Recently, the first central document in China's carbon market field, the "Opinions on Promoting Green and Low Carbon Transformation and Strengthening the Construction of the National Carbon Market," was issued, marking a clear timetable and roadmap for the medium and long-term development of the national carbon market. The development blueprint outlined in the "Opinions" for building a more effective, dynamic, and internationally influential national carbon market places higher demands on comprehensively enhancing the capacity and vitality of the carbon market. The carbon market, linked to both the "dual carbon" goals and economic growth, was designed to provide a flexible trading mechanism to address the challenges of high emission reduction costs and insufficient transformation momentum. A mature carbon market should at least have the functions of price discovery and resource allocation - it can use carbon prices as anchor points to truly reflect the costs and benefits of emission reduction; It is also related to the technological transformation and investment of enterprises, allowing technological transformation enterprises to profit through "selling carbon", guiding more funds and resources to flow into low-carbon fields, accelerating the comprehensive green transformation of the industry, and truly achieving "carbon emissions have costs, carbon reduction has benefits". Fully leveraging the various functions of the carbon market and maintaining market vitality are prerequisites. After more than 4 years of operation, the national carbon market has delivered a steady development answer sheet, with the institutional system becoming increasingly perfect and the function of promoting low-cost emission reduction gradually emerging. However, the market trading activity and financialization level still need to be improved, and transactions are mostly concentrated near the fulfillment period, showing a "tidal" characteristic, indicating that the trading purpose of enterprises is still mainly to fulfill the contract, and the trading varieties are also relatively single spot products. The carbon market is a typical policy oriented market, and the improvement and adjustment of rules affect market vitality. Observing the turnover rate, which reflects trading activity, the turnover rate of the national carbon market in 2024 is 3.5%, an increase from 2023. The root cause lies in the adjustment of market rules, which has reduced the phenomenon of enterprises clustering and hoarding goods, allowing the accumulated quotas to be better mobilized. However, compared with international carbon markets such as the European Union, the turnover rate of China's carbon market is still significantly low. Efforts need to be made in expanding trading entities, enriching trading products, optimizing quota allocation, and other aspects to play a "combination punch" to enhance the vitality of the carbon market. Expand capacity to attract more people to buy in the carbon market. This year, China's carbon market has expanded for the first time, with the addition of three major industries: steel, cement, and aluminum smelting, effectively controlling over 60% of the country's carbon emissions. The Opinion also clearly requires that by 2027, the national carbon market will basically cover the major emission industries in the industrial sector, and it is expected to further increase trading and activate the market. Under the premise of legal compliance and controllable risks, it is also necessary to prudently promote the participation of qualified financial institutions in the national carbon market trading, and timely introduce other non compliant entities. Adding products to make the carbon market 'have more goods to buy'. As a typical warrant market, the carbon market has strong financial attributes. To better play its role, it is necessary to further enrich the trading varieties that can reflect the conversion functions of credit, term, liquidity, etc. Steadily promote financial institutions to explore and develop green financial products and services linked to carbon quotas, establish policies and systems such as carbon pledge and carbon repurchase, activate carbon assets, and reduce financing costs; Research carbon futures and options, improve carbon financial derivatives and related rules, and enhance price discovery and risk management capabilities. By 2030, a national carbon emission trading market based on total quota control and combining free and paid distribution will be basically established. This plan itself has the effect of strengthening market expectations and promoting market vitality. To achieve this requirement, we need to grasp the relationship between fast and slow pace, gradually implement policies, leave enough room for policy adjustments, and focus on solving prominent problems such as trading entities, varieties, and methods, making the national carbon market more active and effective. (New Society)