According to a number of sources, the pilot emissions trading systems that were launched in 2013 to cover a number of Chinese cities have been running into problems. With the exception of a few sectors that experienced shortages, the sources said that most of the pilots gave out too many permits, mirroring Europe's oversupplied market. Back in Jan., the vice-mayor of Shenzhen said that the city had released some 10% too many permits, though he later said that some of the extras would be canceled. More recently, permit prices fell to record lows in Guangdong and Tianjin as compliance deadlines approached, indicating oversupply.
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