Chinese lawmakers approved a draft plan in March that would create a national-level carbon trading scheme in the country modeled on the UN Clean Development Mechanism, according to NationafCommittee of the Chinese People's Political Consultative Conference member Wang Ming. The proposal for an internal Chinese CDM-style carbon offset market would allow companies in different provinces to register greenhouse gas emissions reduction projects with local authorities, creating credits that could be traded between companies nationwide as part of a national effort to cut the intensity of the country's CO_2 emissions by between 40% and 45% from 2005 levels by 2020.
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