China pledged to deepen reform in order to strengthen market vitality and internal momentum for development in the annual government work report delivered by Premier Li Keqiang on Saturday.

The country will take measures to streamline administration power, take stronger action against monopolies and advance reforms of the financial system, Li said in the report to the opening meeting of the fifth session of the 13th National People's Congress in Beijing.

"We will further the implementation of policies to ensure fair competition and take stronger action against monopolies and unfair competition to ensure a well-ordered and fair market environment," said Li.

China is due to complete the three-year action plan for the reform of state-owned-enterprises this year. Li reiterated the pledge to create conditions for enterprises under all forms of ownership to compete and grow together. He added that property rights and independent management rights of enterprises will be protected according to law.

China will advance reforms of the fiscal, taxation systems including strengthening budgetary constraints and transparency, as well as cracking down on tax evasion and fraud in accordance with the law.

Referring to financial regulation, Li said that China will further reform the equity structures and corporate governance of small and medium banks, and move faster to deal with non-performing assets.

Li added that China will improve the system for supporting debt financing by private enterprises and achieve full implementation of the registration-based initial public offering system.