China's labor ministry has told local governments not to raise minimum wages to avoid additional pressure on companies already feeling the pinch of the global credit crisis, Xinhua News Agency reported yesterday.

Employers can also apply to share less of the burden of staff medical insurance and staff injury insurance, according to the Ministry of Human Resources and Social Security.

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Ministry spokesman Yin Chengji said earlier that at least 18 Chinese provinces and cities have increased their minimum wages by an average of 15 percent in the first nine months this year.

China, the world's largest aluminum producer, will raise tax rebates on aluminum exports to as high as 13 percent starting next month, the Ministry of Finance said in a statement.

Although the measure would make Chinese aluminum products more competitive, a good gain for exporters may not be realized soon due to the poor global demand, CRU International analyst Wan Ling said in a phone interview.

The government has said it plans to cut tariffs and raise rebates on 3,770 items to stimulate growth.

Meanwhile, real estate investment trusts will be introduced to revitalize the property market.

Business magazine Caijing said a proposal to set up REITs was agreed upon by the People's Bank of China, China Securities Regulatory Commission and Ministry of Housing and Urban-Rural Development, and approved by the State Council.

"Policymakers see REITs could broaden financing channels for home developers and lower their reliance on bank loans," the magazine quoted sources as saying.

The lackluster property market is a good time to introduce REITs and the proposal is expected to be launched at the end of the year or early next year if everything goes smoothly, the sources said.