China in new push to boost exports

Beijing has rolled out a series of fresh measures to bolster exports, which have been weighed down by sluggish global demand.

Beijing has urged lenders to extend more credit to profitable exporters that continue to receive overseas orders. Picture: Getty Images.

China’s State Council, the nation’s cabinet, rolled out a series of measures to bolster exports, which have been weighed down by sluggish global demand.

In a statement published on its website, the State Council said it would implement various policies related to bank reserves, interest rates and relending to encourage financial institutions to lend more to small exporters. It also urged lenders to extend more credit to profitable exporters that continue to receive overseas orders.

The State Council also vowed to expand its export tax-rebate policy to more companies and extending full tax rebates to some electrical products including cameras and combustion engines. It said it would also cut short-term policy rates for export credit insurance and increase insurance coverage for equipment exports.

The cabinet said it would adjust its import-subsidy policy to encourage more imports of technologically advanced equipment. It added that it would cut tariffs on some imported consumer goods to support domestic consumption.

Both China’s exports and imports came in lower than expected in April, official data showed Sunday. Exports declined 1.8 per cent from a year ago, reversing an increase of 11.5 per cent in March, while imports fell 10.9 per cent from a year earlier, after a 7.6 per cent drop in March.

Dow Jones newswires