200911[]2009-09-15[](2006BAC18B02);(06BaJG071);(07JA790002)[](1964),,,,,,;(1985),,,,,PointCarbonCarbon2008,(,100875)[],,,,,,,,,,,[];;;[]F12415[]A[]1000596X(2009)11005707,,,,[1],1,20052007,16200727(CO2e)330600,,20121500,,,,2008,CDM2006,CDM,34%,58%,8%,,75200911,,,,,certificationemissionreduction(CDM),(EB)(DOE)CER,CER:UNFCCCCDM,(),2012,,,,(project2basedmarkets)(allowance2basedmarkets),,(CDM),,,,,+2008,2008720,244,1113(EB),77CDM149CERs,9000[2]220062008CDMCERs2006140,20072439,20086485,CDM3,2008CERs,,40122%8520091123,,,CDM,,,,,,2010GDP200520%,10%,,,CDM,CO2,201257,810,CDM4070,[3],,,,,,CDM,CDM()CDMCDM,,,,CDMCDM,,CDMCDM(1),CDM:,,,CER,,CDM,,,,,,,CDM,,,,;,,1CDM(ThePositiveEffectsofChinapsCDMProjects)CDM(1)(1)(2)(2)CDM,,(3),GDP(4)(5)(),CDM2,,CDM,CDM952009112(RalatedPoliciesinChinapsCDMField)20052007212CDM,,20073(CDM),20076:()11CDM,CDM,,,21,CDMCDM,(HFCs)(PFCs)(N2O)GWP,CDM31,,CDM41,,,(),3,:(1)CDM,,,36(2),CDM,10,(3)CDMCDM,12,3,,,(4)2012,CDM;,CDMCER[4]3(FactorsThatResultinProblemsinChinapsCarbonMarket)(1)CDM(1)CDM(2)CDM(2)(3)CDM(3)(4)06200911:(1)CDM,,CDMCDM(2),CDM,,CDM(3),CDM(),,,200610,,302007,,,(prototypecarbonfund)20002003,102007,58,70,,,4,Risoe,20087,272CER,2578DOE20,420,(20087)(NumbersoftheProjectsofWorldpsTop20CDMCERsBuyersandTheirPercentages)12631915%2118817%3EDF85613%4IBRD81610%5CargillInternational68510%6RWE66419%765418%858413%958413%10Agrinergy55411%11AgCert54410%12NobleCarbon47315%13MGMCarbonPortfolio46314%14CAMCO45313%1543312%1643312%1741310%18Kommunalkredit40310%19()39219%20DanishMinistryofClimate&Energy36217%2013515214%:316200911(),,2008,12,(),,OECD,,()(1),,,,,(2),,,(3),,(4),20092012,,(),,,,,,,,,,,,,CER,,,,,,,,,,,,,,,,(),,,,,,7,,,,,,200926200911,,,,,[1]1[J]1,2007,(9)1[2],1[J]1,2008,(9)1[3]1[J]1,2007,(8)1[4],,1[J]1,2005,(5)1(:)STATUSANDTRENDSOFCHINACARBONTRADINGMARKETUNDERFINANCIALCRISISWANGYu2mei,PANShao2ming(SchoolofResources,BeijingNormalUniversity,Beijing100875,China)Abstract:AscarbonmarketinChinahasgaineditsmomentum,thecountryclaimsapromisingfutureincarbonbusiness1AlthoughChinapossessestherichestcarbonreductionpotential,becauseofitsnarrowrangeofprojectsandexchangepricesthataremuchtoolow,carbonmarketinChinadevelopsmuchslowlycomparedwiththatinOECDcountries1Thecarbonemissionrights,knowntoallasoneofstrategicallyresources,if,oncesoldattoolowprices,maybringushighrisksinthelongrun1Affectedbythefinan2cialcrisisbeginningat2007,carbonmarketinChinaprobablywillexperienceaperiodofslumpintheyearsaround,whileprosperousfutureisstillthereafterthiscrisis1Forreasonsabove,wegiveseveralsugges2tionsthatwethinkthecountryshouldtake:first,topushresearchesinmethodologiesforCDMprojectac2tivitiesforward;second,totrainspecialistsfocusingoncarbontradeandsetupconsultingandfinancialin2stitutionsservicingcarbonmarket1Also,weshouldpayspecialattentiontothepricingpowerofinterna2tionalcarbonmarkets1Keywords:carbontrading;financialcrisis;marketeffect;trendofdevelopment36