A Chinese official says China may spin off more state-owned companies as private entities to encourage economic growth. However, the official said Beijing will still control major industries, according to Fox News.

Huang Shuhe, the deputy chairman of the Cabinet agency that manages the biggest state companies in China, said on Thursday regulators are planning to increase private ownership stake in some big firms, the report said.

Last month, the Communist Party isssued a development plan that committed to open more industries to foreign and private competition. According to economists, Beijing must control the dominance of state companies that control the telecom, energy, and banking industries, the report explained.

Huang said Beijing will maintain its ownership in industries that are critical to the economy. However, the state would sell stakes in other industries, or possibly end its entire ownership. Huang did not disclose other details about companies that might be affected by this change, Fox News reported.