China’s Environmental Protection Law to Take Effect
2015-01-08
China’s revised Environmental Protection Law will come into effect on January 8th ,2015 .
According to the revised law, extra fines accumulating on a daily basis will be imposed on enterprises that fail to rectify violations.
The new law also urges economic and social development should be coordinated with environmental protection and encourages studies on the impact environmental quality causes on public health, urging prevention and control of pollution-related diseases.
The revision, the first since the law was promulgated in 1989, was adopted in April by the country’s top legislature.
A revised Budget Law is also due to take effect on on January 8th ,2015. The new law is expected to help close loopholes in managing fiscal revenue and spending, thus, establishing a complete, transparent budgetary system.
For 2014, China’s fiscal revenue is budgeted to be 13.9 trillion yuan ($2.26 trillion) and government spending to be more than 15 trillion yuan.
The old law prohibited local governments from issuing bonds, while, in practice, some have done so in a bid to raise funds to finance infrastructure projects. The money is, until the law comes into effect, unsupervised.
Under the new law, provincial governments are allowed to issue bonds within a quota, and money raised by the bonds can only be used for public services, and not for government operations.
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