So far, about 1.81 million rural residents in Beijing have received shares of about 62 percent of the city's rural collective economy that are worth 300-billion-yuan (about 45.5 million U.S. dollars), according to Chen.

The share will grow to 90 percent by the end of this year and the rest will be completed by 2013, he said.

Every rural resident will receive shares, though the amount varies according to the length of their working years, said Chen.

During the past 11th Five Year Plan (2006-2010), when the reform was being widely adopted in Beijing, the average annual income of Beijing rural residents grew to 13,000 yuan in 2009 from the 7,860 yuan in 2004.

Chen said that Beijing also planned to increase farmers' average incomes by another 8 percent in five years.

The reform will further promote China's urbanization pace as, according to Chen, farmers who have shares can still receive dividends if they leave their rural land to live in cities.

Chen also mentioned that Beijing still needed to improve management of those enterprises. It will also build a talent system to absorb more college graduates and professionals to operate those firms.