China to offer steel export rebates

Chinese shares rebounded Thursday on government plans to raise tax rebates on a range of exports to boost sluggish trade. The benchmark Shanghai Composite Index climbed 70.15 points, or 3.1 percent, to close at 2,361.7. The Shenzhen Composite Index for China's smaller second exchange added 2.2 percent to close at 774.05. The Cabinet announced Wednesday it will raise rebates of value-added taxes April 1 on exports of textiles, steel, nonferrous metals, petrochemicals and other goods. The government also said it will try to help Shanghai develop as a financial and transportation center.