Core Viewpoint - China has established the world's largest carbon emissions trading market, which is now operating steadily, covering over 60% of the country's carbon emissions, with a cumulative trading volume of nearly 700 million tons as of the end of August [1][2]. Group 1: Development and Structure of the Carbon Market - The construction of China's carbon emissions trading market has progressed steadily since the pilot programs were initiated in 2011, leading to the national market's official launch in 2017 [2]. - The recent issuance of the "Opinions" document aims to enhance the effectiveness, vitality, and international influence of the national carbon market, while also coordinating with local pilot markets [2][5]. - The national carbon market is expected to manage over 70% of carbon emissions in the future, with the voluntary carbon market complementing it by addressing emissions not covered by the mandatory market [3][4]. Group 2: Key Measures and Future Directions - The "Opinions" document outlines a timeline and roadmap for the development of the national carbon market, emphasizing the need for effective integration with national carbon emission control measures [2][7]. - Key areas for immediate focus include achieving effective linkage between the national carbon market and the dual control of carbon emissions, introducing paid allocation of quotas, and enhancing management capabilities of registration and trading institutions [2][5][6]. Group 3: Regulatory Framework and Data Quality - A multi-level and relatively complete regulatory framework for the carbon market has begun to take shape, with over 30 regulations and technical standards established [6]. - The upcoming "Interim Regulations on Carbon Emission Trading" will clarify responsibilities for companies regarding carbon emission reporting and quota compliance, with penalties for non-compliance [6]. Group 4: Pricing Mechanism and Market Dynamics - The transition from intensity control to total control of carbon emissions is planned, with a focus on scientifically setting total quotas to meet national reduction targets [7]. - Factors influencing carbon pricing include national emission reduction goals and the development of low-carbon technologies, highlighting the need for a market-driven pricing mechanism [8].

Core Viewpoint - The article emphasizes the need for deeper cooperation between China and the EU in light of the uncertain international political and economic landscape, particularly focusing on fair trade rules and maximizing the benefits of the Carbon Border Adjustment Mechanism (CBAM) for sustainable development [1][6]. Summary by Relevant Sections Potential Impact of EU CBAM - The EU's CBAM may lead to increased costs for certain member states, with significant disparities in impact, particularly affecting countries like Bulgaria, Ireland, and Greece that rely heavily on imports from non-EU countries [2]. - For China, the short-term effects of CBAM are limited, but the long-term implications are substantial, as the mechanism initially targets industries like steel and aluminum, which are significant in China's exports to the EU [2]. Opportunities and Challenges in China-EU Economic Cooperation - China and the EU share a consistent stance on climate action, which can be leveraged to enhance cooperation in clean energy projects under the Belt and Road Initiative, focusing on nuclear, wind, and solar energy [3]. - The challenges posed by CBAM include its role as a tool for achieving climate goals, which may restrict trade flexibility and highlight differences in resource endowments and development stages between China and the EU [4]. Development Directions for China-EU Economic Cooperation - Strengthening policy dialogue and coordinating carbon pricing mechanisms is essential to reduce friction caused by climate policies, with suggestions for regular discussions on carbon pricing and CBAM implementation details [7]. - Improving the carbon emission accounting system to enhance data credibility and accuracy is crucial, with proposals for unified standards and data sharing to mitigate uncertainties in CBAM implementation [8]. - Exploring mechanisms for redistributing CBAM revenues to support low-carbon transitions in developing countries can help alleviate the impact of CBAM on global trade dynamics [9]. - Promoting green technology cooperation is vital, leveraging China's strengths in clean energy and the EU's comprehensive green governance framework to enhance low-carbon industrial development [9].