China will strengthen budget constraints and performance management, and promote greater transparency in the process, Chinese Premier Li Keqiang said as he delivered a government report in Beijing on Friday morning.

Li laid out the economic sectors that China will focus on reforming in 2021, such as state-owned enterprises (SOEs), energy, transportation and telecommunications. He called for efforts to promote the common development of enterprises under diverse forms of ownership and reduce their production and operating costs.

China will deepen reforms of the fiscal, taxation, and financial systems, he said. "Regulation over financial holding companies and financial technology will be strengthened to ensure that financial innovations are made under prudent regulation," he added.