China National Emissions Trading System
China's national ETS began trading on 16 July 2021 with the power sector and now regulates more than 3,300 companies in power, steel, cement and aluminium. It operates under State Council Interim Regulations in force since 1 May 2024 and allocates allowances on an output basis rather than under an absolute cap.
Legal reference Interim Regulations on the Administration of Carbon Emission Trading (State Council Order No. 775, in force 1 May 2024); Measures for the Administration of Carbon Emission Trading (Trial) (2021)
Checked against International Carbon Action Partnership (ICAP) · 4 Oct 2026