In the summer of 2011, Reuters reported that China will pilot a carbon trading scheme and gradually build the carbon emission trading market in the coming years.
On 29th, October, 2011, seven provinces and cities (Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, and the provinces of Guangdong, and Hubei) were selected by the National Development and Reform Commission (NDRC) to begin preparations for the carbon emission exchange pilot.
The NDRC clearly stated that the selected regions shall speed up the development of the pilot plan, professional team and road map. The trading systems will initially be prepared by the local pilot organizations and submitted to the NDRC for approval.
According to Reuters, an implementation plan drawn up by Guangdong, China's biggest CO2-emitting province, has already been approved by the State Council, the country's cabinet.