Macro-level Impacts of Implementation of the CELM: An Insightful Case Study from China

China, akin to other global economies, has proposed ambitious dual carbon targets, transcending mere carbon neutrality aspirations. At its core, this dual carbon effort endeavors to propel China to transform in three aspects, including economic growth models, societal lifestyles, and energy supply systems, all vital components of national rejuvenation. Recognizing the intricacies, the Chinese Government has identified four pivotal relationships to navigate: balancing international and domestic considerations, harmonizing development with emission reduction, ensuring transformation without compromising security, and striking a chord between short-term gains and long-term sustainability. This poses a formidable challenge to the strategic framing of carbon neutral targets, necessitating a thorough understanding of its impacts on macroeconomy, consumption upgrades, development pace, international trade dynamics, and regional economic shifts. The design of policy instruments must be precise, neither lagging nor rash, underpinned by a profound comprehension of the underlying logic of carbon neutrality and wisdom of top-level design.