China to create national carbon-trading market

China said on Friday that it plans to launch a national emission trading system in 2017, part of a joint presidential statement issued by China and the United States on Friday.

It will inject new political energy into climate change talks ahead of December's UN climate summit in Paris.

The trading system will cover power generation, steel, cement, and other key industrial sectors, as well as implement a "green dispatch" system to favor low-carbon sources in the electric grid.