Business / Macro

Govt mulls carbon tax by end of 2020

By Wang Yanfei ( Updated: 2016-09-27 13:16

China plans to collect carbon tax by the end of 2020, the 21st Century Business Herald reported on Monday.

Jiang Zhaoli, deputy head of the department of climate change under the National Development and Reform Commission, the nation's top economic regulator, said that the commission is conducting preparatory work together with other ministries to collect carbon tax.

Finance Minister Lou Jiwei said earlier in March that carbon tax will become part of resource tax reform.

"Taxation on carbon means enterprises that are not involved in the national carbon trade market will be liable to pay tax," said Jiang.

China is expected to launch the nationwide carbon trade market in 2017, by which time the country will overtake the European Union to become the world's largest carbon trade market.

Since 2013, China has established seven pilot regional carbon trade markets in Beijing, Shanghai, Tianjin, Shenzhen, Chongqing, Hubei province and Guangdong province.

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