BEIJING (XFN-ASIA) - China will further cut or remove export tax rebates on a wide range of products, including steel and other metal products, from July 1, industry website Mysteel.com reported, citing an authoritative source.
The export rebate for all steel products, except for that on pipes for oilfield use which will be maintained at 13 pct, will be cut to 5 pct from the current 13 pct, the report said.
The rebates on some nickel, lead, zinc and tin products will be cut to 5 pct from the current 8 pct or 13 pct, while the rebate on aluminum products will be removed.
For most chemical products, cement and fertilizer, the rebates will be also removed, the report said.
The rebates on textile products will be cut to 11 pct from the current 13 pct, while rebates on diesel engines, coke ovens, motorcycles, watches, toys and furniture will be cut to 9 pct.
Earlier, the central government introduced a licensing system for exports of some steel products. In addition, the government also cut or removed export tax rebates on over 80 steel products.
China has been seeking to discourage the export of some products in a bid to avoid friction with its major trading partners. The moves on rebates are expected to help reduce the country's trade surplus, which stood at 22.45 bln usd in May.
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