Study on Development Status of China Carbon Finance Market,International Experience and Countermeasures

With continuous enhancement of commodity attribute of carbon dioxide emission right and day-by-day maturity of market,trading scales of spot and futures surrounding " carbon emission" which is emerging valuable commodity are getting larger. The development and perfection of carbon finance market has become an important realistic subject under low-carbon economy background. China's carbon finance market is still immature,and lacks the relevant law and government supports and mature intermediary agency; the construction of carbon trading platform is imperfect; it lacks carbon finance products and understanding on carbon finance. To better develop China's carbon finance market,development statuses of carbon finance markets at home and abroad are contrasted from three aspects: legal environment of carbon finance,trading condition of carbon finance and carbon finance business of financial institution,and their difference is analyzed. By referring to foreign development experience,the relevant policy measures of promoting and perfecting carbon finance market in China are proposed.

International carbon markets under the Paris Agreement:Basic form and development prospects

Article 6 of the Paris Agreement introduces two international carbon markets that receive extensive attention and are expected to play an important role in the post-2020 climate regime.Three key elements of the two international carbon markets,including the scope,the types of tradable units and the governance,are identified,as the basis to clarify their basic forms.Based on the key issues and their different designs identified in negotiations,this study analyzes the contributions and challenges for China to participate in international carbon markets.Considering the inherent needs of climate change mitigation,climate finance,the development of a green"Belt and Road"and the China South-South cooperation in climate change,along with the existing domestic capacities on market mechanisms,this study puts forward the short-,medium-and long-term development prospects of the two international carbon markets.

Feasibility of sustaining the upland conversion program by establishing a domestic carbon market

To sustain the upland conversion program （UCP） in China after the government compensation expires, we suggest an establishment of a domestic carbon market where forest carbon from the UCP can be traded. Taking southwest China＇s Yunnan Province as an example, we explored the feasibility of switching the UCP to a carbon offset project. The breakeven carbon price which is equivalent to the opportunity cost of agricultural cultivation was estimated and then compared with the carbon price in the international market. We found that it is feasible to change the UCP to a carbon offset project if the duration is longer than 10 years at a discount rate of 7%, and if the recent bid price （147.2 Yuan.t-1） for Chinese carbon offset project prevails. The feasibility is better for converted land with lower productivity when the project duration is given. For a given site index, the feasibility is lower as pro- ject length is reduced. The results of sensitivity analysis show that the feasibility will be enhanced as the discount rate increases; however, the changes in the price of agricultural products and the amount of sequestered carbon have insignificant effects on the choice of sites and project duration.

Analysis of Volatility Spillover Effect of Soybean Price between Domestic and International Markets

Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.

Yatai Meters & Instruments to Occupy Domestic and International Markets

Shanghai Yatai Meters & Instruments Co. Ltd. was set up in 1991. It is engaged in research and development of meters and instruments for industrial duration measurement and control system. It is a new hi-tech enterprise worthy of the name. Recently it has completed the reform of holdings system.

Study on carbon intensity trading market based on carbon finance mechanism

As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the （〈Kyoto Protocol）） . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China＇ s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models＇ results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development： trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward.

Consideration of some key issues of carbon market development in China

The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.

The Status Quo and Developing Trend Analysis of Global Carbon Finance

This paper gives a systematic view of the new trends of global carbon finance innovation under the challenge of global climate change and in the process of transition to achieve economic growth from "high carbon" to 'low carbon",covering the following aspects:the structure,status quo and developing trend of global carbon market.The paper discusses the innovation in financial organization and service systems and governments' overall guidance and policy support,and draws the conclusion that the world is undergoing massive changes with governments actively responding to carbon finance to embrace the tremendous opportunities for clean energy and climate change in financial industry.To seize the opportunity,a complete and overall carbon finance system of China should be put in the top of the agenda.Given the current tasks of energy conservation and pollution reduction and the growing demand for capital input,China needs to construct an clear of policy guidance,a diversified financia service system,and a multi-approach carbon finance system to intensify and widen the participation of financial industry,to expand financing channels for sustainable economy and spread risks,and finally,work out an inexpensive solution to the realization of China's low carbon target.

For CO<SUB>2</SUB>Emission Trading in China, Can the Market Become a National One, Four Years after Creating Seven Local Markets?

In this paper, we assess the existing seven local pilot carbon emission trading schemes in China and analyse the factors determining whether China’s carbon market is successful in terms of handling substantial amounts of CO2 emissions rights, regulating the market and trading them at a reasonable price. The emission trading system is developing slowly in most of the participating provinces and cities. Prices tend to decline, while volumes trading slowly increase. The volatility is partially the result of regulation (the rights need to be renewed before a certain date) and partially due to government interventions in the market. Based on the assessment, recommendations are provided for China implementing a national carbon market, based on the experiences and lessons learnt from the seven local carbon emission trading schemes. Conditions for China to roll out the system and later improve the national emission trading scheme to replace the existing local emission trading schemes are formulated.

Oil Crisis, Market Reforms, and Human Welfare： An Econometric Analysis of the Australian Economy

As an active trader in international crude oil and petroleum product markets, Australia＇s human welfare is affected by oil crisis and contagion from the perspectives of economic growth, income inequality, and environmental sustainability. This paper investigates the impacts of oil price shocks upon Australia＇s gross domestic product （GDP） growth, Gini coefficients, and carbon dioxide emissions per capita from 1970 to 2012 with yearly frequency. Hypotheses concerning whether Australia＇s economic immunity against oil crisis is affected after the deregulation of oil market and whether endogenous oil price shocks account for more variations in human welfare than exogenous oil price shocks are tested. The methodologies include a theoretic model and a series of econometric tests. For the short-run dynamics, oil price is integrated into the model both linearly and non-linearly. Oil price shocks are categorized into exogenous and endogenous shocks. The conclusions are that inflated oil prices exert mainly non-linear negative impacts upon human welfare indicators and exogenous shocks induce endogenous shocks through labor price, Consumer Price Index （CPI）, interest rate, and exchange rate. For the long-run equilibrium, non-linear shocks＇ effects decay more slowly than linear shocks and the impacts of endogenous shocks last longer than that of exogenous shocks. Finally, oil market policies are evaluated and proposed.

Analysis on China Cotton Market

China is the world＇s largest cotton producer and consumer and its domestic cotton demand and supply have a great influence on the world market. This paper firstly gives a discussion on Chinese cotton market, especially from a viewpoint of history to study domestic market price fluctuation. The cotton market history from E R. China＇s setting up to present has been divided into four stages and characterized as different agricultural policies applications and economic periodicities. Concluding from the history, artificial influences may be the most important reason of market inequilibrium, up to now, market and artificial interruption, are also the key problem. Then it takes domestic cotton demand as a study object, trying to find what will be a statistic significant cotton demand in national level and it＇s underneath demand frame. Through a seres of analysis on the demand frame, problems have been clearly displayed, an open microeconomic circulation supports our study and six variables had been described by statistics. Therefore, we can analyze the cases of real cotton demand that includes supply and demand reactions in China with experience and estimations. Otherwise, international cotton market is greatly interacted with Chinese domestic market more and more today. Some necessary analysis, such as international cotton supply and demand, Chinese cotton stock policy and world price long run tendency, are very important factors for Chinese cotton development. Those may concern Chinese access to WTO, cotton trade quota and tariff, welfare comparison, etc., all have been discussed in the paper.

International Experience, China's Development and Prospect of Carbon Market Construction

Carbon market,which is capable of scientific quantifying and marked-based pricing of carbon emission,is an important way for countries to achieve the target of carbon emission reduction.The global carbon market,after more than ten years of development,has developed a mature mechanism.China started the trial of carbon market in 2011.After ten years of exploration,the national carbon trading market was officially launched in mid-July 2021.Against the backdrop of carbon neutrality,the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization.However,it should take a dialectical attitude toward the opportunities and risks of carbon market financialization.In the future,China can promote the development of carbon market through efforts to develop market participants,clarify the attributes of carbon finance,prevent potential risks of carbon finance,improve the connection mechanism with the international carbon market,and innovate carbon finance services.

双碳目标下绿色金融碳减排效应的实证研究

绿色金融是实现绿色低碳发展战略的重要手段,研究绿色金融碳减排效应及其作用机制对实现“双碳”目标具有重要现实意义。利用2008—2020年省际面板数据,实证检验了绿色金融碳减排效应、作用机制和异质性。研究结果表明:无论是总维度还是分维度,绿色金融均具有显著的碳减排效应,其中绿色投资的碳减排效应最大,绿色证券次之,绿色信贷最小;绿色技术创新对绿色金融碳减排效应具有中介作用,环境规制与金融市场化均增强了绿色金融碳减排效果;东部组、科技发达组和高耗能组相对中西部组、科技欠发达组和低耗能组绿色金融碳减排效应更为明显。因此,进一步加大绿色金融产品创新,实现绿色金融资源高效配置,制定差异化绿色金融政策尤为重要。

控制性投资及其扩张效应与股价崩盘风险

企业通过控制性投资可建立内部资本市场、实现对外扩张,从而影响企业价值并引起股价波动。本文以2008—2021年A股中实施控制性投资的上市公司为研究对象,实证研究了控制性投资及其扩张效应对股价崩盘风险的影响。结果发现上市公司通过控制性投资建立内部资本市场可缓解融资约束,从而抑制股价崩盘风险;控制性投资扩张效应在集团内部可产生协同效应,压缩经理人对负面消息的隐藏空间,从而降低股价崩盘风险;但过于激进的扩张因降低了“效率促进”效果,反而削弱了控制性投资对股价崩盘风险的抑制作用。本文丰富了股价崩盘风险相关文献,深入探讨了股市健康稳定发展的影响因素,具有一定的现实意义。

美国在发展关键时期畅通和壮大国内经济循环的主要做法及启示——基于1870—1910年美国的考察

畅通和壮大国内经济循环是实现经济高质量发展的必然要求,是构建新发展格局的关键环节,也是大国崛起的普遍规律。本文从统一大市场建设、科技创新、基础设施及城市化建设、收入分配、对外开放、宏观政策以及市场竞争秩序七个方面,全面分析美国1870—1910年实现飞速发展的关键40年间畅通和壮大国内经济循环的主要举措,分析其内在的经济机理和现实成效,并从加强统一大市场建设、扩大国内市场需求、发挥国际经济循环对国内经济循环的促进作用等方面,提出了美国相关做法的启示和借鉴意义。

外贸企业由外循环为主转向内循环为主的现实梗阻、经验启示与对策建议

加快内外贸一体化发展是构建新发展格局、推动高质量发展的内在要求。为此,基于自身发展与外部环境,外贸企业亟须由外循环为主转向内循环为主,实现内外贸融合发展。当前,由于客场全球化的全球价值链参与模式、国内市场的隐形分割、内外贸管理体制的差异导致外贸企业转型面临一系列现实梗阻。为此,一方面从外贸企业内在动力出发,以双循环标杆企业“苏美达股份有限公司”为例,重点剖析、梳理并总结其从外循环转内循环的阶段性事实演变、成功做法与经验启示,为其他外贸企业转型提供借鉴;另一方面,从政策外在推力角度出发,提出了紧抓内外贸一体化的政策契机、促进规则与标准统一,加快建设统一大市场、降低国内市场的隐形壁垒,充分发挥开放平台的作用、打造内外贸融合发展的制度高地,多措并举系统施策、强化金融财税等各项政策支持力度的对策建议。

森林碳汇发展的实践、挑战与展望

森林碳汇被公认为是当前二氧化碳减排乃至应对气候变化,最经济、最现实、综合效益最好的手段,无论在国内还是国际自愿减排碳市场中需求量巨大,势必成为助力实现净零目标的主流选择。为此,论文在生态补偿理论的基础上,首先概述了森林碳汇的多重效益与在自愿减排碳市场中的发展潜力;然后结合已有文献归纳梳理了森林碳汇在当前国际主流碳抵消机制中的发展与实践;在此基础上对中国在未来发展森林碳汇的挑战与展望进行探讨。

面向供应链的碳金融服务模式创新研究

随着低碳转型的不断深入,我国需要实现全产业链的降碳减排。面向供应链的碳金融作为一种新的金融服务模式,充分发挥了碳资产、供应链和金融工具在低碳发展方面的作用,为缓解中小企业转型困境、实现全链条的绿色生产提供了新的途径。本文通过案例研究系统总结了目前国内外主要的面向供应链的碳金融服务模式,研究发现国内主要采用“碳金融+供应链金融”服务模式,而国外则以“供应链金融+低碳供应链”服务模式为主导。鉴于当前低碳供应链发展滞后、碳金融应用程度低等问题,本文提出了以“低碳供应链+碳金融”为核心的服务模式,并构建了面向供应链的碳金融服务框架。此外,在实践过程中如何提高供应链企业协同减排的内部驱动力、推进碳金融产品服务的创新,以及如何加强对碳金融产品督查是当前发展面向供应链的碳金融的主要困境。为此,本文提出了推动我国面向供应链的碳金融发展的相关建议。

国际经验推动我国碳金融市场成熟度建设的发展建议

在气候变化等环境问题愈发严峻的背景下,发挥碳金融市场的资源调配作用,以碳减排的价格信号结合金融在资源配置方面的作用来引导产业结构低碳转型具有积极意义。与欧盟、新西兰等国际成熟碳市场相比,我国碳市场及碳金融发展尚处于起步阶段,归纳总结国际成熟碳市场及碳金融的发展经验,是推动我国碳金融市场成熟度建设的他山之石。本文在国内外学者对成熟碳金融市场研究的基础上,从狭义和广义两个角度出发总结了国内碳金融市场和欧盟、新西兰、韩国等国际碳金融市场的发展历程,并对比异同;后以欧盟碳金融市场为例,从市场机制、配套措施和交易生态三个方面总结其发展经验,进而提出推动我国碳金融市场成熟度建设的发展建议。