China will smash "glass walls" that are keeping private investors out of State-dominated industries, including banking and energy, an economic planning official said, as authorities try to boost a slowing economy.

Wang Xiaotao, head of the fixed-asset investment department at the National Development and Reform Commission, said China will work to remove excessive red tape and prerequisites, according to a report by Xinhua News Agency on Wednesday.

China is stepping up efforts to support growth after data showed the world's second-largest economy losing momentum in April.