According to a report cited by state media on Thursday, China must reduce its carbon intensity by 4 to 5 percent annually in order to achieve a goal of low-carbon development by 2050. Chinese President Hu Jintao pledged to slow the country's carbon emissions in September, but did not reveal a specific target. The China Council of International Cooperation on Environment and Development will submit a report to the central government on reducing carbon intensity, with the goal of cutting emissions by 4 to 5 percent each year. The newspaper stated that the manufacturing industry's proportion within the national economic structure should be reduced from 50 percent to around 30 percent by the middle of the century. It also mentioned that by 2030, over half of new energy demand should come from low-carbon energy, and by 2050, all new energy should be clean energy. Additionally, the newspaper recommended promoting carbon capture and storage technology by 2030. The China Daily noted that this report was the first time a high-level think-tank had proposed concrete measures to reduce emissions since Hu's September speech, and suggested that China should reform its environmental tax system. The report suggests that it is now a good time for the country to start taxing companies that release pollutants and carbon dioxide through the burning of fossil fuels. This recommendation comes before a significant UN climate conference in Denmark in December. The United Nations is hoping that the Copenhagen meeting from December 7-18 will result in a more comprehensive and stringent legally binding agreement among all nations to combat climate change. However, negotiations have stalled, leading to decreased optimism for a successful outcome.