China is to give steel exports made with imported raw materials a full export tax rebate as part of its drive to boost exports in the wake of the regional financial crisis. The move marks the mainland's second increase in export tax rebates after raising the rebate for textiles products by two percentage points to 11 per cent on January 1 this year. Guangdong State Tax Bureau foreign tax division chief Liang Peiwen said Beijing would increase the rebate on steel products by eight percentage points to 17 per cent, from the present 9 per cent. He said the State Administration of Taxation would make an official announcement soon. He said the higher tax rebates would apply only to steel products made with imported raw materials. 'The increase is designed mainly to stimulate the export sector,' he said. Beijing has pledged to adopt measures to boost the country's exports to offset unfavourable conditions caused by a strong yuan. Beijing said it might raise the export tax rebate for machinery and electronics products - the country's largest export item - in future. Meanwhile, Guangdong Commission of Foreign Economic Relations and Trade deputy-director Huang Zhiwei said the province's exports grew 14.6 per cent between January and February this year, in line with the country's export growth of 15.6 per cent during the same period. Mr Huang said contracted foreign investment in the first two months rose for the first time by 24.9 per cent, after falling for four years. 'The number of foreign-invested projects added only 1.8 per cent but the investment amount rose 18 per cent,' Mr Huang added following a Guangdong foreign investment policy seminar yesterday.