一是在宏观经济分析中，更多考虑气候变化和绿色转型因素。近年来，越来越多的国家宏观调控和金融管理部门将气候因素纳 入宏观分析和政策制定，科学、准确、灵敏的碳价成为开展分析预测及完善政策规划的重要基础。人民银行已经开展将气候环 境因素纳入宏观分析的研究探索，为相关决策提供参考，更好地支持绿色低碳发展。 来源：经济学家圈 陆磊：强化金融机构碳核算并披露可持续信息要求 "目前我们正在制定金融机构碳核算标准，修订金融机构可持续信息披露指南，强化金融机构有序开展碳核算并披露可持续信息 要求。"9月24日，在2025年中国碳市场大会上，中国人民银行副行长陆磊表示。 陆磊指出，碳市场是形成碳定价的重要基础制度，合理碳价能够有效引导资源配置。从全球碳市场发展经验来看，金融部门参 与碳市场建设有助于活跃碳市场交易，提高碳定价效率，防范价格过度波动风险。人民银行作为金融管理部门，责无旁贷地支 持碳市场健康发展。 陆磊介绍，近年来，我国碳市场持续发展，覆盖行业逐步扩大，碳定价效率不断提高。人民银行结合节能减排的最新要求和碳 市场发展，持续完善绿色金融体系，为实现"双碳"目标经济绿色低碳转型和高质量发展注入新动力。 特别声明：以上内容 ...

来源：金融投资报 外部约束正在减弱。美联储点阵图显示，2025年末利率中值预计为3.6%，意味着今年还有至少50个基 点的降息空间。美元指数已从105回落至97附近，中美10年期国债利差从-160BP收窄至-90BP，人民币 面临的被动贬值压力有所缓解。8月银行结售汇连续第四个月出现顺差，外资通过债券通净买入境内利 率债390亿美元，创2022年以来新高。跨境资金持续流入，为央行提供了更大的政策空间。 但外部宽松并不意味着内部也要同步放松。9月LPR继续保持不变，1年期和5年期分别为3.0%和3.5%， 这传递出清晰的信号：中国的利率政策锚定的是国内经济数据。今年7至8月，规模以上工业增加值两年 平均增速为4.1%，略低于二季度的4.5%；9月前20天，30城商品房成交面积环比回升18%，房地产市场 出现企稳迹象。核心CPI连续三个月保持在0.8%的水平，显示通缩压力并未进一步加剧。根据央行内部 模型测算，若此时下调LPR10个基点，对全年名义GDP的拉动不足0.15个百分点，却会压缩商业银行净 息差7个基点。当前银行业净息差已降至1.54%，低于1.8%的警戒线。权衡之下，"再等等"比"跟随降 息"更为稳妥 ...

Core Viewpoint - The People's Bank of China (PBOC) is actively developing carbon accounting standards for financial institutions and revising guidelines for sustainable information disclosure to enhance the carbon market and support the country's dual carbon goals [1][2]. Group 1: Carbon Market Development - The carbon market is seen as a crucial foundation for establishing carbon pricing, which can effectively guide resource allocation [1]. - The PBOC emphasizes the importance of financial sector participation in carbon market development to enhance trading activity and improve pricing efficiency [1]. - The PBOC is committed to supporting the healthy development of the carbon market as part of its financial management responsibilities [1]. Group 2: Sustainable Financial Standards - The PBOC, in collaboration with regulatory bodies, has established a unified directory for green financial products to standardize definitions [2]. - The PBOC is leading the development of transformation financial standards for key industries and encouraging pilot projects to support low-carbon transitions in high-emission sectors [2]. - A multilateral sustainable finance classification directory has been jointly released by China, the EU, and Singapore to promote cross-border green finance [2]. Group 3: Financial Institutions and Green Products - The PBOC is enhancing green finance statistics and evaluations for financial institutions, creating tools to support carbon reduction [3]. - In Shanghai, pilot projects are underway to expand carbon reduction support tools, focusing on clean energy and environmental protection [3]. - As of the second quarter of this year, over 1.38 trillion yuan in carbon reduction loans have been issued, with the national green loan balance reaching 42.4 trillion yuan and green bond balance exceeding 2.2 trillion yuan, positioning China as a global leader in these metrics [3]. Group 4: Climate Risk Assessment - The PBOC has conducted climate-related financial risk assessments and stress tests for 24 banks and certain industries to inform macro-prudential policies [3]. - Accurate carbon pricing is deemed essential for optimizing risk scenario designs and better assessing climate-related risks [3]. Group 5: Future Outlook - The PBOC aims to continuously improve the green financial system and support the carbon market's healthy development through market-oriented measures, contributing to the dual carbon goals and the construction of a beautiful China [3].

本报记者 田 鹏 2020年9月22日，中国在第75届联合国大会上明确提出，二氧化碳排放力争于2030年前达到峰值， 努力争取2060年前实现碳中和（以下简称"双碳"目标）。五年来，从工业领域的节能降碳到能源结构的 清洁替代，从城市建设的绿色升级到生态保护的系统推进，一系列实践举措全面拉开我国绿色变革的大 幕。 在这场关乎未来的绿色变革中，金融作为经济的"血脉"，既是撬动资源配置的关键杠杆，亦是破解 绿色项目融资难题、激活低碳技术创新的核心引擎——五年来，从绿色信贷突破42万亿元大关到绿色债 券发行量位居全球前列，从碳交易市场稳步扩容到ESG投资理念深入人心，金融市场以创新为笔、以担 当为墨，在实现"双碳"目标画卷上留下了浓墨重彩的一笔，让绿色发展的资金需求得到有效回应。 站在新的时间节点回望与前瞻，金融赋能的故事仍在继续。未来，它将以更精准的政策引导打通绿 色融资"最后一公里"，以更丰富的产品矩阵覆盖全产业链低碳需求，以更开放的国际合作链接全球绿色 资本，为"双碳"目标的阔步前行注入源源不断的绿色动能，让经济发展的"绿色底色"在新时代的征程中 愈发鲜亮。 擘画顶层设计 夯实制度根基 回首五年前，全球气候治理 ...

Core Viewpoint - The MSCI ESG rating of CITIC Bank has been upgraded by two levels to the highest rating of AAA, reflecting the overall improvement of the banking industry's ESG performance in China, driven by regulatory policies and the banks' own efforts [1][2]. Group 1: ESG Ratings and Performance - As of September 19, five banks in China have achieved the MSCI ESG rating of AAA, including CITIC Bank, which upgraded on September 8, 2023 [2]. - Among 42 A-share listed banks, 25 banks have an ESG rating of A or above, indicating that nearly 60% of these banks have high ratings [2]. - The banking sector's ESG ratings outperform other industries, attributed to lower environmental and social risks and better digital infrastructure [2]. Group 2: ESG Reporting and Green Finance - All 42 A-share listed banks have disclosed their 2024 ESG reports, significantly higher than the overall ESG report disclosure rate of 46.83% for A-share listed companies [3]. - The rapid growth of green finance in the banking sector has significantly contributed to the improvement of ESG ratings, with major banks like ICBC and Bank of China leading in green loan balances [3]. - By June 2025, the banking sector's green loan balance is expected to reach approximately 42 trillion yuan [3]. Group 3: Regulatory and Policy Drivers - National policies and regulatory requirements have driven the continuous improvement of ESG performance in the banking sector, including guidelines from the former CBIRC and the central bank's carbon reduction support tools [4]. - The emphasis on information disclosure in the banking sector has been reinforced by regulatory frameworks, enhancing transparency and accountability [4]. Group 4: Governance and Management - Major banks are integrating ESG into their corporate strategies, viewing it as a catalyst for business innovation and risk management [5]. - Banks have established comprehensive ESG management systems, with governance structures that include dedicated committees for overseeing ESG initiatives [6]. - Training programs on ESG-related knowledge are being implemented to enhance management capabilities within banks [6]. Group 5: Social Dimensions and Community Impact - The banking sector has made significant strides in consumer rights protection and inclusive finance, with banks like CITIC Bank and China Merchants Bank implementing systematic compliance measures [7]. - The promotion of inclusive finance is evident, with banks disclosing increases in loans to small and micro enterprises [7]. - In rural revitalization efforts, banks have increased agricultural loan balances and provided substantial funding for community projects [8]. Group 6: Climate Change and Innovation - The banking sector is increasingly focusing on climate issues, conducting risk assessments related to climate change and developing innovative financial products to support green transitions [9]. - Banks are beginning to disclose financing emissions as part of their ESG reports, with pilot projects already underway [9]. - Innovative financing solutions, such as ESG-linked loans, are being introduced to incentivize environmentally friendly practices among borrowers [10][11].

Economic Performance - Shanghai's GDP reached 5.4 trillion yuan in 2024, with a year-on-year growth of 5.0%[2] - Fixed asset investment grew by 4.8%, with industrial investment showing a strong increase of 11.1%[3] - Total retail sales of consumer goods decreased by 3.1% year-on-year, amounting to 17,940 billion yuan[3] Trade and Employment - The total import and export volume reached 4.3 trillion yuan, a year-on-year increase of 1.3%[3] - The urban unemployment rate averaged 4.2%, down by 0.3 percentage points from the previous year[3] - Per capita disposable income in Shanghai increased by 4.2%, reaching 88,366 yuan[43] Financial Sector Development - The balance of deposits and loans reached 22.0 trillion yuan and 12.3 trillion yuan respectively, with year-on-year growth of 7.7% and 9.8%[4] - New loans for small and micro enterprises had a weighted average interest rate of 3.25%, down by 0.37 percentage points year-on-year[5] - The social financing scale increased by 10,612 billion yuan, exceeding the previous year by 3,201 billion yuan[5] Industrial Growth - The total industrial output value was 39 trillion yuan, with a year-on-year growth of 0.7%[3] - The added value of strategic emerging industries reached 17,201 billion yuan, growing by 1.8%[3] - The three leading industries (integrated circuits, biomedicine, and artificial intelligence) achieved a combined output value of 4,618 billion yuan, with a growth rate of 10.8%[3]

Core Insights - As of the end of Q2 2025, China's green loan balance reached approximately 42.4 trillion yuan, and the green bond balance exceeded 2.2 trillion yuan, positioning China among the top globally [1] - The carbon reduction support tool has guided financial institutions to issue carbon reduction loans exceeding 1.38 trillion yuan [1] - A total of 37 listed banks reported a combined green loan balance of 29.22 trillion yuan, with an average balance exceeding 800 billion yuan, reflecting a year-on-year growth of 41.79% [1][5] Green Loan Growth - The green loan balance of the banking system in China is leading globally, with state-owned banks playing a significant role [4] - Among the six major state-owned banks, the Industrial and Commercial Bank of China (ICBC) leads with a green loan balance of 6 trillion yuan, followed by China Construction Bank and Agricultural Bank of China, each with 5.72 trillion yuan [5] - Postal Savings Bank of China showed a remarkable year-on-year growth rate of 38.31%, nearing the 1 trillion yuan mark [5] Innovation in Green Financial Products - Banks are actively expanding and innovating specialized green financial products and service models, covering areas such as clean energy and environmental remediation [2] - The green financial product system is becoming increasingly diverse, showcasing various practical paths and innovative outcomes [2] Carbon Reduction Support Tool - The carbon reduction support tool is becoming a key indicator of banks' green financial capabilities, effectively directing financial resources towards green and low-carbon sectors [9] - In Q2 2025, 16 banks reported carbon reduction loans that facilitated a carbon reduction equivalent of over 7 million tons, with a total loan amount of nearly 24 billion yuan [9] - Major banks like ICBC and China Construction Bank have over 100 projects funded through carbon reduction loans, leading in both project numbers and loan amounts [9] Performance of Smaller Banks - Smaller banks, including city commercial banks and rural commercial banks, are showing significant growth in green loan balances, with some achieving substantial year-on-year increases [8] - Zhangjiagang Rural Commercial Bank led the rural commercial banks with a growth rate of 30.25% in green loan balances [7] - Smaller banks are encouraged to leverage local advantages and develop differentiated paths to support local green projects [8]

Core Insights - The balance of green loans in China is approximately 42.4 trillion yuan, and the balance of green bonds exceeds 2.2 trillion yuan, placing these figures among the highest globally [1] - As of September 12, 2025, 37 listed banks reported a total green loan balance of 29.22 trillion yuan, with an average balance exceeding 800 billion yuan, reflecting a year-on-year growth of 41.79% [3] - The carbon reduction support tool has led to over 1.38 trillion yuan in carbon reduction loans issued by financial institutions, indicating significant progress in green finance [1][6] Green Loan Growth - The green loan balance of 37 listed banks reached 29.22 trillion yuan, with state-owned banks holding over 20 trillion yuan, accounting for nearly half of the total [3] - Industrial and Commercial Bank of China leads with a green loan balance of 6 trillion yuan, followed by China Construction Bank and Agricultural Bank of China, each with approximately 5.72 trillion yuan [3] - Postal Savings Bank of China showed a remarkable year-on-year growth of 38%, nearing the 1 trillion yuan mark [3] Innovation in Green Financial Products - Banks are actively expanding and innovating specialized green financial products and service models, covering areas such as clean energy and environmental remediation [2] - The green financial product system is becoming increasingly diverse, showcasing various practical paths and innovative outcomes [2] Carbon Reduction Support Tool - The carbon reduction support tool is becoming a key indicator of banks' green finance capabilities, effectively guiding financial resources towards green and low-carbon sectors [6] - In the second quarter of 2025, 16 banks reported carbon reduction loans leading to over 7 million tons of carbon reduction, with a total loan amount of nearly 24 billion yuan [6] - Major banks like ICBC and CCB have over 100 projects funded through carbon reduction loans, demonstrating their significant role in this area [6] Performance of Smaller Banks - Smaller banks are showing strong growth in green loan scales, with some achieving substantial increases in 2024 [5] - Banks like Xi'an Bank and Shaoxing Ruifeng Rural Commercial Bank reported green loan growth rates of 202.75% and 144.63%, respectively [5] - There is a need for smaller banks to leverage local advantages and develop differentiated paths in green finance [5]

Core Points - The People's Bank of China (PBOC) is actively supporting the market-oriented allocation of resources and enhancing the government's role in financial reforms [1][2] - As of the end of Q2 2025, the PBOC has established various loan tools, including those for agriculture, small enterprises, carbon reduction, technological innovation, and consumption, with significant financial backing [1] - The cumulative carbon reduction loans issued by financial institutions have exceeded 1.38 trillion yuan, while loans for technological innovation and transformation have reached 2.2 trillion yuan, benefiting nearly 20,000 small and medium-sized tech enterprises [1] - Green loan balances are approximately 42.4 trillion yuan, and green bond balances exceed 2.2 trillion yuan, placing China among the top globally in these metrics [1] - Inclusive small and micro loans and technology loans have grown by over 12% year-on-year, while loans for the elderly care industry have surged by 43%, outpacing overall loan growth [1] Financial Support Initiatives - The PBOC is increasing financial support for pilot regions of market-oriented reforms to enhance effective financial service supply and promote higher levels of financial openness and cooperation [2] - The focus is on digital empowerment in financial development to contribute positively to the establishment of a unified national market [2]

Core Viewpoint - The People's Bank of China (PBOC) is actively supporting the comprehensive reform of market-oriented allocation of factors, emphasizing the decisive role of the market in resource allocation while enhancing the government's role in financial matters [2][4]. Group 1: Financial Support Measures - The PBOC has established various refinancing tools, including those for agriculture, small enterprises, carbon reduction, technological innovation, and elderly care, to enhance capital service capabilities for the real economy [3]. - As of the end of Q2 2025, the carbon reduction support tool has guided financial institutions to issue over 1.38 trillion yuan in carbon reduction loans [3]. - The balance of green loans reached approximately 42.4 trillion yuan, and the balance of green bonds exceeded 2.2 trillion yuan, placing these metrics among the top globally [3]. Group 2: Regional Financial Reforms - The PBOC is leading regional financial reform efforts in ten pilot areas, with cities like Beijing, Hangzhou, and Hefei focusing on innovation finance, while Chongqing and Guangzhou are deepening green finance reforms [3]. - These regions are developing replicable and promotable experiences in financial reform [3]. Group 3: Future Directions - The PBOC plans to increase financial support for pilot regions focusing on effective financial service supply, higher-level financial openness, and digital empowerment of finance [5].