Political incentives in market-based environmental regulation: Evidence from China's carbon emissions trading scheme.

Nonetheless, the research presented in this paper remains highly significant.

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Notably, the coefficient in the fourth column displays a positive trend but lacks statistical significance.

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The possible reason is that the pilot areas received special attention from the central government at the early stage of the policy implementation, and the carbon market was operating more and more stably, so the emission reduction effect showed a trend of increasing yearly.

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