On December 19, 2017, China announced the official start of its national emissions trading system (ETS) construction program. When fully implemented, this program will more than double the volume of worldwide carbon dioxide emissions covered by either a tax or tradable permit policy. Carbon pricing, through either policy, transparently equalizes the economic incentive to reduce emissions across firms and is synonymous with conditions for least-cost regulation.The scale of environmental and economic consequences for China and the world make this an important program to understand and inform. Yet the context and program design differ from those of emissions trading programs in the United States and Europe. In particular, the design of the program follows a tradable performance standard (TPS).Design choices matter (Schmalensee and Stavins 2017). In this paper, we review the policy context and initial program design of China's new national ETS. We then highlight important concerns, speculate about possible modifications, and suggest topics for further research. Our main point is that the multi-sector TPS design creates several opportunities to improve efficiency.
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机译：2017年12月19日，中国宣布正式开始其国家排放权交易系统（ETS）建设计划。全面实施后，该计划将使税收或可交易许可证政策涵盖的全球二氧化碳排放量增加一倍以上。通过这两种政策，碳定价透明地使减少公司间排放的经济动机均等，并且是最低成本监管条件的代名词。对中国和世界的环境和经济后果规模使其成为理解和告知的重要计划。然而，背景和程序设计与美国和欧洲的排放交易程序不同。特别是，程序的设计遵循可交易的性能标准（TPS），设计选择至关重要（Schmalensee and Stavins 2017）。在本文中，我们回顾了中国新的国家碳交易体系的政策背景和初始方案设计。然后，我们重点关注重要问题，推测可能的修改，并提出主题以供进一步研究。我们的主要观点是，多部门TPS设计为提高效率创造了许多机会。
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