The State Council pledged to ease restrictions on private investment in state-controlled sectors such as oil, power and public utilities, the South China Morning Post reported. It is thought these plans for further liberalization, which were mentioned in guidelines outlining economic restructuring for the year, are a response to fears that slow reform has undermined economic efficiency in China. "The structural problems that have been building up in China’s economy for quite some time have become more acute with domestic growth slowing and the world economy yet to bottom out," the National Development and Reform Commission said in the guidelines. The government has reaffirmed the central bank’s plans for interest rate reforms and improvements to exchange rate calculations. The guidelines also detail plans for looser restrictions on outbound investment, reduce government intervention in business and promote efficiency in services.