China pledged to loosen restrictions on overseas companies' access to the nation's markets and facilitate domestic companies' expansion abroad, said the decision adopted at the Third Plenary Session of the 18th Central Committee of the Communist Party of China.

The full document was released by the Xinhua News Agency on Friday.

Shen Danyang, spokesman for the ministry, said that the ministry will improve the management of FDI reforms in four ways.

First, Shen said, the ministry will speed up the standardization of laws and regulations on overseas investment and Chinese investment to keep FDI policies steady, transparent and predictable.

"This is a profound measure in reforming China's FDI management mechanism and will help establish a common, fair and transparent access system," he said.

Second, the government will follow an orderly process in lifting controls on services including finance, education, culture and medical care and opening up sectors such as infant and elder care, architectural design, accounting and auditing, logistics and e-commerce.

"FDI access into manufacturing, including iron and steel, chemicals and vehicles, will be further relaxed through loosening restrictions on registered capital, equity stakes and business scope," he added.

Foreign investors in China are urged to set up functional bodies such as regional headquarters, research and development centers, procurement centers and financial management centers. They're also urged to target spending on public technology service platforms, including innovation incubators, productivity centers and technology trading markets, according to Shen.

Third, the ministry will focus on bringing in high-end talent and highly experienced technical managers.

Fourth, it will strive to establish a scientific FDI evaluation system, with a shift from considering the mere scale of investment to the improvement of quality and comprehensive benefits, Shen said.