Chinese premier urges Malaysia to provide MH370 details

Chinese Premier Li Keqiang on Tuesday urged Malaysia to provide detailed and accurate information about the missing Malaysia Airlines Flight MH370.[Special coverage]

The Malaysian side should strictly comply with international conventions, continue to coordinate the international search, and absorb Chinese experts to join the in-depth investigation, Li said while presiding over a meeting of the State Council, or the Cabinet.

The premier said he can feel the heart-wrenching grief passengers' relatives are suffering, adding that search and rescue is still the top priority.

He pledged to spare no efforts in the search for the missing plane and safeguard the lawful rights and interests of Chinese nationals.

Medical services and legal aid should be offered to the passengers' relatives to ensure their physical and psychological health, Li added.

At the meeting, the premier also urged healthy development of the country's capital market through reforms and innovation.

A sound capital market provides more channels for investment and financing, as well as improving financing structure, modern corporate governance and risk management, Li said.

He stressed solid reforms in the registration system of stock issuance, faster building of the multi-tier equity market, more market-oriented mergers and better delisting provision, so as to enhance listed companies' benefits and their capacities to offer continuous investment return.

The bond market shall be regulated with diversified bonds for different investors and stricter credit supervision and management, while the futures market will see more bulk commodity futures and further development of treasury bond futures, Li said.

China plans to foster the private equity market and set no administrative approvals for legal and qualified private offering, while encouraging investment funds to support smaller enterprises and innovations in technological productions and services.

The premier also urged easier access for intermediaries and professional investors and a smooth path for Internet finance.

The capital market will open wider to investors from both home and abroad, with improved laws and policies for early warning and management of risk and harsher punishments against illegal operations like false statements, insider dealing and market manipulation, Li added.

Meanwhile, the premier also pledged to inject more funds and let the market play a bigger role in reforming its medical sector.

The country will work to establish a universal medical insurance system, speed up reform in public hospitals, and relax market entry requirements for the private sector to build health institutions in an orderly manner, he said.

The State Council has vowed to improve its essential medicines system and regulate the circulation of medicine by cracking down on criminal offences and disciplinary violations and controlling the price of drugs.

Essential medicines refer to those which satisfy healthcare needs and which must be made available to the public at all times in adequate amounts and in appropriate dosage forms, at a price the public can afford.