China is to trim export rebates for a range of products as part of measures aimed at rebalancing and restraining economic growth and its imbalanced trade and current account surpluses, the Financial Times reported.
Chong Quan, a spokesman for the ministry, said: “The Chinese government wants to see a trade balance. We don’t deliberately seek a rising surplus.”
The rebate reduction is expected to hit sectors such as textiles and steel, parts of which have seen exports surge recently in anticipation of the change.