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悉尼科技大学中澳关系研究院施训鹏首席研究员学术报告

作者:ceep    来源:ceep    日期:2017-02-22

【报告题目】:Apply ‘Credit Trading Scheme’ to Production Capacity Cut: An Example in China’s Coal Industry


【报告人】:施训鹏  首席研究员(悉尼科技大学中澳关系研究院 Principal Research Fellow)

 

【报告时间】:2017年2月22日上午10:00

 

【报告地点】:主楼六层 能源与环境政策研究中心


【报告内容介绍】 :
  Cutting the overproduction capacity is a current critical issue in China and is a matter for the world. This paper innovatively proposes a ‘Credit Trading Scheme (CTS)’ to minimize the compliance cost of production capacity cut that is implemented in China. This scheme is also applicable to other countries. The CTS is analogous to an emission trading scheme and an individual tradable quota system, both of which are well-known in the literature. This paper constructs an innovative single period partial equilibrium model to illustrate the CTS program and provides the simulation results. It examines the benefits, dynamics and firm behaviors in the CTS trading. The results demonstrate that the CTS program will generate overall positive social welfare as well as reduce cheating behaviors. Such cheat behaviors undermine policy initiatives in China due to the centralized and hierarchy governance institution. Using China’s coal industry as an example, the paper illustrates how the CTS program can be applied in the reality. The application of CTS in China’s coal industry will not only minimize capacity cut costs, reduce cheating and enhance local governments’ cooperation, but also allow the government to stabilize the coal prices. Since the amount of benefits depends on the heterogeneity of firms, a large coverage of firms is better. The revealed price of credits in the CTS also provides an instrument for the government to intervene the product markets without causing policy instability, which is a major barrier for investments.