China will further cut the red tape involved in approving new investment to improve government efficiency and increase accessibility for foreign investors, the country's top economic planning agency said on Friday.

China will promote a management mode based on a "negative list", with its first application in foreign investment, Lian Weiliang, vice-chairman of the National Development and Reform Commission, said at a news conference on Friday.

The new mode refers to the method of employing lists of only banned or restricted practices, unlike the existing foreign investment catalog that contains categories of encouraged, prohibited and restricted practices.