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China says to cut red-tape for new investment

Chinese Premier Li Keqiang delivers his speech on stage at the opening ceremony of the 4th Ministerial Conference of Istanbul Process of Afghanistan at the Diaoyutai Guesthouse in Beijing October 31, 2014. REUTERS/Takaki Yajima/Pool

BEIJING (Reuters) - China will cut red-tape for approving new investment to improve government efficiency and boost capital spending, the cabinet said on Wednesday in its latest measures to support the cooling Chinese economy.

An online system for approving investment will be created to streamline government procedures, Premier Li Keqiang was quoted as saying on the government's website after a weekly cabinet meeting.

(Reporting By Xiaoyi Shao and Koh Gui Qing; Editing by Robert Birsel)