China will revamp export promotion strategy

China said it plans to overhaul its export promotion strategy in response to falling export prices and increasing numbers of international trade disputes. Before its WTO entry in 2001, China employed a system of simple export subsidies and tax rebates. Since WTO entry, subsidies have been stopped and tax rebates are being decreased. The new export promotion strategy will put more emphasis on targeting specific sectors, company types and export destinations instead of offering across the board encouragement. Chinese branding of exported goods will be a focus as well.