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China's Ministry of Commerce denies it has plans to immediately lower export tax rebates, China Business News has reported.

The denial follows recent speculation that export tax rebates on high energy-consuming and resource-intensive products would be cut by two percent.

Quoting industrial insiders, the paper said the reduction of rebate taxes is expected to have negative effects on such sectors as textile, iron and steel.

Long Guoqiang, deputy director of Foreign Economic Research Department under the State Council's Development Research Center, advised the government to use the foreign exchange rate, instead of cutting rebate taxes, to slow down the nation's surging export.

The speculation has already caused near panic among China's export enterprises, which are increasing their exports ahead of the speculated policy change.

The Chinese government introduced the export rebate policy in 1985 to encourage exports. China has cut or even cancelled the rebate taxes on some products since 2003.

Faced with a huge trade surplus, which currently stood at US$61.45 billion at the end of June, the Chinese government still has not decided whether to further appreciate the Chinese currency, the yuan, or to cut the rebate taxes, to help reduce the surplus.

(Xinhua News Agency July 27, 2006)