It's scary

The eviornmental problem in China is staggering:

...[r]ealistic estimates put environmental damage at 8-13 per cent of China’s GDP growth each year, which means that China has lost almost everything it has gained since the late 1970s due to pollution.

One-quarter of China’s people drink substandard water; one-third of urbanites breathe polluted air. Moreover, the country recently witnessed a spate of environmental accidents. Indeed, on average, China suffers a major water pollution accident every other day.

I am all for establishing strong property rights for enviornment quality and natural resources, without which it would be so hard to solve such enormous externalities.