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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]

To cope with global warming, China has promulgated Enhanced actions on climate change : China ’ s intended nationally determined contributions and will start the national carbon emissions trading market in 2017. Carbon emissions are distributed by the form of free quota and paid quota. However, few literatures have focused on how the economy and the environment would be changed by the change of free quota ratio. This paper establishes the 10 scenarios of different free quota ratio of carbon emissions rights and uses a dynamic, recursive computable general equilibrium (CGE) model to simulate the carbon emissions trading market, to explore the relationship between free quota ratio and carbon trading price, and the impact of carbon trading scheme (ETS) on China’s economy and environment. The results show that free quota ratio will not have a direct impact on gross domestic product (GDP) and other economic and environment indicators but carbon trading prices. The prices and the rate of free payment in the current pilot cities in China are still relatively conservative. It is possible to reach emission peak, 8.21 billion ton, in 2025 and accumulative CO 2 reduction from 2017 to 2030 is 20.02 billion tons, or 59.60% of 2010 world’s total CO 2 emission. Cement, minerals, electricity and nonferrous metals under ETS will suffer great losses, so subsidy should be considered. Finally, we suggested that China should reduce the total carbon rights to increase the carbon price in 2017, and gradually reducing the proportion of free quota, from 90% in 2017 to 50% or less in 2030, by which the peak year of CO 2 emission can meet in 2025. We also suggest that ETS is an effective strategy for CO 2 reduction and the ratio should be gradually reduced in ETS to prevent violent fluctuation of carbon price in China. [ABSTRACT FROM AUTHOR]