Chinese President Xi Jinping announced Friday that China will start an emission trading system by 2017 to counter the threat of climate change.
Xi Jinping, who is on his first state visit to U.S., made the announcement after meeting with U.S. President Barack Obama at the White House. The two leaders outlined their commitment for policies aimed at responding to the threat of climate change, according to SBS.
"China plans to start in 2017 its national emission trading system, covering key industry sectors such as iron and steel, power generation, chemicals, building materials, paper-making, and nonferrous metals," the U.S. China joint statement on climate change said.
Obama hosted a state dinner for the visiting Chinese president Friday night. "Even as our nations cooperate, I believe and I know you agree, that we must address our differences candidly," the U.S. president said in his welcome speech, Shanghai Daily reported.
"We believe that nations are more successful and the world makes more progress when our companies compete on a level playing field, when disputes are resolved peacefully and when the universal human rights of all people are upheld," he added.
China will lower carbon dioxide emissions per unit of GDP by 60 percent to 65 percent from the 2005 level by 2030, according to joint statement. It will also increase the forest stock volume by around 4.5 billion cubic meters on the 2005 level by 2030.
