Reforming the business approval process and encouraging foreign investment are among the major goals for China's commercial system reforms. The leader of the State Administration for Industry and Commerce -- Zhang Mao -- says China has made significant achievements on those targets but there's still more to do.

The commerce regulator has enabled a simplified registration by integrating the business license, certificate of organization codes and certificate of taxation registration into one transaction. That's so new companies can complete their registration at just one counter.

"It is certain that we will reduce our interference and enhance our supervision through the reforms. And we are soliciting experience from the Shanghai Free Trade Zone. If the conditions are ready, we will implement the program nationwide." said Zhang Mao, minister of the State Administration for Industry and Commerce.

Zhang also says China will continue to encourage foreign investment and lower the threshold for overseas capital to invest in the country.

Zhang says China has seen significant growth in numbers of new foreign invested companies since the reform. Zhang says China will continue to simplify approval procedures to make sure that investors have easier access to the Chinese market.