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Article: Powered by the state or finance? the organization of Chinas carbon markets

TitlePowered by the state or finance? the organization of Chinas carbon markets
Authors
KeywordsEmission trading
Political economy
Carbon finance
Carbon market
China
Climate change policy
Issue Date2013
PublisherTaylor & Francis. The Journal's web site is located at http://www.tandfonline.com/loi/rege20
Citation
Eurasian Geography and Economics, 2013, v. 54, n. 4, p. 386-408 How to Cite?
AbstractThis paper reviews the progress of carbon trading in China and examines the involvement of the state and financial sectors. China witnessed proliferation of domestic carbon markets before attempting to institutionalize the carbon trading regime. Direct and strong government intervention is a key feature of this process. The domestic carbon markets are primarily created, shaped, and operated by the central and local governments supported by a cohort of macro-economic planners, local economic agencies, state-owned financial institutions, and business organizations with government backing. Key market players are institutionally dependent on the state - much more so than in capitalist economies. Private investments have not been adequately and effectively mobilized due to unfavorable economic, regulatory, and policy conditions. Non-state financial actors are not an active and influential player. This indicates a hierarchical relationship between the state and finance and a clear asymmetry of power in the organization of Chinas carbon markets. These observations constitute a notable difference to the international carbon markets, which are subject to the strong influence of private finance. China has put the market-based policy instrument of carbon trading under a substantial concentration of state power. The findings have important implications for understanding the rise of carbon markets in non-traditional capitalist economies. © 2013 Taylor & Francis.
Persistent Identifierhttp://hdl.handle.net/10722/210125
ISSN
2015 Impact Factor: 0.603
2015 SCImago Journal Rankings: 0.383

 

DC FieldValueLanguage
dc.contributor.authorLo, Alex Y.-
dc.contributor.authorHowes, Michael-
dc.date.accessioned2015-05-22T06:06:42Z-
dc.date.available2015-05-22T06:06:42Z-
dc.date.issued2013-
dc.identifier.citationEurasian Geography and Economics, 2013, v. 54, n. 4, p. 386-408-
dc.identifier.issn1538-7216-
dc.identifier.urihttp://hdl.handle.net/10722/210125-
dc.description.abstractThis paper reviews the progress of carbon trading in China and examines the involvement of the state and financial sectors. China witnessed proliferation of domestic carbon markets before attempting to institutionalize the carbon trading regime. Direct and strong government intervention is a key feature of this process. The domestic carbon markets are primarily created, shaped, and operated by the central and local governments supported by a cohort of macro-economic planners, local economic agencies, state-owned financial institutions, and business organizations with government backing. Key market players are institutionally dependent on the state - much more so than in capitalist economies. Private investments have not been adequately and effectively mobilized due to unfavorable economic, regulatory, and policy conditions. Non-state financial actors are not an active and influential player. This indicates a hierarchical relationship between the state and finance and a clear asymmetry of power in the organization of Chinas carbon markets. These observations constitute a notable difference to the international carbon markets, which are subject to the strong influence of private finance. China has put the market-based policy instrument of carbon trading under a substantial concentration of state power. The findings have important implications for understanding the rise of carbon markets in non-traditional capitalist economies. © 2013 Taylor & Francis.-
dc.languageeng-
dc.publisherTaylor & Francis. The Journal's web site is located at http://www.tandfonline.com/loi/rege20-
dc.relation.ispartofEurasian Geography and Economics-
dc.subjectEmission trading-
dc.subjectPolitical economy-
dc.subjectCarbon finance-
dc.subjectCarbon market-
dc.subjectChina-
dc.subjectClimate change policy-
dc.titlePowered by the state or finance? the organization of Chinas carbon markets-
dc.typeArticle-
dc.description.natureLink_to_subscribed_fulltext-
dc.identifier.doi10.1080/15387216.2013.870794-
dc.identifier.scopuseid_2-s2.0-84893966838-
dc.identifier.hkuros243546-
dc.identifier.volume54-
dc.identifier.issue4-
dc.identifier.spage386-
dc.identifier.epage408-
dc.publisher.placeUnited Kingdom-

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