Li: Tax, fee cuts are crucial

Premier calls for more coordination of macroeconomic policies globally

Premier Li Keqiang promised on Tuesday to reinforce existing macroeconomic policies, amid great determination to achieve the $300 billion tax and fee reduction goal, in response to risks accumulating in a slowing global economy.

Letting people have a better life, the government has to tighten its belt because of the rising fiscal deficits, but "we have the solutions", Li said in a keynote speech at the Summer Davos Forum, organized by the World Economic Forum in Dalian, Liaoning province.