China will put more effort into encouraging foreign investment, with faster approval procedures and better intellectual property protection, according to a statement released after a State Council executive meeting chaired by Premier Li Keqiang on Wednesday.

To maintain a stable and healthy economic development, a more proactive opening strategy would be implemented to create an investment environment for foreign businesses that is more fair, convenient and predictable, while expanding domestic demand, the statement said.

Foreign investors will continue to be treated equally to domestic peers, and foreign-funded projects that meet the requirements will be put on the list of major construction projects and enjoy support in the use of land and sea areas, quicker environmental reviews and approval procedures and lower logistics costs.

The government will also expand its tax reduction to encourage foreign investment in more industries and channel more energy into the protection of intellectual property.

China to cut import tariffs

China will reduce import tariffs on 1,585 taxable items starting November 1 to serve industrial upgrading, lower corporate costs and meet domestic demand, the meeting decided.

The new policy adds to a slew of tariff cuts China introduced this year, which will save an estimated total of 60 billion yuan (about 8.7 billion US dollars) for firms and consumers, according to a statement released after the meeting.

It will put the country's overall tariff rate at 7.5 percent, down from 9.8 percent in 2017. Average tariff rates for mechanical and electrical equipment, such as construction machinery in high demand, will be lowered from 12.2 percent to 8.8 percent.

For textiles and building materials, the average tariff rate will be cut from 11.5 percent to 8.4 percent, while that for resources and primary goods will fall from 6.6 percent to 5.4 percent.