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Emission Trading Scheme (ETS) is one of the most effective measures of emission reduction. However, few literatures have focused on the impact of the industry coverage in ETS. This paper constructs a recursive dynamic Computable General Equilibrium (CGE) model to simulate the choice of the coverage industries in China’s national ETS in 2017, and explore the impacts of ETS and the most suitable coverage industry for China. The results show that CO₂ emission will reach its peak and stabilize by 2030 to meet the goal of “Enhanced Actions on Climate Change: China's Intended Nationally Determined Contributions”. The cumulative CO₂ emission will reduce to 12.05 Bt-CO₂ in ETS market during 2017–2030. Moreover, commodity prices will increase from 0.12 to 1.64% in different coverage scenarios. Carbon price can be guaranteed within a reasonable range if the rational choice of the Carbon Rights (CR …