China Premier says will introduce new measures to boost private investment

China's Premier Li Keqiang on Thursday said that the country would work on creating reforms and introduce new initiatives to remove hindrances to private investment. 

Li made the comment during a State Council meeting. He said that new measures would 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 healthcare 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.

Recent years have witnessed the government's relentless efforts in encouraging private investment. In the first seven months of this year, the total value of private investment reached 22.26 trillion yuan (about 3.32 trillion US dollars), registering a year-on-year growth of 8.8 per cent, 3.3 per cent points higher than overall investment growth, Xinhua reported. 

This amounts to 62.6 per cent of total investment in the country, making private investment a major pillar of investment growth.

Moreover, China plans to utilise its fiscal and financial policies to support the expansion of domestic demand structural adjustment and boost the development of the real economy. 

The government will step up efforts to ensure delivery of the state financing guarantee fund, targeting 140 billion yuan of loans for about 150,000 small and micro firms each year, reports further said.