Monday, March 26, 2007

China cuts rebates to reduce steel exports

China will continue to reduce export tax rebates for lower-end steel as well as encourage slower export growth among major steelmaker's to moderate the rapid growth of steel products sales overseas, said Luo Bingsheng, vice chairman of the China Iron and Steel Association.

We are still putting forward new tax rebate measures aimed at reducing rapid growth in steel exports, especially of low-end products,' Luo said at an industry conference in the southern Chinese city of Guangzhou.

According to the full article (link below), the rebate system is designed to discourage lower grade products, which by implication will encourage the development of higher end products!

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