Abstract
The significance of carbon trading policy (CTP) for China's carbon reduction goals cannot be overstated. Examining the practical impacts and inherent features of this policy is crucial for fostering its healthy development and effectiveness. This study utilizes the directional SBM super-efficiency model to calculate the combined emission efficiency (CEE) of greenhouse gases and atmospheric pollutants across 30 provinces and cities in China from 2005 to 2020. Through spatiotemporal analysis of the CEE evolution using hotspot analysis, it is evident that hotspots gradually shift towards the southeast coastal areas over time, while cold spots shift towards the northwest. Additionally, employing the differences-in-differences (DID) model and conducting robustness tests, the study finds that the CTP significantly enhances the CEE development. Spatial econometric analysis reveals that the CEE primarily follows a distribution pattern characterized by low-low (LL) and high-high (HH) regions, with positive spatial spillover effects. However, due to the incomplete state of early green development in China, the CTP temporarily exhibits negative spatial spillover effects. Finally, considering the current state of China's carbon trading policy, corresponding policy recommendations are proposed in this paper.