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The reform should give priority to resolving issues that threaten the future survival of the WTO, Wang said, adding that certain countries have been blocking the appointment of Appellate Body members. The Appellate Body is responsible for resolving disputes, a core function of the WTO.

The proposed budget before Newsom would bring that tax back, using part of the money to make California the first state in the country to help middle class families pay a portion of their monthly health insurance premiums.

The rating agency believes the sector has become smaller in response to a regulatory clampdown which began early this year.

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The reforms relating to the asset management sector are a highlight indeed, experts said. Foreign financial institutions are encouraged to set up and invest in the asset management subsidiaries of Chinese commercial banks. Overseas asset management institutions are allowed to set up foreign-controlled asset management joint ventures by teaming up with Chinese commercial banks or the subsidiaries of insurance companies.

The reading also showed industrial upgrading continued apace, with high-tech manufacturing and consumption-related sectors maintaining rapid expansion, Zhao said.

The rate outpaced the combined business revenue growth by all SOEs, standing at 17.5 percent year-on-year, which has made 15.6 trillion yuan during the same period, the ministry said.

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The reality is that the protests have crippled the retail, catering, and transport sector, as well as enterprises associated with the tourism industry, she added.

The reforms, which unified the review and licensing procedures in different government departments, are expected to markedly streamline items, significantly trim the application process and greatly reduce approval time, Zhao told a news conference.

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The province aims to promote the private sector's proportion in GDP to 55 percent by 2020, said Zhang.

The rapid growth of specialty-coffee shops in Shanghai in recent years indicates the market's progress. [Photo provided to China Daily]