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The prediction of gas productivity and reservoir stability of natural gas hydrate (NGH) reservoirs plays a vital role in the exploitation of NGH. In this study, we developed a THMC (thermal-hydrodynamic-mechanical-chemical) numerical model for the simulation of gas production behavior and the reservoir response. The model can describe the phase change, multiphase flow in porous media, heat transfer, and deformation behavior during the exploitation of NGH reservoirs. Two different production scenarios were employed for the simulation: depressurization and depressurization coupled with CO2 exchange. The simulation results suggested that the injection of CO2 promotes the dissociation of NGH between the injection well and the production well compared with depressurization only. The cumulative production of gas and water increased by 27.88% and 2.90%, respectively, based on 2000 days of production simulation. In addition, the subsidence of the NGH reservoir was lower in the CO2 exchange case compared with the single depressurization case for the same amount of cumulative gas production. The simulation results suggested that CO2 exchange in NGH reservoirs alleviates the issue of reservoir subsidence during production and maintains good reservoir stability. The results of this study can be used to provide guidance on field production from marine NGH reservoirs. [ABSTRACT FROM AUTHOR]