| Since June 2013, China’s 7 pilot areas, including 5 provinces and 2 cities, have opened their carbon emissions permits trading markets(CEPTM) in succession.The "5provinces and 2 cities" is the pioneers of China’s CEPTM, whose results and performance are related to the construction of the national unified CEPTM. The core issue of CEPTM is the carbon emissions permits’ price, which means only with a reasonable price, can the market mechanism guide the effective allocation of carbon resources, so as to achieve the goal of reducing carbon emissions, with which the low-carbon economic development path maybe come true. In view of the fact that previously international carbon emission permits’ price in CEPTM goes ups and downs, China should pay more attention to the price formation system and stabilization mechanism. As the CEPTM of these 7 pilot areas are formulated by the respective management authorities separately, the price formation system and stabilization mechanism are so different that the regional price level and industrial competitiveness may deeply influenced. In order to study the effect and difference of the CEPTM of these 7 pilot areas comparatively, this paper focuses to study the price of carbon emissions permits in one implementation period in different markets. The results shows that, although the system and mechanism need to be further coordinated and improved in all aspects, the CEPTM of these 7 pilot areas operate normally in general. Meanwhile, they have a moderate impact on regional industrial competitiveness, and provide realistic models for the construction and improvement of other CEPTM in the future.This paper is divided into two parts. The first part is the theoretical analysis,introducing the price institution of the CEPTM of these 7 pilot areas and its system differences, and summarizing the factors that affect the price of carbon emissions permits. Thus we figure out the price formation system, including secondary market price and auction price. The second part is the market analysis, describing the fluctuation of the price and volume of the CEPTM in one implementation period, and comparatively researching 2 kinds of price formation system, including the openmarket bidding and the agreement transfer model. According to the analysis of the two parts above, the following results are obtained. Firstly, the CEPTM of pilot areas and related price institution overall function well, which can effectively reflect the scarcity of resources of the regional climate and environment capacity. Secondly,the price of carbon emissions permits is basically reasonable, but individual provinces and cities have a high price, which makes heavy cost pressures in the industries.Thirdly, the impact of the price on the industrial competitiveness is appropriate and effective, therefore it is a positive force to impel the enterprises’ transformation and upgrading. In addition, for the problems existing in pilot CEPTM, this paper puts forward three suggestions from the practical point of view: Firstly, to eliminate regional price gap by improving the price formation mechanism; Secondly,to promote high carbon emissions areas to reduce emissions by expanding pilot region scope;Secondly, to establish a unified market system by putting CEPTM linkage mechanism into use. It is hoped that this study will help to ameliorate the CEPTM in China and build a national unified market.
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