China hikes tax rebates on exports a second time

China said Wednesday it would hike tax rebates for more than a quarter of all products shipped out of the country, in the government's latest move to help protect its economy from the global financial crisis, AFP reported. Tax rebates on 3,770 export items, making up 27.9% of all exports, will be raised, effective December 1. The amount of the rate cut was not given. The measure follows a previous round of tax rebate hikes that took effect on November 1 and affected 3,486 items. Trade figures published earlier this week showed export growth had slowed to 19.2%, down from 21.5% in September.