China's national carbon market has expanded to cover more than 60% of the country's emissions, according to a Xinhua report. The market has grown through a gradual, step by step approach, adding sectors over time rather than launching with full coverage. International experts cited in the article see this as a notable shift in global climate governance. The report also notes calls for bilateral cooperation between China and other countries on carbon markets. That could eventually affect how emissions allowances are recognized across borders, though the article does not give specifics on timing or which sectors were added. For anyone tracking carbon pricing, the key number to watch is whether coverage expansion translates into meaningful allowance trading volume.
