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BEIJING, Nov. 23, 2009 (Xinhua News Agency) -- China inaugurated a national forestry equity exchange in Beijing on Monday, according to information from the China Beijing Equity Exchange (CBEX).

The exchange, established after the approval of the State Council, or China's cabinet, marks a significant step in China's reform of the forestry system.

It is also part of the Chinese government's effort to respond to global climate change and facilitate the sustainable development of forestry resources.

The exchange serves as the platform to trade forestry rights and resources nationwide.

By introducing a trading mechanism that is transparent, equitable and fair, the exchange will contribute to the orderly circulation of forestry rights and help protect the legitimate interests of traders. The exchange will also help modernize China's weak forestry industry by attracting in more capital.

The CBEX is a shareholder of the forestry equity exchange.