China's cabinet plans further action to boost manufacturers: state media

A man rides a motor tricycle past the buildings of Beijing's central business area, China January 3, 2020. REUTERS/Jason Lee

BEIJING (Reuters) - China’s cabinet on Friday unveiled more measures to boost the manufacturing sector, including cutting the electricity and telecom fees that manufacturers pay to the government, state TV said.

In a meeting chaired by Premier Li Keqiang, the cabinet said financial institutions would increase medium- to long-term lending to manufacturers and tax cuts for the sector would be well implemented, according to China Central Television.

China will also expand a scheme to open up the services sector to private capital, creating more jobs for young people, especially college graduates, the cabinet said.

Reporting by Stella Qiu and Beijing Monitoring Desk; editing by John Stonestreet