China Raises Export Tax Rebates on Aluminum Foil to 15%

BEIJING, June 9 -- China, the world's largest producer of aluminum, increased tax rebates on exports of metal foil in a wider effort to help companies weather a slump in overseas shipments and sustain growth.

    Rebates on some foil products were raised to 15 percent, the Ministry of Finance said in a statement on its Web site, without providing previous levels. The higher rates took effect from June 1. The country restored rebates on aluminum plates and strips in November.

    Export tax rebates were also raised on some steel products, machinery, electronics and toys, according to a statement posted on the ministry's Web site yesterday.

    The government has raised rebates, increased state reserve purchases of metals and agricultural commodities and announced aid for industries including steel and textiles to meet its 8 percent growth target as the deepest recession since World War II weakens global demand.

    (Source: Bloomberg)