BEIJING, June 21 -- The State Council, China's cabinet, Wednesday announced its decision to facilitate the healthy development of the sharing economy, amid its efforts to boost mass innovation and entrepreneurship.

To facilitate supply-side structural reform, it is important to adapt to the latest global technology and industrial revolution, push forward the sharing economy development, strive for optimal allocation of resources using Internet platforms, reduce overcapacity and foster new growth momentum, according to the State Council executive meeting chaired by Premier Li Keqiang.

China is pressing ahead with supply-side structural reform, which features cutting overcapacity, deleveraging, lowering costs, reducing inventories, and strengthening weak business links to generate sustainable long-term growth.