China will expand two-way investment cooperation by deepening reform of the institutional framework for promoting foreign investment and ensuring national treatment for foreign-funded enterprises, Premier Li Qiang said on Thursday.

Delivering the annual government work report on behalf of the State Council at the opening meeting of the fourth session of the 14th National People's Congress in Beijing, Li said a new edition of the Catalog of Encouraged Industries for Foreign Investment is to be implemented while foreign-funded businesses will be encouraged to reinvest in China and expand production locally.

Authorities will expand services and protections for foreign-invested firms and further promote the "Invest in China" brand, he said.

Li said China will also standardize and upgrade the development of economic development zones and industrial parks, while guiding the overseas distribution of industrial and supply chains in a rational and orderly manner.

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In addition, the country will improve its overseas comprehensive service system, strengthen risk prevention for outbound investment and protect China's overseas interests, the premier added.