As far as I can tell, for gasoline fuels, this announcement merely confirms existing standards and implementation dates. However, for diesel fuel, this is a big deal, due to implications on the timeline for improving diesel fuel quality.
The specific issue I'm referencing here is fuel sulfur content. Lowering fuel sulfur content is critical for reducing vehicle emissions and allowing implementation of advanced vehicle emission control technologies. (Sorry I don't have time to write more on this right now; some background in this post.)
The China III fuel quality targets for sulfur content are 150ppm for gasoline and 350ppm for diesel. Although the timeline for reducing gasoline sulfur content to 150ppm has been fixed for some time (by GB17930-2006), there was, until now, no confirmation of the timeline for reducing nationwide diesel sulfur content to 350ppm. As such, this represents a concrete and important step towards the desulfurization of China's motor fuel.
More analysis / commentary to come, and a link to the final standard when it is formally released (as opposed to just being announced by the State Council). For those of you who want to keep track at home, I've recently discovered that you can search planned and upcoming standards on SAC's home page, by clicking on the 国家标准计划查询 link. In this case, searching for 车用柴油 will show you standard plan 20075424-T-469, which is in the 报批阶段, or final draft for approval, stage.
Lastly, here's a table, as far as I understand the current situation, showing nationwide fuel sulfur content in China:
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