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The government has been putting efforts to shift its economy toward a growth model driven by consumption, services and innovation. Last year, the added value of service sector more than halved the Chinese economy.

The government should offer both guidance and liberty to enterprises involved in the nation's sharing economy sector, letting the market play a dominant role, an official said during a seminar held on Thursday.

The gap between Chinese private funds and their counterparts in developed markets, he said, is yet to be bridged. Chinese firms hope that reforms will bring about industry renewal and ultimately lead to robust growth of China's capital market.

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The general office of the State Council released a guideline on Wednesday establishing 92 new demonstration bases nationwide to promote entrepreneurship and business startups. These will include 21 famous enterprises such as internet giant Tencent Holdings Ltd.

The government earlier in January announced that 3,000 ADF reservists would be deployed to help with the bushfire recovery in an unprecedented move.

The goal of the overhaul is to "shape medium and large-scale listed companies focusing on specialized areas", that would have the capability to "rank in the top three worldwide", it said.

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The government also set up a HK billion (US.9 billion) fund to give the city's coronavirus-stricken industry sectors a boost.

The government also made reductions to VAT in May, cutting that which applied to the manufacturing sector from 17 to 16 percent and to the transportation and construction sectors from 11 to 10 percent.

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The government will also toughen supervision over food production and operation including online meal ordering and issue guidelines to help upgrade the food sector, according to the statement.

The gang defrauded victims of more than 560,000 yuan (,000) in total from November 2015 to August 2016. More than 23,000 calls were made in which scammers posed as educational, financial or real estate officials.