Core Insights - The national carbon emissions trading market in China has achieved significant results in its four years of operation, with a cumulative trading volume of 681 million tons and a total transaction value of 46.784 billion yuan as of July 31, 2025, making it an important part of the global carbon market system [1] - The central economic work conference emphasized the establishment of zero-carbon parks and the promotion of the national carbon market, highlighting its critical role in controlling greenhouse gas emissions and facilitating green transformation in the context of the "dual carbon" goals [1] Group 1: Market Development - China's carbon market has made multi-dimensional breakthroughs over four years, with an increasingly完善制度体系, expanding coverage to include key industries such as steel, cement, and aluminum smelting, and broadening the scope of greenhouse gas control beyond just carbon dioxide [1] - The carbon market consists of a mandatory carbon market and a voluntary greenhouse gas reduction trading market, serving as an important tool for promoting greenhouse gas reduction and facilitating a comprehensive green and low-carbon transformation of the economy and society [1] Group 2: International Comparison - Compared to mature systems like the EU carbon market, China's carbon market shows significant gaps, with the EU market having reduced carbon emissions by approximately 47% since 2005 and raised over 175 billion euros for green transformation through quota auctions [2] - China's carbon market primarily relies on free allocation for quota distribution, and there is a need to expand the industry coverage and improve market stability mechanisms [2] Group 3: Challenges and Recommendations - To address challenges, a systematic approach is needed to enhance the operational mechanism and accelerate the construction of a unified national carbon market, including the improvement of digital systems and databases for carbon emissions monitoring [3] - Strengthening carbon financial support capabilities is essential, with suggestions to explore various paths for financial support, including establishing special funds for carbon market development and encouraging financial institutions to innovate carbon financial products [3] Group 4: Regional Development - The objective reality of regional development disparities complicates the construction of a unified national carbon market, suggesting the need for differentiated policy implementation while maintaining unified market rules [4] - Encouraging pilot programs in regions with mature conditions can help form a multi-level, differentiated carbon market policy system, providing institutional guarantees for the stable operation of the carbon market [4]