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China lifts export tax rebate on more items

China raised the export tax rebate on 3,800 items to maintain growth, the Ministry of Finance and the State Administration of Taxation said yesterday.

It was the sixth increase since last August when the government decided to raise refunds in an attempt to tackle slumping exports amid the global financial crisis.

The tax rebate for the textiles and garments, iron and steel, non-ferrous metals and petrochemical products will go into effect on Wednesday.

The tax rebate for textiles and garments will be 16 percent. A special item, CRT televisions, will enjoy a 17-percent tax refund.

"It was an extraordinary measure taken under extraordinary conditions," said Zhao Yumin, a researcher with the Ministry of Commerce.

He said slumping exports presented the Chinese government with unprecedented challenges.

The refund increase underscored the government's resolution to maintain economic growth and secure employment.

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.

Bai Jingming, an economist with the Ministry of Finance, said higher refunds mean that enterprises can retain more cash and use the money to restructure their business and improve production technology.


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