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In page Chinese national carbon trading scheme:

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China promised in the Conference of Parties to reduce their carbon intensity per unit of GDP by 60–65% by 2030.[1] To achieve this, they decided to use market-based mechanisms. They developed the Clean Development Mechanism, which consists of a "bottom up" architecture. China has learned from the European Union, whose carbon trading market is currently twice as big,[citation needed] along with California in the United States, to implement mechanisms such as cap and trade. The goal is to create an international market through exchanges where allowances are traded and carbon emissions are monitored and reported.[2]