items that need administrative approvals.
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China will continue to expand the scope of value-added tax (VAT) and move to regulate financing of local government.
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A new mechanism of the CNY exchange rate will be developed and volatility of the rate increased. Capital account convertibility will expand in an orderly manner.
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Eligible private investors will be allowed to start financial institutions like small or medium banks and invest in established ones.
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As prices are stable, China will reform prices of resource products and in sectors including transportation, telecommunications, pharmaceuticals and health care.
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State-owned enterprises (SOEs) will move towards mixed ownership through a cooperation mechanism between state and social capital.Â