President Xi Jinping announced China's aim to achieve carbon neutrality before 2060 in September 2020. This is a positive signal from the world's largest greenhouse gas emitter and significant source of global energy finance. For China to reach carbon neutrality and contribute to the 1.5-degree climate target, a recent study by Tsinghua University suggests that GHG emissions will need to be reduced by 90% from peak levels. China will need to rely on technologies that do not exist today, and its national emissions trading system (ETS) could have a unique role in stimulating low carbon innovation and reducing emissions at least cost. The State and Trends of Carbon Pricing (2020), now available in Mandarin, provides, among other things, an update on China's upcoming carbon market. At the time the report was published, there were 61 carbon pricing initiatives globally that had been implemented or scheduled for implementation. China published the Work Plan for Construction of the National Emissions Trading System in late 2017 to highlight key development phases.