The central government started the first round of moves to streamline administrative procedures for investment, production and operation in April.

"In the next step, policies for private enterprises will be further relaxed and private investment will be diverted into sectors such as public services and environmental protection, which will break the bottlenecks of these sectors, stabilize economic growth and expand domestic demand as well as keep China's economic growth sustainable," said Zheng Xinli, vice-chairman of the China Center for International Economic Exchanges and former deputy director of the Communist Party of China Central Committee's Policy Research Office.

Affordable housing

The meeting also pointed out problems in building affordable housing projects, such as shortage of funds and lack of supporting facilities.

It stressed the importance of accomplishing this year's government subsidized housing target, calling it "a task that has to be completed".

Subsidies from the central government will be increased, while multiple funding channels to support the construction of affordable housing projects are being studied.

Regulations will be introduced to standardize and encourage the building, management and operation of affordable houses while transparent policies will be set up for public rental housing, according to the release.