Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, presides over a video conference in Qingdao, east China's Shandong Province, June 1, 2020. Li Keqiang urged efforts to establish strict regulatory mechanism to ensure new fiscal funds go straight to city and county governments and directly benefit businesses and people in the video conference on Monday. (Xinhua/Pang Xinglei)

QINGDAO, June 2 (Xinhua) -- Chinese Premier Li Keqiang has stressed the importance of providing relief to businesses and stimulating market vitality during his inspection tour to east China's Shandong Province from Monday to Tuesday.

Li, who cared a lot about small- and micro-sized enterprises, urged related authorities to properly address the issue of allowing companies to use their intellectual property to secure loans and cut down their financing costs.

The premier called for more ways to increasing credit line for small and micro businesses to help them solve financing problems.

He also encouraged banks to make appropriate interest concessions, so that businesses can sustain themselves and assure success for the future, which will also benefit banks' development.

Noting that the number of college graduates will touch a new high this year, Li said he hopes companies can recruit more college graduates, adding that the central government will also provide support.

In his visit to an old residential community in the city of Yantai, the premier said the renovation of such communities can improve people's living conditions and drive up consumption of home decoration and home appliances. He encouraged social capital to take part in such projects and called for accelerated pace of renovation.