(Photo : High-speed rail in China)

Chinese government on Friday approved the plan to joint meeting mechanism under the leadership of State Council to accelerate economic reforms in the country.

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As per reports, the State Council leadership will hold regular or irregular meeting with key regulators on economic reforms in the country and address key issues relating to economic reforms.

"Under the new joint meeting mechanism, the State Council and key regulators will work to tackle key problems, study the government's reform programs and conduct research on crucial reforms in the country," Chinese government said in a statement.

The National Development and Reform Commission, China's top economic planner will coordinate meetings among other 34 ministries, administrations and other organizations including the Ministry of Education, the Ministry of Science and Technology and the People's Bank of China under the new mechanism.

Chinese government had decided to strengthen economic reforms and had introduced plans to achieve the convertibility of the yuan under the capital account.

Further, the Chinese government had decided to come up with market-based measures to reforms on foreign exchange and interest rates.

The new plans of Chinese government were focused on reducing the central government's intervention that is reportedly creating hindrances in the economic growth of the country.

The Chinese government's main agenda behind this move was to put more focus on pushing targeted reforms improve the economic growth in the country and free 62 items from government control.

And now the power to take decisions on these issues will be delegated to lower government levels and the authorities won't have to seek approval from the central government's administrative body. The new joint mechanism will also take measures to curb the local government's debts and take initiative to make budget system more transparent and standardized.