Abstract: The dual characteristics of vital emergent events, i.e. vital and emergent, lead to the higher-degree complexity of the governance situation, while the emergence management mode of the traditional administrative control model is difficult to respond effectively. In order to improve the market mechanism and give full play to the efficiency, professionalism and competitiveness of the market, the market participation in the emergency management is imperative. The generation logic of market participation in the vital emergent events management can be divided into exogenous logic and endogenous logic. The exogenous logic is manifested as the emergency management of administrative control type, which is difficult to adapt to the highly complex emergency situations, and would result in multiple risks. The endogenous logic is manifested as the advantages of government and market complementing each other, which can work together to promote better governance in emergency. Market participation in vital emergent events management will generate risk spillovers while eliminating and reducing traditional risks, that is, the alienation of traditional government risks, the cluster of enterprise interest risks and the superposition of multiple public risks. In the face of rapid risk spillover, it is necessary for us to make counter-risk choices from the three dimensions of time, content and management, and build a vital emergent events management community participated by the government, the market and the social organizations.

Key words: vital emergent events, emergence management, market participation, risk spillover, counter-risk choices