BEIJING — Premier Li Keqiang has underlined the importance of work to foster and strengthen market entities to stimulate market vitality and social creativity.

Premier Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks while chairing a symposium during an inspection trip to the State Administration for Market Regulation on Nov 1.

The cultivation of market entities will also provide solid support for steady growth and stable employment, Premier Li noted at the symposium.

China's market entities established since 2013 paid 3.81 trillion yuan (about $593.5 billion) in taxes in the first three quarters alone, nearing last year's annual total, official data shows.

In places with more active market entities, the local economy is better, said Premier Li, urging efforts to solve difficulties for market entities and allow more market players to be established, grow and prosper.

As the economy faces downward pressure, the over 100 million market entities provide an important foundation for the Chinese economy to maintain resilient, according to the premier.

He urged further policy support that brings tax and fee cuts directly to market entities, amid continued efforts to improve the business climate and cut red tape.