China has finished revising its negative list for market access for nationwide roll-out, the National Development and Reform Commission (NDRC) said Thursday.

The new version will enter effect after later approval by the Communist Party of China Central Committee and the State Council, NDRC spokesperson Meng Wei told a news conference.

China has decided to make the "negative list" approach, which will open all sectors except a proscribed few to investors before the end of this year to streamline government administration and give more freedom to the market.

The NDRC and the Ministry of Commerce will work to facilitate the application of the scheme for market entities and improve its transparency, Meng said.

They will also further amend the list to adapt it to China's reform progress, economic restructuring, and legal changes, Meng added.

China started related reforms in 2015 and has piloted the scheme in regions including Tianjin, Shanghai, Fujian, and Guangdong.