The State Council, China's cabinet, on Friday vowed new moves to attract foreign investment, boost private investment and defuse local government debt risk.

A cabinet meeting presided over by Premier Li Keqiang agreed that to create an international and law-based business environment while attracting more foreign investment is significant to a medium high pace of economic growth.

Tightening regulation on local government debt issuance and defusing the risk from debt pile-up are crucial to ensuring healthy and sustainable economic development, and safeguarding the country's financial stability, according to a statement issued after the meeting.