Industrial upgrading and restructuring requires the support of venture capital, and the government-led venture capital has the leverage to encourage more nonpublic funds to jointly support startup enterprises in strategic emerging industries and high-tech industries, the statement said.

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The society should build an environment that can "tolerate failures and encourage the innovative spirit".

The meeting on Wednesday also announced the start of construction of 172 major water conservancy projects this year through 2020.

After completion, the projects will increase water supply capacity by 80 billion cubic meters a year, improving water saving and enlarging irrigation areas.

Hydropower projects with "overall and strategic importance" are especially needed in water-deficient areas such as central and western China, the statement said. Such investments will alleviate poverty and stabilize the economy, the statement said.

Although the statement released after the meeting did not specify the names of the water utilities, it said nonpublic funds are encouraged to invest in the construction and management of the projects, and these projects will be done either within the recent two years or be included in the 13th Five-Year Plan (2016-20) of water resources.

The Ministry of Water Resources started to draft the plan earlier this month. The plan will guide the development of water utilities in China from 2016 to 2020 and will focus on protecting water security, experts said.