The Chinese government on Wednesday released a regulation covering the management of business investment projects, part of its move to streamline government functions to provide more power to the market.

The 24-clause regulation states that business projects in categories related to national security, the development of strategically important resources and significant public interest will require prior government approval.

The approval should not, in principle, take more than 20 working days, according to the regulation.

Projects outside the listed sectors will only require notification.

The notification and approval procedures will be conducted via a national online supervision platform for transparent information sharing, according to the State Council, China's cabinet.

The regulation, released under a decree signed by Premier Li Keqiang, will be effective from February 1, 2017.

The decision is part of a wider drive by the Chinese government to streamline administrative procedures to invigorate growth.

Partly due to a series of reforms, China is on track to meet its growth target range of 6.5 percent to 7 percent for this year.