Going forward, the authorities are tasked to improve public services in terms of data sharing, government service procurement, urban planning and resources management innovation, the guideline said.

Financial institutions are encouraged to provide innovative financial services and products tailored to the demand of companies in the sector.

Companies with cutting edges are encouraged to go global, establish their presences and build brand names.

In the meanwhile, malpractices including illegal disclosure or abuse of personal information of consumers and illegal competition means will face the full weight of law.

"China is a country vast in size with diversified demands, still industrializing and urbanizing. There are a lot of resources and capacities that could be better used," Li said.

"Governments at different levels should take the initiative with the big picture in mind, striking a balance between 'enabling' regulation and risk preparedness, in an effort to build a level playing field for all to compete and excel," he added.

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