China's State Council, the country's cabinet, Monday rolled out plans to deepen the country's economic reform in 2013, further cutting government interventions in economy.

[Hong Kong Company Formation, Incorporation, Business Registration]In an executive meeting presided over by Premier Li Keqiang, the government pledged to take solid steps to promote reforms and mobilize all posibile resources to guarantee a successful reform.

"Currently, in order to stabilize growth, controll inflation, mitigate risks and strive to foster an 'upgraded version' of the economy, it is imperative for China to take pragmatic moves to deepen reforms," said a statement released after the meeting.

Efforts should be focused on pushing the targeted reforms which have accumulated conditions to realize and could produce chain effects. Resolution is needed to make them successful to release more bonuses from reform and spur vitality for social and economic development, the statement continued.

In its detailed plan, the government will cancel or delegate power to lower levels concerning 62 items that were previously subject to central government administrative approval,. Similar approaches were taken on 71 items last month.

The government will improve measures to check local government debts, control debt risks, and make the budget system more transparent and standardized.

It will announce detailed plans on allowing the yuan's conversion under the capital account, and protecting the interests of small and individual investors.[Hong Kong Company Formation|Hong Kong Company Registration]

The government reiterated its determination to introduce more market-oriented reforms of the formation systems of foreign exchange and interest rates.

The government will also encourage and support private capital's use in owning and operating inter-city and regional railways and invest in the current backbone lines.

The government will establish a tiered pricing system for consuming electricity, water and gas, leaving fees determined more by the market, in an effort to meet basic living needs.

Further efforts will be made to deepen reforms in state-run hospitals and accelerate medicare insurance on serious illness in urban and rural areas.

The government will implement the strictest regulatory policies on food and medicine safety and improve related access system.

It will enhance the distribution of security housing and strengthen monitoring and compensation on environmental protection.

Residential system reform shall be further promoted to fulfill high-quality urbanization with an innovative medium- and long-term development planning.

It will progress modernized agriculture with a solid system of confirming, registering and certificating property to protect the rights of people in rural areas.

The reform will also cover small-sized water conservancy projects and state-owned forest regions.[Hong Kong Company Registration Guide]

The government will give full play to the supportive functions of technology in economic growth through boosting innovation and integrating resources in an enterprise-oriented policy.

The statement also stressed the right timing and practice of all the detailed reform plans and demanded the proper relations between market, public and government, abiding by laws.