Abstract: To ensure the sustainable development of renewable energy, China has successively implemented the tradable green certificate and the Renewable Portfolio Standard（RPS） policies. To clarify the utility of the policy combination on transaction behavior of responsible subjects, firstly, the coupling mechanism between electricity market and green certificate market under the "green certificate transaction + RPS assessment" is analyzed. Secondly, a sequential optimization model for consumption-side responsible subjects from the perspective of reflexivity is constructed to simulate the decision-making process. Finally, an example is given for empirical analysis. The results show that, compared with fixed price model, the market-based transaction of green certificates can increase the consumption of renewable energy and the transaction volume of green certificates without significantly increasing the cost of responsible subjects. In addition, RPS weight and short-term interest preference have significant impacts on the monthly and annual trading strategies of responsible subjects, but they are not necessarily positively correlated. It is necessary to further consider the impact of renewable energy uncertainty, power price difference and so on.