摘要：This paper quantitatively characterizes the substitutability among sulfur dioxide (SO2), nitrogen dioxides(NOx) as well as carbon dioxide(CO2) in China manufacturing firms. We build a unique set of Chinese combined manufacturing plants with detailed production and pollution emission data in 2007 and 2012. During sample period, Chinese manufacturing firms faced strict emission control policy targeting on SO2. Using a parametric quadratic directional distance function, we derive the shadow price of SO2, NOx and CO2 as well as Morishima elasticity among these pollutants. We find SO2, NOx and CO2 are substitutes and the substitution effect is strengthened during sample period, which indicates that strict command-and-control regulation may trigger unintended consequences. This result indicates polluting units face tradeoffs between abatement of local and global pollution. Information on the ease of substitutability among pollutants would help decision makers determine least-cost strategies to realize their desired emission control target.