Meanwhile, the effect is more pronounced among small-scale firms and non-state-owned firms, as well as those pilot regions adopting systems of ex-post allowance allocation. The results suggest that ETS has come into play to a certain extent (a reduction of 129.588 million tons' carbon emissions), but the effect attenuates over time. ETS 5 (Engineering Test Satellite), renamed Kiku 5 in orbit, was launched to confirm H-1 UM-129A launch vehicle performance, as well as to establish basic geostationary three-axis bus system technology for future satellite applications, amass independent technology required for next-generation satellite development and carry out experiments for mobile communications satellite. Based on the data of listed firms from 2009 to 2017, we employ the Propensity Score Matching–Difference in Differences method (PSM-DID) to estimate the causal effect of ETS. Therefore, we try to reveal the effect of China's ETS from the micro level by focusing on the policy executors, herein the pilot firms. By far, scholars tend to offer the macro-level empirical evidence, and the conclusions are at best mixed. 1, which provided in part that: 'Title 10 of the United States Code, entitled Armed Forces, is revised, codified, and enacted into law, and may be cited as Title 10, United States Code, §. Since then, whether ETS in China really help reduce carbon emissions has become a hot-button issue. This title has been enacted into positive law by section 1 of act Aug.
As the largest carbon emitter, China has launched the emissions trading scheme (ETS) in 2013.
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