Eight provinces and municipalities in China have progressively ventured into carbon markets as pilot projects, yet their progress remained modest over the past decade. The scene shifted dramatically following the announcement of China’s ambitious “3060” dual carbon targets (achieving carbon peaking by 2030 and carbon neutrality by 2060), reigniting a surge of interest and renewed efforts towards establishing carbon markets nationwide. However, hindered by the nascent state of theories guiding their construction, the development of these markets has yet to yield substantial breakthroughs.