The Carbon trading price (CTP) can best reflect the fluctuations of the carbon trading market. This paper comprehensively analyzes the CTP mechanism of China’s carbon trading market, discusses the main factors affecting China’s CTP, which include macroeconomic factors, energy price factors, policy factors, and environmental factors, and provides three hypotheses. In order to highlight and test the three hypotheses about the CTP, five representative carbon trading pilot markets were included: Beijing, Shenzhen, Shanghai, Hubei, and Guangdong, and the daily average price data (over years) were adapted from January 2017 to December 2021, using a dynamic heterogeneous panel PMG model. The current paper selects the China air quality index (AQI), Bohai-Rim steam-coal price index (BSPI), Liquefied natural gas index (LNGI), and the Shanghai stock exchange industrial index (SSEII) as the explanatory variables. The empirical results show that there is a long-term equilibrium relationship between the CTP, AQI, energy price, and macroeconomics. Strengthening environmental governance, optimizing the energy structure, and expanding the carbon trading market coverage should be adopted to improve the China carbon emission trade exchange (CCETE) and stabilize the CTP.

Development that is eco-friendly, coordinated, sustainable, and of the highest caliber is crucial to China’s modernization. Based on the Cobb–Douglas production function and environmental Kuznets curve analysis, this paper investigates the link between green finance and the reduction of carbon emissions and high-quality economic development, then puts forward the hypothesis that green finance promotes high-quality economic development, and carbon emission reduction effect is its important transmission mechanism. This paper applies the bidirectional fixed effect model to a panel dataset of 30 Chinese provinces, cities, and autonomous regions from 2008 to 2019 to conduct an empirical test. The empirical results show that: (1) Green finance has a significant role in promoting high-quality economic development, which has passed the robustness test and has regional heterogeneity. (2) The growth of green financing reduces carbon emissions, which encourages high-quality development. (3) A positive spatial spillover effect results from the promotion of green finance to high-quality economic development. Given the aforementioned findings, this paper makes policy recommendations regarding how green financing, carbon emission reduction, and high-quality economic development might work together to support green development.