China’s State Council published on Monday a guideline to promote emissions trading. The pilot regions must set up rules for the purchase and trading of emissions rights by 2017 to roll out the scheme nationwide. The pilot began in 2007 in 11 regions from northeast coast to northeast inland and North China.
The regions can apply for permits to the pollutants that affect them the most, and revenues from authorizing emissions rights should be turned in to local governments to fight pollution. Trading of emissions rights must be done in a voluntary and fair way, with trading prices decided by the buyer and the seller.
China’s State Council, plans to make the environmental protection sector a "pillar" of the economy by 2015. The sector is expected to grow by 15% on average annually, reaching an output of 4.5 trillion yuan.