China issues first ‘green GDP’ report

China released its first ever green GDP report on Thursday, which subtracts the cost of natural resources and environmental degradation from total GDP.
The report, jointly released by the State Environmental Protection Administration (SEPA) and the National Bureau of Statistics, indicates that environmental pollution cost China 511.8 billion yuan (US$64 billion) in economic losses in 2004, amounting to 3.05% of total economic output that year, said state media.
"This marks only the beginning of our efforts in a Green GDP calculation," said SEPA deputy director Pan Yue, adding that “our formula is still not complete and we have to keep working hard to improve it."