Through using the data of import and export trading of China's paper products in 2012, we utilize the method of volume source biomass equation and net primary productivity (NPP) to calculate the carbon reduction effect of papermaking raw materials trade, and utilize the method of IPCC guidelines for inventories to calculate the carbon emission effect of paper and paper products trade. The results show that the distinctive characteristics of China's paper products trade has resulted in the dual effects on the domestic carbon emissions. On the one hand, large imports of paper-making raw materials make China reduce domestic forest felling, with the effect of carbon emission reduction. On the other hand, net exports of paper and paper products increase the domestic carbon emissions, with the effect of carbon emission. The carbon emission reduction effect of China's paper-making raw materials trade is obvious and up to 19.0211 million tons. This is equal to the total volume of 180.5709 million cubic meters forest's annual carbon sequestration. The carbon emission effect of paper and paper products trade is only 0.5136 million tons, which is not significant compared with the former. In general, China's paper product trade causes the significant effect on carbon emission reduction.