Foreign officials hail China's efforts, leading role in global green transition

Foreign officials have hailed China's efforts and leading role in promoting global green transition and international environment cooperation at the ongoing 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) , or COP29. COP29 kicked off in Azerbaijan's capital city of Baku on Nov 11 and will run until Nov 22 . This year's climate conference aims at seeking a new climate change funding goal to replace the existing collective target of mobilizing and providing 100 billion U.S. dollars annually by developed countries in support of developing countries.

The conference also focuses on such topics as global carbon trading market, as well as global energy transition from fossil fuels.

"Azerbaijan has made significant progress in reducing greenhouse gas emissions, and the cooperation with Chinese partners has developed rapidly. I firmly believe that cooperation with Chinese companies will continue, and we will witness the introduction of numerous new technologies in Azerbaijan. Investors working in Azerbaijan will also be eager to collaborate with Chinese companies," said Javid Abdullayev, director of the Renewable Energy Agency under the Azerbaijani Ministry of Energy.

"I think China has been very impressive in the way they have been able to scale up the renewable energies, solar, wind, some hydro power, [like the one] in the Three Gorges Dam. I think the electric vehicle industry in China has taken off in an unbelievable way. I think you are beginning to be the leader in battery technology, in some of the fast charging technologies, even in the recycling of battery technologies," said Peter Bakker, president and CEO of the World Business Council for Sustainable Development.

"We have now a very robust cooperation between Nigeria and China. Recently we were invited to Beijing, where we had a discussion on the area of solar panel. In Nigeria, we are also looking and trying to tap from China in doing our green industrialization. But the most important that we are looking at is the issue [of] clean energy," said Nigerian Minister of Environment Balarabe Abbas Lawal.

"We think China is a major player. We do see that your actions are actually greater than you promote. South-South cooperation and partnership will be very important for us for technology and capacity building. As you know, the costs of transitioning away from a fossil-fuel-dependent economy is very expensive. Antigua and Barbuda needs access to affordable technologies, including renewable energy based technologies like solar panels," said Antigua and Barbuda's Climate Change Ambassador Ruleta Camacho-Thomas.

"China is the champion in the cause, is leading the world. They have done [not only] the biggest investment like I've said, but also [is] supporting us in technical assistance, in technology transfer, capacity building, but also the police and regulatory frameworks, but also increasing awareness," said Brian Isabirye, commissioner for Renewable Energy of Uganda's Ministry of Energy and Minerals Development.

Foreign officials hail China's efforts, leading role in global green transition

Beijing and Shanghai on Monday announced their plan to eliminate the distinction between ordinary and non-ordinary housing starting December 1, and expand tax incentives for property transactions in an effort to bolster the property market. Houses over 140 square meters are usually classified as non-ordinary housing and face higher transaction tax rates.

In accordance with the new policy, the two cities will exempt individuals from a five-percent value-added taxes (VAT) on the sale of non-ordinary properties that have been owned for two years or more.

Industry insiders view the move as a significant benefit for property sellers.

"In the past, the VAT was as high as 5 percent. Now, if a property has been held for over two years, its owner will be exempt from this tax. Take Shanghai for example. Many families own homes worth around 10 million yuan (1.38 million U.S. dollars). Compared with the original purchase price, these homes may have appreciated by about 5 million yuan. Under the previous policy for non-ordinary housing, this 5-million-yuan appreciation would have been taxed at 5 percent, resulting in a tax of 250,000 yuan. However, under the current policy, as long as the property has been held for over two years, this VAT, or 250,000 yuan, is no longer applicable. This policy genuinely reduces the tax burden for property owners selling pre-owned homes," said Yan Yuejin, deputy director of Shanghai E-House Research and Development Institute.

The two cities will also adopt a unified nationwide policy on personal housing deed tax.

For homes measuring 140 square meters or less, the deed tax is reduced to the minimum rate of one percent, while a reduced rate of 1.5 percent applies for properties larger than 140 square meters.

For those purchasing a second home for their family, a reduced deed tax rate of one percent will be levied for properties of 140 square meters or smaller, while a reduced rate of two percent will apply for properties larger than 140 square meters.

Experts said that the adjustment will support the release of both basic and upgrading housing demand.

"We are currently at a critical stage in the real estate market. Both the market's transaction activity and price stability depend on the orderly release of demand. The removal of the distinction between ordinary and non-ordinary residential properties will consistently unlock people's demand for buying their first home or improving their housing situation," said Yan Rong, director of Shanghai Real-estate Science Research Institute.

Beijing, Shanghai to scrap residential housing distinction