China won't resort to strong monetary stimulus: Premier

China's Premier Li Keqiang waits to meet Administrator of United Nations Development Programme (UNDP) Achim Steiner at Zhongnanhai leadership compound in Beijing, China November 1, 2018. REUTERS/Jason Lee/Pool

BEIJING (Reuters) - China’s Premier said on Tuesday the country will not resort to strong monetary stimulus, but instead it will take targeted policy steps to support private companies and smaller businesses, according to a statement on the cabinet’s website.

Beijing will step up efforts on reducing taxes, fees and market trading costs, Premier Li Keqiang said, and reiterated that China will continue to open up its financial markets including banking, securities and funds segments.

Li’s comments were made in a meeting with International Monetary Fund Managing Director Christine Lagarde, who is currently on a visit in China.

Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam