Abstract：This paper examines market characteristics of emission trade system in China based on the data of 5 pilots in the first compliance period.The carbon market in the first compliance period presents a few key characteristics:a steep month-to-month growth in volume, a violent price fluctuation, the faster growth rate of block transaction than online transaction and auction as an additional means to ease the market liquidity.There are some serious structural defects in pilot markets.Firstly, the market is not liquid and active.Secondly, different types of market participation are imbalance.Finally, punishments of some pilot markets are still fairly low
李奇伟. 中国碳排放权交易试点履约期的市场特征与政策启示[J]. 中国科技论坛, 2015(5): 128-134.
Li Qiwei. Market Characteristics in the First Compliance Period and Policy Suggestions for Carbon Emissions Trading Scheme in China. , 2015(5): 128-134.
2015, 
