【正文】 y transfer hinders project formulation. Project developers should also make more efforts to outreach the concepts of voluntary carbon management and offsetting. Local governments should select, revise and implement appropriate developmental programmes that have GHG emissions reduction effects, utilising carbon finance schemes. Local governments are also encouraged to develop and extend the programmatic approach which aggregates many smallscale projects in a certain geographical area so that lowcarbon projects can contribute to existing developmental programmes as well as generate revenues from carbon credit production and sales. National governments could support the development of programmatic framework. Local governments would also be able to promote twostep loan to finance lowcarbon munity development projects by means of effective coordination with national governments and international / local financial institutions. Local governments that are already mitted to or interested in developing energy and resource efficient economies could learn from the experiences and knowledge of other local governments using formal and informal works of individuals and organisations. National governments and international organisations could support development of lowcarbon munity development projects by establishing a fund that operates a petitive grant programme, whose grants can be used for underlying finance to projects that show high prospects in terms of contribution to munity developmental benefits, and by assisting in knowledge dissemination and capacity development activities for the staff lf local governments and financial institutions. For China, the only low carbon development projects found by the study were CDM projects with carbon credits. No voluntary carbon offsetting projects were found in the areas of energy efficiency, renewable energy, and waste and wastewater management. Also, the study did not find any lowcarbon development projects funded through notforprofit or nonprofit private finance, though it is possible that some lowcarbon development projects funded by nonprofit private finance may be funded by international developmental assistance from NGOs in developed countries. The number of CDM projects that were approved by the Chinese DNA has increased drastically. After the very first CDM project was approved on 10 January 2020, 255 projects were approved by the end of year 2020. In 2020, 773 projects were approved and 570 projects had been approved by 3 November 2020. The total number of CDM projects approved is 1,598 as of 3 November 2020. Around half of the projects approved are hydropower projects. Wind power, waste heat / gas utilisation, methane recovery, energy efficiency, and biomass projects are the next most mon project areas. The CDM projects relating to hydropower, wind power, methane recovery and biomass are considered to contribute local lowcarbon development in the sectors of energy and waste management in particular in rural areas. The number of developmentoriented GHG mitigation projects that produce voluntary carbon credits is still limited in China. This study could find such projects only for reforestation prepared by the Climate, Community and Biodiversity Alliance (CCBA)。 Regarding the lowcarbon munity development projects that do not produce carbon credits, opportunities in China for notforprofit or nonprofit private finance were also found to be limited. Lowcarbon munity development projects in the sectors of renewable energy, waste and wastewater management and transport are funded by either national / local governments or international organisations. Although all projects have risks associated with expected benefits, CDM projects are seen to have higher risks than many other business projects, including uncertainties and costs specific to CDM projects. The risks associated with CDM projects in general are explained first, and those specific to China are described later. The first one is registration risk. The project proponent must go through three levels of domestic approval processes, including the city, provincial and national levels. For the