China will take steps to further optimize the business environment and lower costs for businesses to boost confidence and support the overall economy, according to a notice released by China's State Council on Thursday.

The country will improve the approval and supervision mechanisms of its negative list for market access, and require local authorities and related departments to remove remaining barriers to market access by end-October, said the notice.

Meanwhile, in a bid to reduce business costs, the government will strictly regulate fees and fines imposed on market entities.

China is also seeking to further optimize services for enterprises, including streamlining the evaluation and approval procedures for projects, and facilitating cross-border trade in services.

The document also noted the government will require further regulating of administrative power and providing policies that are stable and can be aligned with market expectations, including avoiding sudden changes or conflicts in policies and maintaining prudence when introducing and adjusting policies.