Policy Effects of Carbon Emissions Trading on the Quality and Efficiency of Regional Quality Green Development

Fei LIN, Liang SHEN, Yuyan WANG

系统科学与信息学报(英文) ›› 2025, Vol. 13 ›› Issue (3) : 363-398.

PDF(3316 KB)
PDF(3316 KB)
系统科学与信息学报(英文) ›› 2025, Vol. 13 ›› Issue (3) : 363-398. DOI: 10.12012/JSSI-2024-0018

    Fei LIN1(Email), Liang SHEN1(Email), Yuyan WANG2(Email)
作者信息 +

Policy Effects of Carbon Emissions Trading on the Quality and Efficiency of Regional Quality Green Development

    Fei LIN1(Email), Liang SHEN1(Email), Yuyan WANG2(Email)
Author information +
文章历史 +

Abstract

This study investigates the role of carbon emissions trading (CET) in advancing regional high-quality and green development (QGD) from quality and efficiency perspectives. Firstly, theoretical analysis via an evolutionary game model formulates hypotheses. Secondly, a multi-period DID model, based on panel data from 30 Chinese provinces (2007-2020), evaluates the impact of CET pilot policies on provincial QGD. Robustness and heterogeneity analyses assess variations by region, industrial structure, and economic development. Additionally, the moderating effects of government regulation and market conditions on the CET-QGD relationship are examined. Key findings include: 1) CET significantly improves both the quality and efficiency of QGD, with a stronger impact on efficiency. 2) Geographical heterogeneity reveals CET impacts peak in eastern provinces, moderate in central regions, and diminish in the west, amplified by industrialization and economic development. 3) Indirect governmental regulations, such as environmental spending and resource taxes, strengthen CET's effectiveness, whereas direct interventions like pollution control investments may hinder green transformation, adversely impacting QGD. 4) Increased carbon trading volumes improve QGD quality, while elevated prices enhance quality but reduce efficiency by favoring short-term emissions cuts over long-term green transitions. Therefore, this study recommends addressing regional disparities, balancing regulation with market mechanisms, and ensuring a competitive, transparent national CET market.

Key words

carbon emissions trading / quality green development / green total factor productivity / green high-quality indicators / government oversight / market conditions

引用本文

导出引用
Fei LIN, Liang SHEN, Yuyan WANG. . 系统科学与信息学报(英文), 2025, 13(3): 363-398 https://doi.org/10.12012/JSSI-2024-0018
Fei LIN, Liang SHEN, Yuyan WANG. Policy Effects of Carbon Emissions Trading on the Quality and Efficiency of Regional Quality Green Development. Journal of Systems Science and Information, 2025, 13(3): 363-398 https://doi.org/10.12012/JSSI-2024-0018

参考文献

1
Friedlingstein P, O'Sullivan M, Jones M W, et al. Global carbon budget 2024. Earth System Science Data Discussions, 2024, 2024: 1-133.
2
Yin S, Han S, Liu Y, et al. Impact of new media use on farmers' willingness to use clean energy: The role of topography and agricultural income. Humanities and Social Sciences Communications, 2024, 11(1): 1-16.
3
Hao F, Zang Y, Fan B, et al. Environmental regulation promotes green development in China: From the perspective of technological innovation. Frontiers in Energy Research, 2023, 11: 1209650.
4
Yang Q, Zhang B, Yan Z, et al. A study on the dynamic impact of carbon emission trading on green and high-quality development. Environmental Science and Pollution Research, 2024, 31(15): 23037-23054.
5
Xu Y, Wang H. Construction and empirical evidence of regional high-quality development indicator system based on five development concepts. Statistics & Decision, 2020, 36(14): 98-102.
6
Lo A Y. Challenges to the development of carbon markets in China. Climate Policy, 2016, 16(1): 109-124.
7
Zhang B, Xu L. Multi-item production planning with carbon cap and trade mechanism. International Journal of Production Economics, 2013, 144(1): 118-127.
8
Liu L, Chen C, Zhao Y, et al. China's carbon-emissions trading: Overview, challenges and future. Renewable and Sustainable Energy Reviews, 2015, 49: 254-266.
9
Weng Q, Xu H. A review of Chinese carbon trading market. Renewable and Sustainable Energy Reviews, 2018, 91: 613-619.
10
Cai W, Ye P. Does carbon emission trading improve low-carbon technical efficiency? Evidence from China. Sustainable Production and Consumption, 2022, 29: 46-56.
11
Wang D, Sun M, Meng B, et al. Can carbon market efficiency promote green technology innovation for Chinese companies?. Energy, 2024, 309: 133157.
12
Wang Y, He L. Can Chinese carbon emissions trading scheme promote balanced green development? A consideration of efficiency and fairness. Journal of Cleaner Production, 2022, 367: 132916.
13
Zhang S, Wang Y, Hao Y, et al. Shooting two hawks with one arrow: Could Chinese emission trading scheme promote green development efficiency and regional carbon equality?. Energy Economics, 2021, 101: 105412.
14
Wu Q, Wang Y. How does carbon emission price stimulate enterprises' total factor productivity? Insights from Chinese emission trading scheme pilots. Energy Economics, 2022, 109: 105990.
15
Wu B, Liu P, Xu X. An evolutionary analysis of low-carbon strategies based on the government--enterprise game in the complex network context. Journal of Cleaner Production, 2017, 141: 168-179.
16
Wu Z, Yang C, Zheng R. An analytical model for enterprise energy behaviors considering carbon trading based on evolutionary game. Journal of Cleaner Production, 2024, 434: 139840.
17
Fang G, He Y, Tian L. Evolutionary game analysis of government and enterprises carbon-reduction under the driven of carbon trading. Chinese Journal of Management Science, 2024, 32(5): 1-12.
18
Liu M, Shan Y, Li Y. Study on the effect of carbon trading regulation on green innovation and heterogeneity analysis from China. Energy Policy, 2022, 171: 113290.
19
Liu B, Ding C J, Hu J, et al. Carbon trading and regional carbon productivity. Journal of Cleaner Production, 2023, 420: 138395.
20
Carl J, Fedor D. Tracking global carbon revenues: A survey of carbon taxes versus cap-and-trade in the real world. Energy Policy, 2016, 96: 50-77.
21
Shao W, Yang K, Jin Z. How the carbon emissions trading system affects green total factor productivity? A quasi-natural experiment from 281 Chinese cities. Frontiers in Energy Research, 2023, 10: 895539.
22
Li X, Shu Y, Jin X. Environmental regulation, carbon emissions and green total factor productivity: A case study of China. Environment, Development and Sustainability, 2022, 24(2): 2577-2597.
23
Peng H, Shen N, Ying H, et al. Can environmental regulation directly promote green innovation behavior? — Based on situation of industrial agglomeration. Journal of Cleaner Production, 2021, 314: 128044.
24
Liu Y, Liu S, Shao X, et al. Policy spillover effect and action mechanism for environmental rights trading on green innovation: Evidence from Chinese carbon emissions trading policy. Renewable and Sustainable Energy Reviews, 2022, 153: 111779.
25
Sandoff A, Schaad G. Does EU ETS lead to emission reductions through trade? The case of the Swedish emissions trading sector participants. Energy Policy, 2009, 37(10): 3967-3977.
26
Shi M, Yuan Y, Zhou S, et al. Carbon tax, cap-and-trade or mixed policy: Which is better for carbon mitigation?. Journal of Management Sciences in China, 2013, 16(9): 9-19.
27
Taleizadeh A A, Alizadeh-Basban N, Niaki S T A. A closed-loop supply chain considering carbon reduction, quality improvement effort, and return policy under two remanufacturing scenarios. Journal of Cleaner Production, 2019, 232: 1230-1250.
28
Wang Y, Lü L, Shen L, et al. Manufacturer's decision-making model under carbon emission permits repurchase strategy and capital constraints. International Journal of Production Research, 2024, 62(22): 8073-8091.
29
Zhou Z, Liu C, Zeng X, et al. Carbon emission performance evaluation and allocation in Chinese cities. Journal of Cleaner Production, 2018, 172: 1254-1272.
30
Shen H, Huang N. Will the carbon emission trading scheme improve firm value?. Finance & Trade Economics, 2019, 40(1): 144-161.
31
Yu D, Liu L, Gao S, et al. Impact of carbon trading on agricultural green total factor productivity in China. Journal of Cleaner Production, 2022, 367: 132789.
32
Fisher-Vanden K, Hu Y, Jefferson G, et al. Factors influencing energy intensity in four Chinese industries. The Energy Journal, 2016, 37(1): 153-178.
33
Pan X, Ai B, Li C, et al. Dynamic relationship among environmental regulation, technological innovation and energy efficiency based on large scale provincial panel data in China. Technological Forecasting and Social Change, 2019, 144: 428-435.
34
Wu H, Hao Y, Ren S. How do environmental regulation and environmental decentralization affect green total factor energy efficiency: Evidence from China. Energy Economics, 2020, 91: 104880.
35
Zhou C, Qi S. Has the pilot carbon trading policy improved Chinese green total factor energy efficiency?. Energy Economics, 2022, 114: 106268.
36
Wei M, Li S. Study on the measurement of economic high-quality development level in China in the new era. Journal of Quantitative & Technological Economics, 2018, 35(11): 3-20.
37
Li J, Shi L, Xu A. Probe into the assessment indicator system on high-quality development. Statistical Research, 2019, 36(1): 4-14.
38
Wang L, Wang Z, Ma Y. Does environmental regulation promote the high-quality development of manufacturing? A quasi-natural experiment based on Chinese carbon emission trading pilot scheme. Socio-Economic Planning Sciences, 2022, 81: 101216.
39
Lin B. Chinese high-quality economic growth in the process of carbon neutrality. China Finance and Economic Review, 2022, 11(4): 3-22.
40
Yin S, Wang M, Shi Y, et al. Assessing rural energy poverty and early warning based on long-run evolution for clean energy transition in China. Journal of Renewable and Sustainable Energy, 2024, 16(4).
41
Bai J, Ma W, Wang Y, et al. Political incentives in market-based environmental regulation: Evidence from Chinese carbon emissions trading scheme. Heliyon, 2024, 10(4).
42
Zhang Z. Carbon emissions trading in China: The evolution from pilots to a nationwide scheme. Climate Policy, 2015, 15(sup1): S104--S126.
43
Lo A Y, Yu X. Climate for business: Opportunities for financial institutions and sustainable development in the Chinese carbon market. Sustainable Development, 2015, 23(6): 369-380.
44
Yu X, Wang P. Economic effects analysis of environmental regulation policy in the process of industrial structure upgrading: Evidence from Chinese provincial panel data. Science of the Total Environment, 2021, 753: 142004.
45
Jiang Z, Xu C, Zhou J. Government environmental protection subsidies, environmental tax collection, and green innovation: Evidence from listed enterprises in China. Environmental Science and Pollution Research, 2023, 30(2): 4627-4641.
46
Jin Y, Andersson H, Zhang S. Air pollution control policies in China: A retrospective and prospects. International journal of environmental research and public health, 2016, 13(12): 1219.
47
Du H, Chen Z, Mao G, et al. A spatio-temporal analysis of low carbon development in Chinese 30 provinces: A perspective on the maximum flux principle. Ecological Indicators, 2018, 90: 54-64.
48
Li J, Wang L, Lin X, et al. Analysis of Chinese energy security evaluation system: Based on the energy security data from 30 provinces from 2010 to 2016. Energy, 2020, 198: 117346.
49
Guo R, Yuan Y. Different types of environmental regulations and heterogeneous influence on energy efficiency in the industrial sector: Evidence from Chinese provincial data. Energy Policy, 2020, 145: 111747.
50
Fan G, Wang X, Ma G, et al. Contribution of marketization to Chinese economic growth. Economic Research Journal, 2011, 9(283): 1997-2011.
51
McGavock T. Here waits the bride? The effect of Ethiopia's child marriage law. Journal of Development Economics, 2021, 149: 102580.
52
Goodman-Bacon A. Difference-in-differences with variation in treatment timing. Journal of Econometrics, 2021, 225(2): 254-277.
53
De Chaisemartin C, d'Haultfoeuille X. Two-way fixed effects estimators with heterogeneous treatment effects. American Economic Review, 2020, 110(9): 2964-2996.
54
Sun H, Gui H, Yang D. Measurement and evaluation of the high-quality of Chinese provincial economic development. Zhejiang Social Sciences, 2020(8): 4-14+155.
55
Zhang W, Li G, Uddin M K, et al. Environmental regulation, foreign investment behavior, and carbon emissions for 30 provinces in China. Journal of Cleaner Production, 2020, 248: 119208.
56
Wu Y, Qi J, Xian Q, et al. The carbon emission reduction effect of Chinese carbon market — from the perspective of the coordination between market mechanism and administrative intervention. China Industrial Economics, 2021(8): 114-132.
57
Zhong M, Zhang R, Ren X. The time-varying effects of liquidity and market efficiency of the European Union carbon market: Evidence from the TVP-SVAR-SV approach. Energy Economics, 2023, 123: 106708.
58
Song Y, Liu T, Ye B, et al. Improving the liquidity of Chinese carbon market: Insight from the effect of carbon price transmission under the policy release. Journal of Cleaner Production, 2019, 239: 118049.
59
Yin S, Zhao Y, Hussain A, et al. Comprehensive evaluation of rural regional integrated clean energy systems considering multi-subject interest coordination with Pythagorean fuzzy information. Engineering Applications of Artificial Intelligence, 2024, 138: 109342.
PDF(3316 KB)

294

Accesses

0

Citation

Detail

段落导航
相关文章

/