“十五五” 时期推动碳市场多层次治理与政策优化研究

The Emissions Trading System is widely regarded as an effective market-based policy tool for reducing greenhouse gas emissions.  Reaching for carbon peaking by 2030 and carbon neutrality by 2060, China launched its national carbon market.  However, challenges remain in governance practices, including unstable carbon price signals, rigid allowance allocation mechanisms, insufficient coordination between national and local levels, and inadequate measures to address social equity.  This paper, drawing on the polycentric governance theory and policy mix, systematically analyses the operational logic and policy practices of China's carbon market from the perspectives of collaboration among political actors, complementary effect of policy tools, as well as its dynamic adaptability.  Based on this analysis, several actionable policy recommendations are put forward: first, optimizing the allocation mechanism by introducing benchmarking in high-emission sectors and establishing allocation reserves and dynamic adjustment mechanisms; second, enhancing the rationality and stability of carbon price signals to fully leverage the price discovery function, whilst improving price monitoring, risk warning mechanisms, and strengthening the quality management carbon emissions data; third, strengthening coordination between central and local governments by providing local governments with technical support and training, whilst allowing flexibility in local policy implementation; and fourth, reinforcing social equity safeguards by expanding the scope and offset ratio of certified voluntary emission reductions to provide more compliance options for small and medium-sized enterprises.