China’s plan to set up markets to trade emissions will make it second only to Europe in efforts to put a price on pumping carbon into the atmosphere. For cities choking on the nation’s smog, expect little relief.
Nobel laureate Edmund Phelps was among a group of economists who called on China to refrain from introducing a stimulus package as pressure grows on the government to take steps to support economic growth.
China may introduce an environment protection tax by the end of 2015, the official Xinhua News Agency reported today, citing Jia Kang, head of the Chinese Finance Ministry’s research institute for fiscal science.
China must spend at least 41.6 trillion yuan ($6.8 trillion) over two decades to integrate rural workers living in cities and towns so the country realizes benefits of urbanization, a United Nations report said.
U.S.-listed Chinese stocks fell for a second day, led by Baidu Inc. and Soufun Holdings Ltd, on concern policy makers won’t do enough to blunt an economic slump as the government keeps restrictions on the housing market.