conomic recovery.

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BEIJING Jeff Keppinger Jersey , Jan. 1 (Xinhua) -- China started collecting an
environment tax on Monday to better protect the environment and cut pollutant
discharge, as the country's Environmental Protection Tax Law took effect on Jan.
1, 2018.


The introduction of the tax called an end to the "pollutant discharge fee" which China had been collecting for nearly 40 years.


This is China's first tax clearly designed for environmental protection, which will help establish a "green" financial and taxation system and promote
pollution control and treatment of pollutants, said Wang Jinnan, head of the
Chinese Academy For Environmental Planning under the Ministry of Environmental
Protection.


China had collected a "pollutant discharge fee" since 1979. However, some local governments exploited loopholes and exempted enterprises that were
otherwise big contributors to fiscal revenue. For years, regulators had
suggested replacing the fee system with a law.


Under the Environmental Protection Tax Law, which targets enterprises and public institutions that discharge listed pollutants directly into the
environment, companies will pay taxes for producing noise, air and water
pollutants as well as solid waste.


On tax rates, the central authorities will set upper limits and allow local governments to determine the rates on their own.


Individuals do not need to pay the tax as it is applicable only to enterprises, public institutions and other business operators.


The central government will allot revenue from the environmental protection tax to local governments to motivate participation in the fight against
pollution.


Up to 50 billion yuan (about 7.68 billion U.S. dollars) could be collected annually from the new tax, according to estimates from analysts.


Tackling pollution has been listed as one of the "three tough battles" that China aims to win in the next three years, according to the Central Economic
Work Conference in December.


From January to November, China investigated over 35,600 violations of environmental protection laws and regulations, up more than 102 percent year on
year.


BEIJING, Jan. 6 (Xinhua) -- China established an open financial cooperation platform Friday to help revitalize the country's rust belt.


More than 40 financial institutions are involved in the platform, including the China Development Bank and the State Development and Investment Corp. It
aims to bridge government agencies, financial institutions and local governments
and enterprises in northeast China to help boost the traditional industrial
zone.


The rust belt's economy is stabilizing and is ready for investment, said Lin Nianxiu, deputy head with the National Development and Reform Commission (NDRC),
adding that the platform should help prevent financial risks and facilitate
economic transition.


The region's Heilongjiang, Jilin and Liaoning provinces expanded 6.3 percent, 5.7 percent and 2.5 percent, respectively, in the first three quarters of last
year, posting signs of economic recovery.


The platform is open to all financial institutions, according to Zhou Jianping, a senior NDRC official who oversees the revitalization of traditional
industrial bases.


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Posted 23 Oct 2018

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