China unveils steps to support exports to help economy

China will take steps to boost exports, including encouraging banks to boost lending, expanding export credit insurance and raise tax rebates for some firms, the cabinet said on Wednesday, in the latest step to underpin growth. "Foreign trade is an important part as well as a driving force of the national economy," the State Council said in a statement after a meeting chaired by Premier Li Keqiang. Banks will be encouraged to lend to profitable trading companies that have received overseas orders, export credit insurance will be expanded and tax rebates for exporters of some machinery products will be increased, it said. China's exports in March returned to growth for the first time in nine months, adding to further signs of stabilization in the world's second-largest economy but officials have cautioned about the trade outlook.