Accelerate restructuring

The latest cut in tax rebates for steel exports should not be considered as merely a stopgap measure to rein in China's surging trade surplus.

More importantly, the cuts can both propel domestic steel producers to upgrade production and facilitate overall restructuring of the national economy toward a sustainable growth model.

As the world's biggest steel producer, China exported 8.75 million tons of steel products in the first two months of this year, up 139.3 percent year-on-year.