China to raise tax rebates on textile, metal exports

(Xinhua)
Updated: 2009-03-25 19:10

BEIJING - China will raise the tax rebate rate on some textile, iron and steel, nonferrous metal, petrochemical, electronic information and light industrial exports starting April 1.

The decision was made at an executive meeting of the State Council, the country's Cabinet, Wednesday.

Participants to the meeting agreed that it was necessary to raise tax rebates on some export products, so as to fully implement the country's economic stimulus package and the support plans for ten industries, details of which were released in the past two months.

Exact amounts of the rebate had not yet been revealed by the State Council.

China raised the export tax rebate rate for textiles four times since last August. The previous increase in February went from 14 to 15 percent.

China's exports plummeted 25.7 percent year-on-year in February, the worst decline in more than a decade, as global demand deteriorated amid the deepening recession.