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Wang Junjin, chairman of the Shanghai-based JuneYao Group, said laws and regulations related to reform of the mixed-ownership policy should be improved to adapt to life under the new normal.

Some law and regulations are outdated, such as those requiring State-owned companies to hold a majority stake in joint ventures, said Wang, who is also one of the leaders of a team preparing the ground for Shanghai's first private bank, Huarui Bank, as China gradually opens up the State-dominated banking industry.

China regards the reform of the SOE mixed-ownership policy and the invigoration of failing enterprises as a significant part of its economic restructuring program.

Thousands of SOEs form the backbone of China's economic growth, but the monopolies they hold in a number of key fields shut out smaller market entities and lead to low levels of efficiency and poor service.

Speaking about mixed-ownership reform, Wang urged greater innovation, saying there is nothing to fear when a market-oriented system grows enterprises and maintains or adds to the value of State-owned assets.

The government's SOE restructuring plan is likely to be released after the two sessions. Key measures are likely to include the introduction of mixed ownership by attracting investors from the private sector and from overseas, restructuring and merging SOEs, and many more companies listing on the stock markets, according to Economic Information Daily.

The overhaul of previously resource-heavy SOEs would generate huge power for both the national and private economies, Wang said.

Jiang Xueqing and Zhao Shengnan contributed to this story.