BEIJING, Dec. 9 -- An executive meeting of the State Council, or China's cabinet, passed a draft document for registration-based stock listing reforms on Wednesday.

The document, once taking effect, will allow authorities to transform the current approval-based stock listing system in the country's Shanghai and Shenzhen bourses to a registration-based one within two years, according to a statement released after the meeting presided over by Premier Li Keqiang.

The draft document still needs to be authorized by the National People's Congress Standing Committee, the country's top legislature, as it involves adjustment of the current securities law, said the statement.