题目：Apply ‘Credit Trading Scheme’ to Production Capacity Cut: An Example in China’s Coal Industry

主讲人：施训鹏  首席研究员（悉尼科技大学中澳关系研究院 Principal Research Fellow）

时间：2017年2月22日上午10:00

地点：主楼六层 能源与环境政策研究中心

主讲人介绍：
    Xunpeng Shi is a Principal Research Fellow at the Australia-China Relations Institute, University of Technology Sydney and an Adjunct Senior Research Fellow at the Energy Studies Institute (ESI), National University of Singapore. He is also serving as President of the Chinese Economics Society Australia (CESA) and an Associate Editor of Journal of Management for Modelling. In addition, Xunpeng is also a member of ERIA Multilateral Join Workshop on LNG in East Asia, and an external consultant of Asian Development Bank (ADB) on energy policy and UN ESCAP on regional energy connectivity. Previous he has been working in Singapore, Brunei and Indonesia on energy policy with an ASEAN and East Asian focus. Prior to starting his PhD study in 2006, Xunpeng had various management and professional positions in China’s leading energy institutes and central government agencies. In recent years, his researches have been published in leading international peer reviewed journals including Applied Energy, Energy Economics, Energy Policy, and Environmental and Development Economics. His areas of expertise include natural gas pricing, energy market integration and connectivity, renewable energy, energy efficiency with a regional focus of ASEAN, and Northeast Asia, and the Chinese economy. Xunpeng is active in the East Asia’s energy community, and a frequent speaker on China, ASEAN and East Asia energy issues. He graduated with PHD and Master degrees from the Australian National University, a LLM degree from University of Dundee (under Chevening Scholarship), and a Bachelor degree from China University of Mining and Technology. 

内容介绍 ：
　　Cutting the overproduction capacity is a current critical issue in China and is a matter for the world. This paper innovatively proposes a ‘Credit Trading Scheme (CTS)’ to minimize the compliance cost of production capacity cut that is implemented in China. This scheme is also applicable to other countries. The CTS is analogous to an emission trading scheme and an individual tradable quota system, both of which are well-known in the literature. This paper constructs an innovative single period partial equilibrium model to illustrate the CTS program and provides the simulation results. It examines the benefits, dynamics and firm behaviors in the CTS trading. The results demonstrate that the CTS program will generate overall positive social welfare as well as reduce cheating behaviors. Such cheat behaviors undermine policy initiatives in China due to the centralized and hierarchy governance institution. Using China’s coal industry as an example, the paper illustrates how the CTS program can be applied in the reality. The application of CTS in China’s coal industry will not only minimize capacity cut costs, reduce cheating and enhance local governments’ cooperation, but also allow the government to stabilize the coal prices. Since the amount of benefits depends on the heterogeneity of firms, a large coverage of firms is better. The revealed price of credits in the CTS also provides an instrument for the government to intervene the product markets without causing policy instability, which is a major barrier for investments.

（承办：能源与环境政策研究中心，科研与学术交流中心）