For reference on a similar, more inclusive effort in the U.S. look at redefiningprogress.org
The following excerpt is from Asia Times
BEIJING - The State Statistical Bureau (SSB) and the State Environmental Protection Administration (SEPA) are jointly working on criteria for a "green gross domestic product (GDP)", which deducts the cost of environmental damage and resources consumption from the traditional GDP.
According to an international seminar on "green GDP" calculation held here Friday by the SSB and SEPA, related departments will soon establish theoretical systems and basic frameworks to evaluate the overall environment and economy, set up indexes to calculate pollutant materials and environmental costs and spread the new index systems from experimental sites to other areas.