Meanwhile, The Ministry of Commerce also said on Thursday that it's revising its negative list of foreign investment and developing new policies to improve China's business environment.

President Xi Jinping said at this year's Boao Forum for Asia that China will create a more attractive investment environment for foreign companies. Xi said that China will improve transparency and strengthen intellectual property rights protection. He also said China would continue to encourage competition while opposing monopolies. That comes as data from the World Bank shows that China's ranking in business conditions and market accessibility has improved significantly in the past few years.

ZHANG MAO, DIRECTOR STATE ADMIN. FOR MARKET REGULATION "Investors are paying more attention to the business environment instead of preferential policies nowadays. This is a new trend. We need to make some adjustments to put improving business conditions as our top priority."

China has carried out a major revamping of government institutions this year and established new agencies such as the State Administration of Market Regulation. The moves aim to eliminate institutional obstacles and unleash market vitality. Zhang Mao said his agency will deepen reforms in the regulatory system and help businesses by cutting costs and enhancing services. The director added that the agency will push for a unified market regulatory mechanism to eliminate unfair competition.