China’s government is highlighting new progress in its carbon-trading programme as the country marks the 20th anniversary of President Xi Jinping’s maxim that “lucid waters and lush mountains are invaluable assets.” An article published on 14 August showcases the rapid expansion of the National Carbon Emission Trading System, launched in 2021 and already the world’s largest by emissions covered. According to data cited by state media from the Ministry of Ecology and Environment, the market now includes 2,257 major emitters responsible for about 5.1 billion tonnes of carbon dioxide a year—more than 40 % of China’s total output. Since inception the exchange has handled 465 million tonnes of carbon allowances with a cumulative turnover of 27 billion yuan (US$3.7 billion). Local examples, such as bamboo-rich Anji County in Zhejiang Province, illustrate how the system can translate ecological stewardship into income. Precision sensors there track carbon sequestration, generating credits worth more than 28 million yuan annually for farmers. “The carbon market is the most direct way of turning ecological value into economic value,” Climate Future China founder Wang Jun said in the report. The government is also operating a separate voluntary offset market launched in early 2024, linked to the compliance market through an offset mechanism. Together, the two platforms underpin Beijing’s targets of peaking carbon emissions by 2030 and reaching net-zero by 2060.