Core Insights - The Chinese sustainable bond market is experiencing a significant growth phase, driven by policy support and international collaboration [1][4][7] - By the end of 2024, the global issuance of GSS+ bonds is projected to reach 40 trillion RMB (5.6 trillion USD), with China contributing 4 trillion RMB (555.5 billion USD), ranking among the top four markets globally [1][2] Market Composition - Green bonds dominate the GSS+ bond market in China, accounting for 80% of the total issuance, which is 3.2 trillion RMB (442.4 billion USD) [2] - In 2024, the total issuance of green bonds in China reached 493.3 billion RMB (689 million USD), making it the third-largest issuer globally, following the US and Germany [2] Fund Allocation - The primary allocation of funds from green bonds in China is directed towards low-carbon energy (52%) and low-carbon transportation (30%), significantly exceeding the global average [2] - Funding for adaptation and resilience projects has increased from 1.17 billion RMB (164.1 million USD) in 2023 to 3.72 billion RMB (519.1 million USD) in 2024, representing about 1% of total issuance [2] Market Trends - Short-term bonds (5 years or less) dominate the green bond market in China, comprising 89.9% of issuances, indicating a need for more long-term instruments [3] - The presence of Second Party Opinions (SPO) is significant, with 61% of green bonds issued in China having SPO, reflecting a growing emphasis on transparency and credibility [3] Regional Development - The Greater Bay Area (GBA) shows substantial potential in the GSS+ bond market, with 539 entities issuing labeled debt instruments totaling approximately 7.9 trillion RMB (1.1 trillion USD) from 2022 to 2024 [4][5] - The Hong Kong market is particularly active, with the Hong Kong SAR government being the largest issuer of GSS+ bonds at 149.6 billion RMB (20.9 billion USD) [5] Regulatory Environment - China is enhancing its regulatory framework for sustainable bonds, tightening disclosure requirements and establishing standards for carbon emissions data [5][6] - The introduction of green panda bonds and the sovereign green bond framework are expected to facilitate foreign participation in the RMB-denominated green bond market [6] Future Outlook - The sustainable bond market in China is moving towards greater standardization, transparency, and internationalization, with the potential to set a development blueprint for green finance in emerging markets [6][7]
【财经分析】可持续直接融资外溢效应显著 我国GSS+债券发行规模超4万亿元
Xin Hua Cai Jing·2025-07-22 13:35