China's carbon market plays significant role in promoting green development: official

China's carbon emissions trading market has played a significant role in reducing carbon emissions and promoting green development over the past five years, said an official from the Ministry of Ecology and Environment, as the market marks its fifth anniversary on Thursday.

Since its launch, the national carbon market has undergone rapid development and grown into the world's largest of its kind.

As of June this year, cumulative trading volume of carbon emission quotas had exceeded 917 million tons, with the total turnover surpassing 61.7 billion yuan (about 9.12 billion U.S. dollars).

In the first half of 2026, the trading volume reached 52.96 million tons, up about 37 percent year on year.

"During the 14th Five-Year Plan period (2021–2025), the thermal power sector alone achieved 530 million tons of carbon emission reductions, with around 80 percent of enterprises lowering their carbon emission intensity. Over the past three years, more than 200 small and outdated power units were shut down. Meanwhile, new emission-reduction projects including concentrated solar power and green hydrogen production have been promoted. In addition to cutting carbon emissions, the market has also reduced sulfur dioxide by 27,000 tons, nitrogen oxides by 94,000 tons, and smoke and dust by 135,000 tons. The guiding role of carbon price is gradually taking effect," said Lu Shize, deputy director general of the Department of Climate Change at the ministry.

Over the past five years, the number of key emission entities covered by the market has expanded from 2,162 thermal power companies to 3,378 high-energy-consuming enterprises in sectors including steel, cement and aluminum smelting.

By leveraging the market mechanism to drive low-carbon transition, China's national carbon market has forged a path toward a win-win outcome for economic development, industrial upgrading and ecological improvement.

"By 2027, we aim to achieve full coverage of key industrial emission sectors, so that the carbon price truly reflects abatement costs and sends clear market signals to all industries - higher emissions mean higher costs, while low-carbon transitions will yield returns. We must harness the market mechanism to inject strong momentum into achieving the target of reducing carbon emissions per unit of product by 3 percent across covered industries during the 15th Five-Year Plan period (2026–2030)," said Lu.

China's carbon market plays significant role in promoting green development: official

China's carbon market plays significant role in promoting green development: official

The three-day 13th Beijing Xiangshan Forum will hold a series of warm-up events on Tuesday, the opening day, to promote in-depth exchanges between representatives on advancing global stability and security.

The events will include high-level interviews, dialogues between Chinese and foreign experts, and dialogues among young officers and scholars. "This year, we will launch the Xiangshan New Voices Program. We want to promote global governance, advance construction of a more just and equitable international governance system and make our world more stable and predictable. Who cares the most? I believe it is the youth," said Li Shuyin, director of the secretariat office of the Beijing Xiangshan Forum. The forum will focus on prominent international security issues and defense trends, comprehensively covering topics such as traditional and non-traditional security, global governance, regional hotspots, military technology, and the international rule of law.

It will also feature closed-door academic sessions, enabling participants from different regions and backgrounds to engage in candid, in-depth discussions.

"All representatives attending the forum, regardless of their countries' size, can share an equal voice in expressing their concerns and national interests. This provides a platform for exchanges and mutual learning that help bridge differences, resolve conflicts, and build consensus," said Tong Zhen, a researcher with the Academy of Military Sciences.

This year's forum marks the 20th anniversary of the Beijing Xiangshan Forum and is themed "Build Consensus on Stability, Advance Security Governance Together." "Chaos, shifts and turbulence are the keywords defining the current international landscape this year. Against this backdrop, the international community calls for stability, so we should build consensus [on stability]. Yet consensus alone is insufficient and there is also need for governance. So, we also have advancing security governance together as another part of the forum theme. Security governance is a key component of China's Global Governance Initiative and an important embodiment of China's policy stance," said Li.

The Beijing Xiangshan Forum was launched in 2006 as a "track-two" think-tank exchange.

Over the past two decades, it has expanded to include government officials, military leaders and scholars from more than 100 countries. The forum has evolved into a vital international public good, offering a space for equal dialogue and joint efforts toward global peace.

Upcoming Xiangshan Forum to hold warm-up events on promoting global stability, security