China's State Council will further ease access restrictions on private investment, encouraging participation in sectors such as medical services, elder care, education, culture and sports.

The country will encourage investment funds dominated by private capital and operating under market mechanisms, according to a statement released after a State Council executive meeting, chaired by Premier Li Keqiang on Wednesday.

There will be more financing channels in the equity and bond markets and collateral financing, enabling companies to use their intellectual property rights and rights to earnings as collateral to secure financing.

Favorable policies in land use and taxation for private investment will also be put in place.

The country will step up fight against poverty this year, increasing investment, ensuring better use of funds and punishing fraud and embezzlement.

There will be investment in telecommunications infrastructure, lower Internet fees and faster Internet.

Wednesday's meeting passed a revision to China's standardization law, which will be submitted to the legislature for review.

The statement said the country seeks to promote industrial restructuring and economic structure adjustment through improvement of industrial standards.

(Xinhua News Agency February 23, 2017)