China will take substantial measures to reform the investment and financing systems, as well as other key areas of the economic system, according to a government work report available shortly before Thursday's annual parliamentary session.

The number of investment projects requiring government review will be substantially reduced, and some of the project reviews will be conducted online, according to the report, which was delivered by Premier Li Keqiang at the opening of the annual session of the National People's Congress.

China will also greatly relax market access for private investment and encourage the use of private capital to set up equity funds, according to the report.

In particular, it is noted that the country will deepen reform of railway investment and financing by making good use of railway development funds.

Reform priorities will also be given to cutting government red tape, pricing, tax and fiscal system, financial sector, and state-owned enterprises and assets.