The carbon emissions trading system(ETS)serves as a crucial policy tool in China for controlling greenhouse gas emissions and achieving its dual carbon goals.Over the past decade,China has achieved some positive results in its pilot ETS program and accumulated rich experiences for the development of a national ETS market.This article first summarizes the country's experiences in building the pilot ETS in six aspects:legal and regulatory safeguard,industry coverage,allowance allocation methods,financial product innovation,data monitoring,reporting and verification,and capacity building activities.Then,with reference to the impact assessment guidelines of EU ETS,it establishes a three-level multidimensional assessment system to conduct a comprehensive post-assessment of the country's pilot ETS and its allowance allocation methods based on the principles of effectiveness,efficiency,and consistency.Finally,combining the experiences and lessons learned from China's pilot ETS and ETS in other countries,this article analyzes the challenges facing China's national ETS in eight aspects:coverage,cap setting,allowance allocation method,trading system,price mechanism,data quality,capacity building,and policy coordination,and offers corresponding policy reflections from a problem-solving perspective.The article can provide detailed policy references for China to better utilize the ETS,reduce the overall societal costs of carbon emissions reduction,promote innovation in low-carbon technologies,and facilitate the low-carbon transformation of industries amid the country's energy transformation efforts.
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