China's state council said on Wednesday it would expand financing channels for small and medium technology firms, and promised more policies to promote innovation, state television said. A state council meeting chaired by Premier Li Keqiang agreed that state private equity funds would be encouraged to make investments in technology start-ups, CCTV reported.

The meeting also approved a draft amendment to the patent law with harsher penalties for intellectual property right infringement.

(Reporting by Beijing Monitoring Desk; editing by Darren Schuettler) ((yawen.chen@thomsonreuters.com; +86 10 6627 1207; Reuters Messaging: yawen.chen.thomsonreuters.com@reuters.net))