China vows new financial tools to support drive to carbon neutrality

SHANGHAI : 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.

The world's biggest producer of climate warming greenhouse gas has pledged to bring its emissions to a peak before 2030 and to become fully carbon neutral by around 2060. 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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