中国绿色债券市场发展质量评价白皮书（2025）

Core Viewpoint - The development focus of China's green bond market is shifting from "quantity" to "quality," emphasizing the need for a quality evaluation system to enhance the effectiveness of green finance and support the transition to a low-carbon economy [1][2]. Group 1: Market Development and Quality Evaluation - The green bond market in China is transitioning from scale expansion to quality enhancement, focusing on whether raised funds effectively support key industries' green development [3]. - A systematic and multidimensional evaluation of the green bond market's development quality is essential to guide funds towards low-carbon transitions and ecological improvements [3][4]. - The establishment of a scientific quality evaluation framework is crucial for identifying achievements and challenges in the green bond market, promoting high standards in its development [4]. Group 2: Policy and Regulatory Framework - The implementation of the "High-Quality Development Implementation Plan for Green Finance in the Banking and Insurance Sectors" in early 2025 sets new requirements for the standardized development of green bond business [4]. - Continuous improvement of green bond support policies and standards since 2015 has laid a solid foundation for the market's growth, with significant milestones in policy development noted in 2016, 2021, and 2024 [14]. Group 3: Market Efficiency and Transparency - From 2016 to 2024, the issuance scale of green bonds in China increased from 201.8 billion to 683.3 billion, with an average annual growth rate of 16.5% [18]. - The market's operational efficiency is improving, with the number of green bond issuers rising from 35 to 249 during the same period, reflecting a diverse market participant landscape [18]. - Information disclosure regarding environmental benefits has improved, with the average completeness score for environmental benefit disclosures rising from 50% to 67% between 2021 and 2024 [20]. Group 4: International Cooperation and Influence - The international influence of China's green bond market is growing, with foreign holdings of green bonds increasing from 0.2 billion to 3.188 billion from 2016 to 2024, reflecting a 40% annual growth rate [21]. - Participation in international green finance platforms and initiatives has been enhanced, with significant developments in international cooperation noted since 2016 [21][27]. Group 5: Future Development Recommendations - Recommendations include improving the sustainable bond standard system, enhancing information disclosure standards, and encouraging diverse market ecosystems to support the growth of green bonds [22][23]. - The establishment of a unified green bond database for environmental benefit disclosures is suggested to enhance the standardization of information [26].