Abstract: Establishing a sound multi-level ecological protection compensation mechanism that reflects the value of carbon sinks is an urgent need for China to implement its “dual-carbon” strategy in the new era. Based on the fiscal vertical and horizontal perspective, this study constructed a cross-regional “double vertical and double horizontal” carbon ecological compensation payment framework, based on the carbon sink value spillovers. This empirical research was carried out at the provincial and county levels. The results showed that: (1) during the period of 2010-2020, the value of the carbon sinks in the YREB and Hubei Province was always in surplus. The amount of surplus increased annually, but there was a significant difference in the surplus status within the study region. (2) From 2010 to 2020, the total amount of vertical and horizontal carbon ecological compensation payments that the YREB eventually received would be 71.967 billion yuan, 82.735 billion yuan and 92.081 billion yuan, respectively. Implementing financial allocation according to the contribution of carbon sink value spillover, the average annual carbon eco-compensation payout for each surplus province would range from 1.422 billion to 32.016 billion yuan. The total amount of vertical and horizontal carbon ecological compensation payments available at the county level in Hubei Province was 4.198 billion yuan, 6.184 billion yuan, and 8.482 billion yuan, respectively, with surplus counties receiving an average annual carbon ecological compensation payout of 0.02 to 291 million yuan. The difference in carbon ecological compensation payments between provinces and counties was found to be obvious. (3) Comparing the carbon ecological compensation standard measured under the compensation payment framework with the GDP and fiscal revenues of each level of government, it was indicated that the compensation standard would not result in "wipeouts" or "windfalls" in the paying and receiving areas, which helped to incentivize the receiving areas to protect the carbon sinks. Moreover, the compensation payment framework needed to be further constructed from the legal guarantee system, technical guarantee system, social security system and organizational guarantee system for building a long-term mechanism, in order to ensure the regular implementation of the constructed “double vertical and double horizontal” carbon eco-compensation payment system.