China battles climate tariff ahead of G8 summit

Beijing made clear its support for a broader monetary regime and reiterated that global warming should not be used as an excuse to practice trade protectionism, the South China Morning Post reported. China made the statements In advance of next week’s G8 summit. China has opposed moves by US lawmakers to impose a carbon tax on imports from countries that do not limit their greenhouse gas emissions. The legislation would harm international efforts to reduce climate change and lift the world economy, Vice-Minister for Foreign Affairs He Yafei said yesterday. He also continued Beijing’s call for a more diversified currency system, but would not confirm whether China had requested a debate on an alternative global reserve currency at the upcoming G8 summit in Italy.