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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China to boost export tax incentives as it battles crisis AFP - Thursday, November 13 BEIJING (AFP) - - China said Wednesday it would boost tax incentives for more than a quarter of export products, in the government's latest move to help shield its economy from the global financial crisis. The State Council, or Cabinet, agreed to hike tax rebates on 3,770 export items, or 27.9 percent of all products shipped by China, with effect from December 1, the central government said in a statement on its website. China's government has been watching with anxiety as the nation's export growth has slowed, with many factories in its industrialised south closing and its economy expanding at the slowest rate in five years. On Sunday, it announced a four-trillion-yuan (586-billion-dollar) stimulus package to be spent on infrastructure and other projects. The plan is aimed at spurring domestic consumption to counter slowing exports. However, Wednesday's move showed China was also willing to take steps to ensure the viability of its export industry. The State Council had gathered for a meeting, chaired by Premier Wen Jiabao, one day after China published trade figures for October that showed export growth had slowed to 19.2 percent, compared with 21.5 percent in September. Weaker exports are cited as among the main factors why China's economic growth hit a five-year low of 9.0 percent in the third quarter. "(The move) further raises export tax rebates for some labour-intensive products, machinery and electrical products, and other products that have felt the biggest impact," the Cabinet statement said. The rebates mean that Chinese enterprises can get back a certain amount of the money they have paid in value-added tax for items that have gone into the production of export goods. The measure followed a previous round of tax rebate hikes that took effect on November 1 and affected 3,486 items. China has said that taking measures to boost its own economy is the biggest contribution it can make in the global battle to contain the financial crisis. However, President Hu Jintao is likely to come under pressure to do more internationally, in light of China's huge forex reserves, when he joins other world leaders at an emergency summit on the crisis set for this weekend in Washington. At over 1.9 trillion dollars, the reserves are the largest in the world by far -- nearly eight times bigger than the 250 billion dollar bail-out fund managed by the International Monetary Fund. The State Council meeting on Wednesday also approved several domestic projects with a combined investment of more than 29 billion dollars in its bid to keep the economy humming along, Xinhua news agency said. They included a gas pipeline linking the country's western region with the southern economic hubs of Guangzhou and Hong Kong, and nuclear power plants in eastern and southern China. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Failure of auto industry could set off catastropheAP - 1 hour 31 minutes ago Halt in consumer spending hurts retailersAP - 1 hour 54 minutes ago China and Russia suspend pipeline talksAFP - Thursday, November 13 European shares hit by economy, financial sectorReuters - Thursday, November 13 Related Articles: Business Failure of auto industry could set off catastropheAP - 1 hour 31 minutes ago RPT-Woodside reports problems at Australian LNG unitReuters - 1 hour 34 minutes ago Lend Lease backs outlook but asset sales toughReuters - 1 hour 35 minutes ago Pentagon OKs $50M funding for 4 more Lockheed jetsAP - 1 hour 36 minutes ago Merrill, BofA merger wins support of top proxy firmReuters - 1 hour 38 minutes ago Enlarge Photo China to boost export tax incentives as it battles crisis Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Economic gloom mounts ahead of finance crisis summit Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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