Premier Li Keqiang called for efforts to cut red tape and simplify procedures for new investment project according to a statement issued after an executive meeting of the State Council last Saturday.

The China Railway Corporation will be allowed to make decisions regarding railways, bridges and tunnels.

China will prohibit new projects related to industries struggling with over capacity such as steel, coal and electrolytic aluminum sectors and no new gasoline powered vehicle  factories will be allowed to open.

"The government will be exploring a management model that doesn't involve any approvals", the official Xinhua News Agency reported Monday, citing Xu Shaoshi, head of the nations top economic planning agency.

The meeting stressed measures to improve the countries business environment.

Following China's revision to four laws regulating to inbound investment last month, they agreed that some of the administrative approvals  will no longer be necessary for foreign investors who are setting up business in Chinese  mainland.

The practice had proved satisfactory in pilot free trade zones in Shanghai, Guangdong, Tianjin and Fujian.

Because of this, investors are only required to report business to local regulators ,as long as their business is not on the "negative list". China's government estimates that this means 95 percent procedures will be cut.

Overseas direct investment in  the mainland during the first eight months of 2016 increased 4.5 percent year on year to US$85.9 billion, up to 4.3 percent in the first seven months said by the Ministry of Commerce.

A total of 18,538 new foreign funded enterprises were established in the country in the same period, up 10.2 percent on the year.

It will also encourage the nation's pension fund and insurance companies to invest in capital market.

Truly, China had really cut the red tape and is planning to deal more investment in the country  foor them to grow on their economic status.