BEIJING, Nov. 24 -- China's State Council announced it would exempt more items from central government approvals in a bid to ease burdens on enterprises and lower financing and investment costs.

According to a decision issued by the State Council, China's cabinet, a total of 58 items requiring government review and approval will be canceled or delegated to lower-level governments to streamline government administration.

Overall, 45 of the items concerned businesses and investment whereas another 12 were related to finance.

The move is part of China's ongoing reforms aimed at reducing administrative bureaucracy and relegating power to lower levels.

A statement issued after an executive meeting of the State Council, presided over by Chinese Premier Li Keqiang, earlier this month said the government would streamline approval processes for investment projects, making project approvals easier and more transparent.

In March, Li had told Chinese lawmakers that more than 200 items requiring review and approval of the State Council will be canceled or delegated to lower-level governments this year.

Earlier reports said the measures have managed to inject momentum into the market.

Government data shows that in the first nine months of this year, nearly 2.65 million new enterprises were established, up more than 52 percent year on year.