China Premier says will introduce new measures to boost private investment: Xinhua

FILE PHOTO: Chinese Premier Li Keqiang speaks during a news conference at the 7th Summit of Heads of Government of CEEC and China in Sofia, Bulgaria, July 7, 2018. REUTERS/Stoyan Nenov/File Photo

SHANGHAI (Reuters) - China’s Premier Li Keqiang said the country will step up reforms and roll out new incentives to remove obstacles to private investment and business, the official Xinhua news agency reported.

Xinhua said Li made the remarks on Thursday during a State Council executive meeting, which he chaired.

The premier said further measures should be adopted to boost private investment.

“Our economy is showing a stable performance with good momentum for growth. Facing new circumstances and new challenges, we should step up reform, pay attention to emerging problems, plan ahead, and fine-tune policies as necessary to make sure that the economy performs within a proper range,” Xinhua quoted Li saying.

Obstacles to private investment in fields such as health care and care for the elderly will be reduced or removed, and the government will seek to cut restrictions on land use, funding support and personnel training in these areas, the agency reported on Thursday.

“The potential of consumption as a driver for growth needs to be further unlocked. At the same time, more efforts need to be made to reduce business costs, support export, and make better use of foreign investment,” the agency reported Li saying.

Reporting by Engen Tham; Editing by Sam Holmes