A pivotal reform plan for the State Council – China's cabinet– has been submitted to the first session of the 14th National People's Congress for review on Tuesday.

The institutional overhaul includes restructuring its Ministry of Science and Technology, setting up a national financial regulatory administration and establishing a national data bureau.

These reforms are aimed at achieving more scientific leadership of the Communist Party of China in socialist modernization construction in institutional settings, more optimized functional allocation, more perfect system and mechanism, and more efficient operation and management.

The latest reform proposal, which focuses on key industries and devotes more resources to address daunting challenges facing the country, will have great impact on China's economic and social development.

Facing increasing sci-tech competition and external containment and suppression from the United States, a highlight of the reform is the plan to restructure the Ministry of Science and Technology to better allocate resources to overcome challenges in key and core technologies.

The restructured ministry is set to play a bigger role in improving a new system for mobilizing the nation to make technological breakthroughs and optimizing sci-tech innovation to ensure the country moves faster toward greater self-reliance in science and technology.