China's government said it will expand its range of financial tools and make greater use of fiscal and taxation policies to support the shift towards carbon neutrality.
China aims to create a basic financial policy framework by 2030 to support green and low-carbon development, and will also aim to give more play to market mechanisms like carbon and pollution discharge trading, according to policy recommendations from the Ministry of Finance published late on Monday.
The new guidelines are aimed at creating "a fiscal and taxation policy system that promotes the efficient use of resources and green, low-carbon development," the ministry quoted an unnamed official as saying. According to the recommendations, the tax system will be adjusted to include more preferential policies encouraging energy and water conservation as well as carbon emission cuts. Import tariffs should also be adjusted to meet low-carbon development requirements, it said.
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