concluded that the global carbon trade could quickly grow

In 2013, China witnessed LY2811376 surge from the launching of five regional carbon-trading pilots, and another two regional pilots opened in 2014, demonstrating the Chinese government?s determination to set up a national carbon-trade market and position itself on the international stage of carbon trading. As the world?s second-largest emitter of greenhouse gases and the world?s largest supplier on the Certified Emission Reduction (CER) primary market, the success or failure of China?s carbon-trade market will determine the fate and future trend of the international carbon-trade market.
Because carbon markets have been advocated as the most promising, efficient and effective policy instrument to avoid dangerous climate change
[3]
, scholars from various countries are guanine constantly engaged in studying carbon trading
[4]
,
[5]
,
[6]
,
[7]
,
[8]
,
[9]
 and 
[10]
. Martin Whittaker
[11]
considered the carbon market to be still in its infancy, lacking many potentials of mature markets. However, the international carbon-trading market has enormous room for growth. Calel