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China spelled out details of its initiative to ban imports of polluting garbage, issuing an action plan on Thursday that increases the limits on the types and amounts of the waste.

China set up a petroleum exchange in the early 1990s but soon ceased trading due to reform and market factors.

China successfully met its target of reducing 45 million tons of steel production capacity and 250 million tons of coal production capacity last year, leading to a price increase of steel and coal products. Meanwhile, the country has managed to reduce commercial housing stock by 23.14 million square meters and lower the overall corporate asset-liability ratio by 0.4 percent. However, the country's overall enterprise leveraging level, or debt-supported social financing to GDP ratio, rose by eight percent, according to the institute's calculations.

China passed the United States last year as the world's biggest electric car market. Last year, China sold 507,000 NEVs, an increase of 53 percent year on year. Sales of pure electric vehicles surged 65.1 percent year on year to 409,000, accounting for 80 percent of new energy vehicle sales.

China spelled out details of its initiative to ban imports of polluting garbage, issuing an action plan on Thursday that increases the limits on the types and amounts of the waste.