These days China produces most of the world's HFC-23.

现如今中国生产了世界上大部分的HFC - 23。

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The very cheapness of cutting emissions of HFC-23 makes the trade controversial.

减排HFC-23非常廉价，使得这个交易备受争议。

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Factories have found that their damaging by-product, HFC-23, can be more valuable than their main output.

工厂发现他们的有害副产品HFC - 23还比主要产品更值钱。

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But in the meantime, there is evidence that factories are ramping up production of HFC-22 in order to boost emissions of HFC-23, so that they can make windfall profits from cutting back on HFC-23 later and selling the emission-reduction credits, says Michael Wara of Stanford University.

ECONOMIST: The treaties that pay you to pollute