China’s Ministry of Finance has announced that export tax rebates on 2,831 products will be cut, with rebates to be reduced on 553 products on July 1. The announcement included apparel, which will be reduced 2 percent, and some textiles and toys. The reduction in export rebates have been rumored for months and had been expected to be announced effective April 1. Many exporters shipped sales early to avoid the deadline.
The widespread cuts appeared to be aimed at products that have been the source of trade friction, with textiles and apparel having been one of the products subject to trade friction complaints. China has been the target of one-third of all WTO complaints registered in regard to textile and apparel trade.
source: globecotnews
