Business roundup September 24th

Emission tax pondered

Government agencies are studying a proposal to tax greenhouse gas emissions at some point in the future, the 21st Century Business Herald reported on Wednesday.

Such a tax, as suggested by analysts from the Energy Research Institute (ERI) of the National Development and Reform Commission, should not be put in place until China lauches a resources tax, according to the newspaper.

Several government ministries, including the State Administration of Taxation, the Ministry of Finance and the Ministry of Environmental Protection, were studying the plan, the report said, citing unnamed government officials.

It would take at least four to five years for China to formally launch the emmissions tax, Jiang Kejun, a researcher at the ERI, told the paper.

ICBC slow to go abroad

Industrial and Commercial Bank of China (ICBC) will take a cautious approach to expanding overseas, its chairman Jiang Jianqing said on Wednesday.

"ICBC will gradually become a regional or even global bank, but that takes time," Jiang said.

"There will be certain risks when investing and making acquisitions abroad, and we must be very cautious."

Jiang said the bank would stick to the road map for international expansion that it laid out before the outbreak of the financial crisis.

Agencies

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