China announces measures to boost sagging exports

In this April 29, 2016 photo, workers load steel bars at a steel market in Yichang in central China's Hubei province. China's Cabinet has approved measures to boost exports in a move that might worsen tensions with trading partners that say Beijing is flooding their markets with unfairly low-priced steel and other goods. The announcement late Monday, May 9 comes as Beijing struggles to reduce a glut of goods in an array of industries and reverse an export decline that threatens to cause politically dangerous job losses. (Chinatopix via AP) CHINA OUT (The Associated Press)

BEIJING – China's Cabinet has approved measures to boost exports in a move that might worsen tensions with trading partners that say Beijing is flooding their markets with unfairly low-priced steel and other goods.

The announcement late Monday comes as Beijing struggles to reduce a glut of goods in an array of industries and reverse an export decline that threatens to cause politically dangerous job losses. Its efforts so far have prompted complaints by European and U.S. steelmakers and others that it is violating its free-trading pledges.

In its latest measures, the Cabinet promised more bank lending, an increase in tax rebates and support for export credit.

Chinese exports contracted by 1.8 percent last month compared with the same period last year and are down 7.6 percent so far this year.

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