The Chinese government announced that it would open 80 projects in eight sectors run by state to lure in private and foreign investors. The move is designed to strengthen China's slowing economy.

The announcement comes on the heels of the ruling Communist Party's vow in November to give foreign investors and entrepreneurs a bigger participation in the country's economy. China has already started implementing a series of policy revisions to carry out that pledge.

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In a statement posted on its website, the Chinese government said the 80 projects would be launched to let the investors and entrepreneurs experience "fair competition" in several sectors.

However, it is not yet known if private investors would have control over the oil, hydro power, and other new industries in the country. Other industries included in China's project are wind power, solar power, coal, natural gas storage and distribution, port operations, and railways.

Chinese Premier Li Kegiang said they would release regulations on the role of both foreign and private investors as soon as possible.

Chinese officials are currently trying to change its growth model, which relied on exports and investments. Although this model caused the country to experience massive growth for three decades, the model is now becoming inefficient.

China seeks to replace that model with a self-sustaining one that would rely on domestic consumption.

China's economic growth had dropped from 7.7% in the previous quarter to 7.4% in the first quarter of 2014. In the past two years, the country has also experienced a gradual slowing down of its growth.

ven though the investors would be given a bigger participation, the ruling Communist Party still wants to make sure that it is still the controlling entity in China's economy.