| China formally promised to cut carbon intensity by 40-45% by 2020 compared to 2005 levels on the Copenhagen Climate Change Conference 2009. This is a binding target which will provide by the twelfth five-year Economic Development Planning of China. To achieving it, China is expected to pay a high price. Considering the emission reduction on the context of middle period, emission trading mechanism is a better choice to achieve the target as well as the minimum cost, moreover, the efficiency of this mechanism was proved by the international emission trading practices.Greenhouse Gas (GHG) is different with general pollutants; therefore, GHG emission trading shall also be distinguished from pollutants emission trading. Especially under the context of China, it's necessary to make clear of these two concepts. In general, both pollutants emission trading and GHG emission trading belongs to the mechanism of emission trading, they have the same intension and principle, but as a special substance of air, GHG has own characteristic which influence its emission trading mechanism's design.Therefore, before the mechanism's construction, it shall clarify the dure-characteristics of environmental capacity, then the action of emission can be discussed from both right and obligation aspects. Concentrated on the development consideration, the action of emission shall be designed as a specific right to achieve the internalization of its negative externalities, and finally arrives to the reduction target. Meanwhile, the planning of emission trading mechanism shall emphasize the obligation of dischargers, and consider the relationship between means and ends.The legal nature of emission trading or allocations shall be researched from the environmental capacity which has the availability and scarcity, the resources characteristic of environmental capacity shall be admitted by the law. Furthermore, based on the "social entrust" theory, government, as a trustee, owns the environmental capacity in the form of property, which has obligation for the interest of beneficiary. The form of environmental capacity's usage is showed as emission trading, and it is reasonable that defined emission trading as a kind of usufructs. However, at the present, it is hard to overcome the conflict of theories, hence, it may be the second-best choice to resolve this problem, that is to make a clear definition of the emission trading's specific contents as well as skipping the legal nature of emission trading or allocations.During the GHG emission trading process, cap and permits system is a measure affected in the initial distribution. Its subject matters related to the government and its administration power's exercise, moreover, as an alternative system, the baseline and credit system also effect positively in the world. Therefore, this article discussed the cap and permits system from the aspect of obligation, and compared with the baseline and credit system; finally submit a suggestion of Chinese initial distribution model of emission trading.In the second market trading period, it is necessary to construct marketing circumstances. Meanwhile, the function of government shall be changed to indirect controller in order to reduce the administrative intervene of emission trading. The right consideration is the singular theme of the discussion of secondary market trading, furthermore, the trading mechanism shall be designed under the resources and property version to secures the market's function of allocation, and reduce the GHG emission without the prevention of economic development in all.
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