Premier Li Keqiang urged promoting a number of projects with huge economic potential and clearly defined investment returns to private investors, and supporting them to take bigger stakes at the State Council executive meeting on Aug 16.

Reports on further facilitating private investment and private businesses were placed in front of the attendees, which highlighted the investment items in areas such as environmental protection, transportation, energy and social endeavors.

Attendees at the meeting decided to remove hurdles hampering private investment and private businesses, and boost economic vitality. The economy showed stable performance with good momentum for growth this year. Facing new circumstances and new changes, the government should step up reform and opening-up, pay attention to emerging problems, plan ahead, and fine-tune policies as necessary to make sure that the economy performs within a proper range, said Premier Li at the meeting.

“Private investment is a pillar for stabilizing growth, improving structures and promoting employment,” he said.

According to the meeting, the government will make greater efforts to lower the threshold for private investment to enter key areas. Additional conditions hampering private investment entering fields such as healthcare and eldercare will be reduced or lifted, and the government also will remove hidden obstacles in land use, funding support and personnel training in these areas with stronger compliance regulations. Tax- and fee-cutting measures for private businesses will be further implemented, while value-added tax reform will be deepened.

To further boost the incentives of private investment, allowing the market to play a decisive role in resource allocation, the government should continuously streamline administration, promote mass innovation and entrepreneurship, and create a fair climate for market players, said Premier Li.

He also hailed the importance of respecting the willingness of private investors, galvanizing local governments to take action and encouraging valuable experiences and practices. The Premier added that a number of measures released to boost private investment should be implemented first, and inaction by government officials will also be punished.