BEIJING - The Communist Party of China (CPC) issued a policy document on Friday urging accelerated changes to governmental functions.

The document, approved by the CPC Central Committee on November 12 in a plenary session, said that scientific macro regulation and efficient governmental management complies with the needs of China's economic system.

CPC Third Plenary Session

The changes of the government role are necessary to enhance the credibility and executive powers of government, said the document.

The document called for efforts to improve macro-control, with the main tasks of maintaining balance between aggregate demand and supply, optimizing economic structure, mitigating regional and systematic risks, stabilizing market expectation and achieving sustainable and healthy economic development.

Macro-control policies should be more forward-looking, purposeful and coordinated, according to the document.

The document urged enterprises to have a dominant role in the country's investment, an important driver of growth.

Investment projects, except those concerning national security, eco-safety, strategic resource exploitation or vital public interest, will be determined by enterprises in accordance with the law and without any need for government approval.

China will set stricter access standards in energy-saving, environment, technology and safety sectors, and build a long-term mechanism to curb excessive production capacity.

The document called for improved evaluation of the performances of governments and officials and rectification of the GDP-oriented performance appraisal.

It urged faster construction of a national economic accounting system, and building a national platform to share information on housing and credit.

The document highlighted streamlining government administration and giving full play to the market.