Export tax rebates raised

In an effort to help Chinese factories that are being hurt by slowing demand from overseas, Beijing has raised export tax rebates on toys and textiles, AP reported. As of November 1, the export tax rebate on clothing and textiles will be raised to 14% from the current 13%. The tax rebate on toys will be raised to 14%, from the current 11%. These increases are part of China’s efforts to help factories during the global economic crisis. Earlier this month, state media reported that more than 50% of China’s toy exporters had gone out of business in the first seven months of the year.