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In this paper, the impact of the carbon emission trading policy on carbon emission efficiency is discussed based on the local data of China from 2004 to 2019, based on the natural experiment of carbon emission trading policy. The intermediary model is introduced to analyze the mediating effect of industrial structure and energy consumption structure in emission reduction. The results show that the carbon emission trading policy not only directly improves the carbon emission efficiency, but also indirectly improves the carbon emission efficiency by upgrading the industrial structure and adjusting the energy consumption structure. Finally, this paper verifies that carbon trading policy has a synergistic emission reduction effect on sulfur emission efficiency. The mechanism of the SO2 reduction is similar to that of the CO2 reduction mechanism, with direct and intermediary effects.
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