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• The extent of flooding in China is greater than in any other country. • Nearly 66% of China's landmass is submerged by flooding. • Financial toll of flooding accounts for approximately 1.42% of the annual GDP. • Various forms of climatic change contribute to flooding. The extent of flooding in China is more significant than in any other country. Our research reveals that approximately 66 % of China's landmass is submerged by flooding, affecting about 50 % of the population. Furthermore, the financial toll of flooding now accounts for approximately 1.42 % of the annual gross domestic product (GDP), which is almost 40 times higher than the corresponding figure for the United States. We have observed that Zhengzhou city in Henan province, which faced a devastating flood in 2021, received a significant amount of rainfall, specifically a total of 552.5 mm within a 24-hour period. The floods in Henan province in 2021 caused considerable damage, including impacting nearly 15 million people, resulting in almost 400 deaths, damaging over 10,000 square kilometers of agricultural land, causing almost $19 billion in economic losses, and leading to the collapse of over 35,000 households and damage to various properties. In a similar manner, the significant flooding that occurred in southern China in 2020 impacted approximately 7.1 million individuals across eight provinces and resulted in 54 fatalities, the collapse of 6,700 houses, and incurred a direct economic loss of US$3.33 billion. We found that rainstorms have significantly increased to 10 % in the last 60 years in China. In this paper, we delved into exploring the existing published articles, reports, and government and authoritative legal texts to analyze the causes and impacts of flooding in China's flood-prone regions and potential mitigation strategies to reduce the repercussions of distressing flood events. We believe this study will help policymakers by providing new insights while formulating policy to reduce the loss caused by high-level flooding. [ABSTRACT FROM AUTHOR]

This paper examined the economic impacts of China's emissions trading system (ETS), implemented in 2013, in terms of gross domestic product (GDP) and per capita GDP. The methodology drew on a difference-in-differences (DID) method using dynamic panel data for 30 provincial regions. The estimation results show that implementing an ETS policy has statistically significant negative effects on economic growth. When considering the additional control variables, these effects are still statistically significant. Furthermore, these negative impacts increase over time with respect to both GDP and per capita GDP. The counterfactual tests confirm the robustness of our DID estimation results. The specific influence mechanism of China's ETS policy was finally discussed. Our findings provide a quantitative decision-making support for popularizing ETS policy in China. Based on our DID model, empirical investigations of the ETS policy, especially concerning economic growth in other regions would produce prolific contributions to the literature. [ABSTRACT FROM AUTHOR]