China's Premier Li: Will cut value added tax on April 1

China's Premier Li Keqiang was on the wires last minutes, noting that China will cut value-added tax on April 1st.

He also added that the government will begin cuts to social security fees from May 1^st.

Additional Comments:

China's economic growth of 6.6% was hard-won.

China must take strong measures to cope with downward pressure on economy.

Warns against flood-like stimulus which could have longer-term side effects.

China to be able to keep economic growth within reasonable range.

China's economy faces many uncertainties.

China can use reserve requirements, interest rates to support economic growth.