中办、国办：以全国碳市场为主体建立完善碳定价机制

Core Viewpoint - The Chinese government has released an opinion on advancing green low-carbon transformation and strengthening the national carbon market, emphasizing the importance of carbon markets as a policy tool for addressing climate change and promoting economic development [1] Group 1: Carbon Market Development - China has established a national carbon emissions trading market for key emission units and a voluntary greenhouse gas reduction trading market to encourage self-reduction [1] - The current carbon market is limited to spot trading, primarily involving power companies, indicating a relatively closed market [1] - The introduction of carbon emission rights futures is seen as a significant direction for enriching carbon financial products and addressing shortcomings in the carbon market system [1] Group 2: Futures Market Potential - Since the introduction of the "dual carbon" goals in 2020, carbon emissions trading has become a hot topic at the annual National People's Congress, with increasing calls for the listing of carbon emission rights futures [2] - The futures market can enhance price discovery, risk management, and resource allocation, making carbon trading more efficient and liquid [2] - Launching carbon emission rights futures will strengthen China's voice and competitiveness in the international carbon market, supporting international climate negotiations [2] Group 3: Financial Derivatives and Market Impact - Financial derivatives are expected to act as amplifiers in the market, supporting effective price formation in the carbon market, similar to the EU carbon market where most trading comes from derivatives [3] - The futures industry is actively focusing on industry needs and innovating services to contribute to carbon emission rights construction [3] - The Guangzhou Futures Exchange has developed a design plan for carbon emission rights futures contracts and is set to advance the listing of these futures while refining market research [3]