BEIJING (AP) -- China announced more tax rebates on exports of machinery, toys and some 600 other types of goods Monday in an effort to boost slumping foreign sales.
Beijing has repeatedly raised rebates of value-added taxes on exports to help producers compete abroad by cutting prices. Economists say the strategy is likely to do little to boost sales at a time of record-low global demand and might antagonize China's trading partners.
The latest increase will give a full rebate of China's 17 percent value-added tax to exporters of television transmission gear and weaving equipment, the Finance Ministry said. It said exporters of other goods will receive VAT rebates ranging from 5 to 14 percent.
The new rebates are retroactive to June 1, the ministry said. It gave no details of rebate rates for individual products before the increase, but those for weaving equipment were raised in January to 14 percent.
China's exports plunged 22.6 percent in April from a year ago, the sixth straight monthly decline, according to government data.