China's cabinet announced detailed plans on deepening economic reform on Monday, fulfilling its pledge to cut government interventions that hinder a more robust growth of the world's second largest economy.

In an executive meeting of the State Council headed by Premier Li Keqiang, the government vowed to take pragmatic approaches in pushing reforms and mobilize resources and waste no time to make them successful.

It will cancel or delegate power to lower levels concerning 62 items that were previously subject to central government administrative approval, after similar approaches had been taken on 71 items last month, according to a statement released after the meeting.