ABSTRACT
Since China joined the Tokyo Agreement, China has been committed to reducing carbon emissions and launched a pilot carbon trading market in 2013 and has established preliminary markets in 8 cities. This article will outline the development status of the eight pilot markets, the upcoming carbon trading system and possible problems. Compared with the first stage of the EU carbon emission market (denoted as 2005-2007) to the present, a feasible solution for the Chinese market is obtained. Through a summary analysis of the international market, especially the European market, we found that there is still a huge gap between China and the mature international market. China does not have a unified carbon pricing mechanism, and in terms of carbon allowance allocation principles, carbon emission coverage sources are still not enough to meet market demand compared with the above-mentioned markets. Therefore, the Chinese market should seek to change, and can learn from other markets to speed up its construction progress. It is necessary to clarify the laws and regulations on the construction of the carbon market to ensure the safe operation of the national market, as well as to unify the trading system and improve the carbon trading market. This study contributes to the healthy development of China's carbon market and the achievement of China's green development goals.
