The government will select some investment projects in the fields of finance, oil, electricity, railways, telecommunications, resource development and public services for private investment, the country's top economic planner has said.

Further details on related policies and measures will be introduced by the end of the year, said the National Development and Reform Commission.

The reform plan sketched out by the just-concluded Third Plenum of the 18th Central Committee of the Communist Party of China prioritizes market economy reforms. The plan said that the market should play "a decisive role" in allocating resources, instead of "a fundamental role" as was the case before.

Xu Shaoshi, head of the NDRC, compared deepening the country's economic reform process with "grabbing the bull by the horns".

"Changing the market's role from 'fundamental' to 'decisive' is a crucial breakthrough and points in the direction of future reform," said Xu. "A market-based resource allocation system, with reasonable government macro control and supervision, is the most efficient model."

One important and urgent task of Xu's commission is to remove various institutional obstacles and controls hindering private investors' access into some cash-hungry sectors.

Except for projects dealing with national, ecological and strategic resource development and others involving key public interests, companies will be able to make investment decisions on their own without the need to apply for government approvals, Xu said.

The government's job will be to maintain market order by enacting effective supervision. It will not interfere with the companies' investments and other market activities, he added.

"Investors should be the main beneficiaries, as well as risk takers, of the investment decisions they make on their own," he said.

"The government should create a good institutional environment for private investment. It will soon clarify where and how private capital can go among some important industries to optimize industrial structures," said Xu.