Group 1 - The article outlines the Chinese government's commitment to advancing carbon peak and carbon neutrality goals through the establishment of a national carbon market, which marks a shift from administrative to market-driven climate governance [1] - The national carbon market, launched in 2021, has become the largest in the world, covering industries such as power generation, steel, cement, and aluminum smelting, with approximately 8 billion tons of CO2 emissions covered [1] - The market is set to enter a new phase in 2024 with the reactivation of the voluntary greenhouse gas emission trading market, creating a complementary and interconnected carbon market structure [1] Group 2 - Despite significant achievements, the carbon market faces challenges, including a substantial price gap between China's carbon emission allowances (CEA) and the European Union's carbon allowances (EUA), with average CEA prices ranging from 52.84 to 89.06 yuan per ton over the past four compliance periods [2] - Market activity remains insufficient, with trading volume and prices increasing only near compliance deadlines, indicating a primary reliance on compliance-driven trading rather than a robust carbon asset management demand [2] - The market structure is dominated by compliance enterprises, with limited participation from financial and investment institutions, and a lack of diverse trading products, which hampers market depth and liquidity [2] Group 3 - To enhance market vitality, it is essential to improve the carbon pricing mechanism by optimizing quota allocation methods and gradually increasing the paid allocation ratio to reflect true emission reduction costs [3] - The establishment of a quota reserve and market adjustment mechanism is recommended to stabilize carbon prices during rapid fluctuations, ensuring they remain within a reasonable range [3] - Encouraging the diversification of market participants and expanding the trading product system is crucial, including the introduction of financial institutions and innovative carbon financial products like carbon futures and options [3] Group 4 - Strengthening data infrastructure and capacity is vital for improving market transparency, including the development of standardized carbon data systems and enhancing third-party verification processes [4] - Establishing a robust information disclosure system for carbon emissions, quota holdings, and trading records will further enhance market transparency [4] - The application of digital technologies such as blockchain and big data in the carbon market can automate data management processes, improving regulatory precision and intelligence [4]