As a core policy instrument for achieving China's "Dual Carbon Goals," the effectiveness and fairness of the national carbon emissions trading market (hereafter "carbon market") are highly dependent on a sound legal foundation. This paper aims to look beyond the surface-level activity of market practice to deeply analyze two fundamental legal issues underlying it: the legal nature of carbon emission allowances and the construction of a rule-of-law-based regulatory framework. Utilizing dogmatic, comparative, and empirical legal analysis, this paper systematically critiques the shortcomings of the "New Property Right Theory" and proposes that the essence of a carbon emission allowance is an "economic right enabled and regulated by public law." Its value derives from scarcity created by public law, while its circulation relies on the protection of private law rules. This theoretical reinterpretation provides a new perspective for resolving legal dilemmas concerning allowance pledging, inheritance, infringement, and expropriation compensation. Addressing regulatory realities, this paper identifies multidimensional challenges within the current system, including the absence of top-level legislation, overlapping regulatory competencies, a fragile MRV (Monitoring, Reporting, and Verification) system, and an ineffective enforcement mechanism. Ultimately, this paper proposes a systematic regulatory framework. This framework is led by a "Climate Change Response Law," centers on the balance between "power and rights," and integrates four key components: "dynamic cap-and-trade, intelligent data governance, unified supervision with collaborative enforcement, and a tiered legal liability system." The goal is to harness the complexity of the carbon market through high-level legal rationality, providing robust institutional safeguards for the national carbon neutrality transition.

Xihui Liu. Research on the Legal Nature and Regulatory Framework of the Carbon Trading Market under the Carbon Neutrality Goal. Academic Journal of Humanities & Social Sciences (2025), Vol. 8, Issue 12: 54-59. https://doi.org/10.25236/AJHSS.2025.081209.

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