a “carbon cap” necessarily means that a government is committing to either a cessation of economic growth or to the systematic advancement of technological innovation in energy systems on a predictable schedule, such that economic growth is not constrained.
Because halting economic growth is not an option, in China or anywhere else, and because technological innovation does not occur via fiat, there is in practice no such thing as a carbon cap.
Where carbon caps have been attempted, such as in the European Trading Scheme, clever legislators have used gimmicks, such as carbon offsets, or set caps unrealistically high so that negative effects on GDP do not result and the unpredictability of energy innovation does not become an issue.
via Technology, not carbon caps, will reduce emissions – FT.com.
Utopia, you are standing in it! 
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