Economy

China scraps export tax rebates on 406 products

(Xinhua)
Updated: 2010-06-22 21:28

BEIJING - China's State Council, or Cabinet, has approved the scrapping of export tax rebates on 406 products, effective July 15, the Ministry of Finance said Tuesday in a statement on it website.

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The products included some steel and non-ferrous metals products, fertilizers, as well as some plastic, rubber and glass products, the statement said.

The ministry did not offer any reasons for this move.

The research center operated by the Galaxy Futures Company Limited said in a note that the new measure seeks to discourage exports of energy-intensive products in line with the government's intention to adjust industrial structures and cut pollution.