Abstract: Based on the DCC-GARCH model,this paper studied the dynamic correlation between the prices of China’s pulp futures market and the four pilot carbon trading markets. The results showed that the trading prices of China’s pulp futures market and the pilot carbon market were basically positively correlated,with certain spillover effects,and the positive fluctuation trend became clearer with time. The correlation between the two types of markets had little impact on short-term shocks,but its long-term persistence was significant. The dynamic correlation and time-varying characteristics of the two types of markets had significant regional characteristics,and the dynamic correlation with the pulp futures market was Shanghai,Hubei,Guangdong and Beijing carbon market in descending order. The most obvious time-varying characteristics were related to the Shanghai carbon market,and the Beijing carbon market was not very sensitive to the information of the pulp futures market. Based on the research results,it put forward relevant policy suggestions,which was of positive significance for relevant departments to carry out market risk management and effective policy formulation.