China is set to expedite the revision of its negative list for market entry and remove unnecessary barriers to market access, as part of its larger drive to foster the development of the private economy, the country's top economic regulator said on Tuesday.

"(China) will accelerate the push for revising and updating the negative list on the market access and areas that are not on the lists will all be deemed as fully open," said Zheng Bei, deputy head of the National Development and Reform Commission, according to a CCTV news report.

She said the country will continue to open up fields such as competitive infrastructure sectors and major national scientific research infrastructure to private firms. China will also encourage private enterprises to play a more active role in the implementation of major national strategies while building up security capacity in key areas as well as programs for large-scale equipment renewals and trade-in deals for consumer goods.

According to the NDRC, private enterprises make up over 92 percent of the total number of businesses in China and account for more than 92 percent of the country's high-tech firms.

The NDRC highlighted that the private sector's scale, innovation capabilities, and international competitiveness have all significantly improved in recent years. Going forward, the government will work to dismantle the remaining obstacles to market entry and access to factors of production, building a unified, open, competitive and orderly market system.

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So far, the commission has gathered a total of 2,266 issues raised by private enterprises, with 1,097 cases resolved. In the next steps, efforts will be made to address issues faced by private firms in accessing affordable financing and clearing overdue payments.

Zheng noted that efforts will be made to hold local governments and State-owned enterprises accountable for addressing those issues, including utilizing new policies such as local government special bonds to clear overdue payments.

Looking forward, Zheng said the country will continue to strengthen legal protections for private enterprises and entrepreneurs, pushing forward the legislative process of the private economy promotion law. The draft law on promoting the private economy was submitted in December to the Standing Committee of the National People's Congress for deliberation.

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The draft consists of nine chapters covering aspects including fair competition, investment and financing environment, scientific and technological innovation, rights protection, and legal responsibility.

Zheng from the NDRC said the country is committed to creating a favorable environment for the private economy by combating actions such as harming corporate reputations and spreading false information online.

"With the current political, economic, and social environment being highly conducive to private sector growth, now is a prime time for private enterprises and entrepreneurs to expand and thrive," Zheng added.