China's State Council released a statement Thursday on deepening economic reforms this year. The statement said China will take more action on supply-side reform, as well as advance SOE reforms. Meanwhile, the country will also make mixed-ownership trials in such sectors as electricity, oil and natural gas.

In financial area, China will allow more private capital to run into the banking industry, and encourage more private banks. China will also gradually advance the Renminbi capital account convertibility development this year. Moreover, the country is planning trials involving limited convertibility. Taxation reforms and a negative list on market access will also be among this year's reform highlights.