At the beginning of 2004, China adjusted the Export Tax Rebate (ETR) rates structurally. The impact of this adjustment on industrial changes and export mix optimization has been concerned widely. In this paper, this effect was studied through an empirical research of monthly export data from major industries, including high-tech products, coke, garments and so on, via an event-study analysis. Our empirical results showed that the growth rate of export does not slow down largely for most of the industries, and there exist great variations in the spillover effects of the structural adjustment on the industries after the ETR rate was reduced. Firstly, the electromechanical and high-tech products continue to embark on a strong momentum of rapid growth. Secondly, the energy sources and raw material exports respond differently to the tax adjustment. Thirdly, the general product exports are on a relatively stable rise because of their competitive advantage in global market, so the negative effects of rebate rate cut on them have not been clearly appeared.