Premier Li Keqiang called on Tuesday for the building of a developed private equity market in China by canceling administrative approval procedures for product issuance, and measures to encourage venture capital to support small- and medium-sized enterprises.

Li made the call at an executive meeting of the State Council, China's cabinet, which discussed the development of the capital market and measures to broaden financing channels.

The premier stressed the importance of further opening capital markets and promoting reforms in the registration system for the nation's initial public offerings. This, would improve listed companies' performance and strengthen sustainable returns for investors.