Export rebates to be slashed or scrappedThe central government will scrap or slash export rebates on over 2,831 types of goods to cut its escalating trade surplus and ease worsening tensions with its trading partners, the China Business Journal reported. Export rebates will be removed from 553 polluting and energy-consuming goods, including salt, cement, fertilizer and leather products, from July 1. Export rebates on nearly 2,268 low value-added goods will be reduced, including toys and textiles that are popular in America and Europe. The move comes as US lawmakers consider legislation imposing exponentially increasing tariffs on Chinese goods to overcome what they claim is an unfair trade advantage due to the artificially undervalued Chinese currency. China’s May trade surplus hit US$22.45 billion. China Mobile eyes home IPOChina Mobile is planning a domestic IPO as early as next month, the Oriental Morning Post reported today. The world’s largest mobile phone company by users could raise as much as RMB80 billion through a mainland offering, surpassing the record IPO of the Industrial and Commercial Bank of China with its IPO. Its Hong Kong shares closed up on the news Tuesday at a record HK$80.35. China’s securities regulator has encouraged mainland companies listed offshore to go public on mainland bourses. Shanghai retail sales surge in MayBolstered by climbing prices and the week-long Labor Day holidays, Shanghai’s retail revenues reached almost RMB33 billion in May, the 21st Century Business Herald reported. Official figures from the local bureau of statistics show total revenues for the first five months of 2007 climbed 14% year-on-year to almost RMB157 billion. Sales of home appliances rose 21.3% to RMB3.65 billion in May, and telecommunications sales rose 29.3% ...