Abstract: Perfecting the system of carbon trading and CDM programs in China is an important aspect of the development of low-carbon economy. This article examines the relationship among the government, enterprises and financial institutions in the process of carbon trading, and establishes a tripartite game model to study the optimal choices and the balanced station. Based on the analysis of the relevant factors, this article discusses the problems and puts forward policy recommendations, with a view to improving the carbon market of China