China's GHG voluntary emission reduction trading is currently at a critical juncture for market expansion.However,the existing regulatory rules lack sufficient incentives and risk con-trols,primarily because they overlook the dual attributes of voluntary emission reduction trading as both a supplement to mandatory reductions and a promoter of voluntary carbon neutrality.To en-hance the effectiveness of voluntary emission reduction trading,it should be categorized into transac-tions aimed at voluntary carbon neutrality and transactions used to offset carbon emission allowance.The former is aimed at voluntary carbon neutrality and follows incentive-based regulatory idea,while the latter is directly connected to the mandatory emission reduction market and should be subject to the idea of prudential regulation.Guided by these principles,procedural rules and standard rules should be categorized to construct a regulatory system that harmonizes incentive-based and prudent regulatory rules.