From WSJ: After years of small-scale experiments in using so-called emissions trading to reduce pollution, China is taking steps to set up a nationwide system.
In recent months, three cities — Shanghai, Beijing and Tianjin — have begun creating emissions exchanges modeled after a system pioneered in the U.S. to reduce emissions that caused acid rain. Known as cap-and-trade, this system sets an overall limit, or cap, on how much an industry can pollute. Individual companies get permits, which can then be traded……. Full Article: Source