Clean Development Mechanism, CDM, is one of international carbon trades. China Carbon Market mainly refers to the trade market of CDM projects. According with the development status at present, there are many uncertain risks at developing and implementing stages because of many participants and complex regulations in CDM projects, which include trade risks at the earlier periods and development risks at the later periods. This paper mainly analyzes the trade characteristics and put forward three kinds of trade risks in the international carbon market of CDM.

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