Some researchers had predicted a full-fledged global carbon-trading market could be bigger than the oil market.
Fang said China should not be left out of this market, as it has growth potential and strategic importance. He believed that a systematic and gradual process is badly needed to develop a carbon-trading platform in China, supported by a whole framework of financial, pricing, taxation and technological policies.
According to the J. P. Morgan senior executive, China should also do a better job at communicating its carbon emission reduction plan to the international community.
"As a responsible major power in the world, China should demonstrate its will and the determination to reduce carbon emissions on a voluntary basis," Fang said. "The establishment of its domestic carbon-trading platform would send out that message."
Related:
Science minister: Shanghai Expo will be low-carbon, high-tech event
BEIJING, March 8 (Xinhua) -- China's Minister of Science and Technology Wan Gang said here on Monday a lot of new and high technologies will be applied to the Shanghai World Expo, which is designed to highlight the theme of "Better City, Better Life" with the latest technologies.
Clean energy will be used to supply electricity for the six-month exposition beginning May 1, said the minister at a press conference on the sidelines of the annual session of the country's top advisory body, the National Committee of the Chinese People's Political Consultative Conference (CPPCC). Full story
Top economic planner: China to develop low-carbon economy
BEIJING, March 1 (Xinhua) -- China's top economic planning body has confirmed the government will take concrete actions to develop a low-carbon economy after it pledged to substantially reduce carbon intensity at last year's Copenhagen Conference.
China would include the low-carbon targets in the 12th five-year plan for national economic development (2011-2015) to build an energy-saving, ecologically friendly society, the National Development and Reform Commission said in a report to the Standing Committee of the 11th National People's Congress (NPC). Full story
Low-carbon lifestyle finds support at China's "two sessions"
BEIJING, March 3 (Xinhua) -- Chen Yu was surprised when he registered Tuesday for the annual session of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body.
Chen, a member of the CPPCC National Committee from north China's Inner Mongolia Autonomous Region, received a notepad and a document bag made of calcium carbonate, which he called a "low-carbon surprise." Full story
