For all intents and purposes, China’s national carbon market is still in development—though it has been officially announced. In terms of the futures trading for the market, it has been confirmed to be established in the Nansha District of Guangzhou city located in Guangdong Province. The carbon futures exchange will start trading with only Chinese Certified Emission Reduction (CCERs).
In receiving soft confirmation of these plans, the local government will form a leading working group to draft submission of the official request to the State Council and CSRC for approval to establish the carbon futures trading exchange in Nansha. The timeline seems to indicate that this will happen in the second half of this year, but potentially as early as June. An operational futures exchange will be a great pillar of support for an effective national ETS in China.