FINANCIAL STREET(SZ:000402) Sou Hu Cai Jing·2026-02-09 04:00Core Viewpoint - China's green finance policy system has been continuously improved, leading to rapid market growth, with green loan balances expected to exceed 44 trillion yuan by the end of 2025, marking a 20.2% year-on-year increase [2][4][9]. Policy Development - The development of China's green finance has progressed from initial guidelines in 2012 to comprehensive implementation plans by 2025, including the establishment of a unified standard for green financial products [4][10]. - The introduction of mandatory disclosure guidelines for corporate sustainability reports is set to enhance transparency and accountability in environmental information [5][10]. Market Growth - As of the end of 2025, the balance of green loans in both domestic and foreign currencies is projected to reach 44.77 trillion yuan, with a significant portion allocated to infrastructure upgrades and low-carbon energy transitions [2][4]. - The carbon market is also expanding, with cumulative transaction volumes expected to exceed 57.6 billion yuan by 2025, reflecting a growing emphasis on carbon pricing mechanisms [8][15]. Challenges in Implementation - Despite rapid growth, challenges remain, including insufficient policy coordination, inadequate information disclosure, and a need for improved product precision [2][6][9]. - The quality of corporate environmental information disclosure is still lacking, with many companies focusing on positive achievements while neglecting negative indicators [6][8]. Future Directions - Future policies will focus on precise implementation, systematic coordination, and enhancing quality and efficiency in green finance, transitioning from mere scale expansion to dual improvements in quality and effectiveness [9][10]. - There is a call for the establishment of a national-level carbon accounting and data platform to improve data governance and enhance the credibility of environmental disclosures [10][11].