China releases guidelines for economic reform priorities in 2015

Chinese policymakers on Monday announced guidelines for reform priorities in 2015, ranging from streamlining administrative procedures to boosting the yuan's global role, as Beijing steps up efforts to open up the country's capital markets.

A general view of Shanghai's financial district of Pudong is seen from the top of the Shanghai Tower, during heavy rain at the financial district of Pudong in Shanghai May 15, 2015.

The State Council, China's cabinet, approved the guidelines drafted by the National Development and Reform Commission for this year's action plan, calling 2015 "a crucial year for deepening reform."

"More focus will be placed on promoting financial reforms to push forward the development of the real economy", the statement said.

With the ultimate goal of restructuring the economy to boost consumption at the expense of exports and investment, Beijing has remained focused on a range of reforms, including freeing up the workforce to liberalizing China's nascent financial market.

The document, which contained few detailed measures, appeared to be more of a broad-strokes outline of the areas which the government was targeting for reform rather than a set of specific policy steps.

Specific areas targeted for reform included state enterprises, taxation, the Shenzhen Hong Kong stock connect, deposit rates, the initial public offering system, and boosting the global status of the yuan among others.