China to implement stricter environmental restrictions
Following China’s Communist Party Congress, which took place in the previous month, several sector players have been anticipating new environmental restrictions to be implemented in line with the government’s battle with polluting industries.
Accordingly, China is planning to put new taxation system into force by the beginning of the next year. The new system brings nationwide environmental protection levy to improve air, soil and water quality.
China’s current system charges polluters at a local scale and reportedly proved unsuccessful. However, the new nationwide system will charge polluters a levy of between 1.2 yuan (18 cents) and 12 yuan for every 0.95 kg of polluting agent.
The government now urges industrial players to adapt the new standards in order to avoid the taxation and help the government with their battle against pollution.
Around 70,000 chemicals and other plants have been closed down by the authorities in China between July and September, the media reported.
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