新华财经北京11月28日电日前，"融汇琴澳跨境协同创见未来——琴澳债券市场创新发展论坛"在横琴粤 澳深度合作区召开。 横琴粤澳深度合作区金融发展局局长池腾辉在致辞中表示，"债券市场是琴澳金融业的重要发力方向， 在多方共同努力下，澳门债券市场建设已取得系列重要进展。"池腾辉指出，横琴出台了企业赴澳门发 行债券专项扶持办法，鼓励横琴企业利用澳门债券市场融资，目前已经促成横琴企业在澳门发行5亿元 离岸人民币债券。针对债券市场创新，他指出横琴的核心优势在于"咸淡水融合"的离岸在岸联动特性。 未来，横琴将继续发挥"跨境金融创新的试验田"的战略定位，在中央政策支持下，与澳门携手打造更具 特色的跨境金融市场，为粤港澳大湾区建设贡献力量。 （文章来源：新华财经） 澳门中央证券托管结算一人有限公司（MCSD）副总裁沈国斌表示，"澳门债券市场正以'对接内地、联 通国际'为宗旨，构建可持续发展的金融生态。"他介绍，澳门债券市场呈现多元发展态势，前景可期。 MCSD作为澳门金管局全资设立的机构，核心职能是提供证券登记、清算、结算、托管一体化服务，为 债券市场高效安全运行保驾护航。 "'十五五'规划建议提出'加快建设金融强国'，而金融 ...

Core Insights - The Shanghai Stock Exchange (SSE) has seen a significant increase in green bond issuance, with cumulative issuance nearing 900 billion yuan and low-carbon transition bonds exceeding 80 billion yuan by the end of October 2025 [1] - The market structure for green and low-carbon transition bonds is characterized by a diverse range of maturities, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [1] - The SSE is actively developing the public and institutional REITs market in the green sector, with six public REITs projects in clean energy listed, totaling 16.2 billion yuan, covering areas like solar, wind, and hydropower [2] Market Development - The SSE has implemented a more convenient financing mechanism for green bonds and low-carbon transition products, effectively meeting companies' financing needs in these areas [1] - The introduction of "green + X" composite labeled bonds has enhanced the attractiveness of issuers while integrating multiple goals such as ecological protection and technological innovation into the financing framework [1] - The SSE is focused on promoting the construction of the green and ESG bond market, aiming to provide stronger financing support for the green transition of real enterprises and better serve national strategic goals and high-quality economic development [2] Secondary Market - The SSE is continuously innovating mechanisms to support green bond issuance, including lowering the threshold for green bonds to be included as benchmark market-making securities, which enhances liquidity and pricing efficiency in the secondary market [1]

Core Insights - The Shanghai Stock Exchange is actively promoting green finance and has made significant progress in developing the green and ESG bond market, with nearly 900 billion yuan in cumulative green bond issuance by the end of October 2025 and over 80 billion yuan in low-carbon transition bonds since their launch in 2022 [1][4] Group 1: Green Finance Development - The Shanghai Stock Exchange has been implementing the national green development strategy and innovating products and mechanisms related to green finance [1] - The cumulative issuance of green bonds is approaching 900 billion yuan, indicating strong market growth [1] - Low-carbon transition bonds have seen a cumulative issuance of over 80 billion yuan since their introduction in 2022 [1] Group 2: ESG Management Trends - Chinese enterprises are shifting from passive compliance to proactive management of ESG factors, particularly in response to challenges faced during international expansion [1] - The ESG evaluation system in mainland China, although initiated relatively late, is developing rapidly, with significant advancements in both theoretical frameworks and practical applications [4] - Recent policy developments, such as the draft guidelines for corporate sustainable disclosure and the revised guidelines for sustainability reporting by listed companies, are helping enterprises identify risks and opportunities in their sustainable development processes [4]

Group 1 - The visit of German Vice Chancellor and Finance Minister Lindner to China marks a significant step in enhancing Sino-German economic relations, emphasizing mutual benefits amidst global economic challenges [1][2] - Sino-German trade has shown resilience, with bilateral trade reaching €185.9 billion in the first nine months of 2025, a 0.6% increase year-on-year, reaffirming China's position as Germany's largest trading partner [1][2] - The joint statement from the fourth Sino-German high-level financial dialogue highlighted 27 agreements, focusing on macroeconomic policy coordination and international economic governance, aiming to promote global economic recovery and sustainable development [3] Group 2 - Sino-German economic cooperation serves as a stabilizer for both economies, with Germany facing a projected GDP growth of only 0.2% this year, while China's vast consumer market offers significant opportunities for German high-end products [4] - The partnership is crucial for global supply chain security, as Germany's reliance on China has increased, and both countries aim to strengthen economic ties to avoid supply chain disruptions [5] - The collaboration reflects a practical approach to global challenges, with both nations leveraging their strengths in renewable energy and technology to contribute to global public goods [5]

Core Insights - The Shanghai Stock Exchange (SSE) is actively promoting the development of the green and ESG bond market, aligning with national green development strategies [1][2] - As of October 2025, the cumulative issuance of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their introduction in 2022 [1] - The market structure of green and low-carbon transition bonds is characterized by a diversified maturity profile, primarily mid-term, with issuers from key industries including large state-owned enterprises, local state-owned enterprises, and private companies [1] Market Mechanism Innovation - The SSE has facilitated smoother low-carbon financing for enterprises through innovative market mechanisms, enhancing financing convenience [3] - Companies like COSCO Shipping Development have successfully issued green bonds, demonstrating the effectiveness of SSE's financing mechanisms [3] - The SSE has lowered the threshold for green bonds to be included in benchmark market-making securities, improving liquidity and pricing efficiency in the secondary market [4] Future Development Directions - The SSE plans to continue advancing the green and ESG bond market under the guidance of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transition of real enterprises [2] - Discussions at the symposium highlighted the importance of enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [6] - Investment institutions expressed a desire for a broader supply of green bonds to widen investment options, with expectations for more enterprises to issue green bonds on the SSE [6]

Core Insights - The article emphasizes the importance of enhancing market-driven dynamics, optimizing policy coordination, and improving the precision and effectiveness of services to the real economy as key issues for promoting high-quality development of green finance [1] Group 1: Green Bond Market Development - The Shanghai Stock Exchange (SSE) has actively implemented the national green development strategy, continuously promoting innovation in green finance products and mechanisms, and developing the green and ESG bond market [1] - As of October 2025, the cumulative issuance scale of green bonds (including ABS) on the SSE is approaching 900 billion, while the cumulative issuance of low-carbon transition bonds has exceeded 80 billion since their launch in 2022 [1] - The market structure of green and low-carbon transition bonds shows a diversified maturity characteristic, primarily mid-term, with short-term and long-term bonds as supplements, covering key industries such as industrial, public utilities, and finance [1] Group 2: Financing Mechanisms and Market Participation - At a recent symposium, participants discussed how the SSE's green and ESG bond market can facilitate smooth low-carbon financing for enterprises, highlighting the convenience of financing mechanisms [2] - Companies like COSCO Shipping Development successfully issued a 1 billion 15-year low-carbon transition bond at a rate of 2.18%, indicating satisfaction with the financing results [2] - The SSE has lowered the threshold for green bonds to be included in benchmark market-making bonds, which enhances liquidity and pricing efficiency in the secondary market [3] Group 3: Future Directions and Recommendations - Participants at the symposium suggested enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [5] - There is a call for further diversification of green bond supply to broaden investment options, with expectations for more enterprises to issue green bonds on the SSE [5] - Experts recommend introducing more diverse institutions in the investment sector and expanding bond innovations in areas such as biodiversity, climate adaptation, and carbon benefits to promote the green finance system's development [6]

Core Insights - The Shanghai Stock Exchange (SSE) is actively promoting green finance and has made significant progress in developing the green and ESG bond market, with a cumulative issuance of nearly 900 billion yuan in green bonds and over 80 billion yuan in low-carbon transition bonds by October 2025 [1] - A recent seminar gathered various stakeholders to discuss the achievements and future directions of the green bond market, emphasizing the importance of collaboration among enterprises, securities firms, investment institutions, and experts [1][4] Group 1: Market Development - The SSE has implemented innovative mechanisms to support green bond issuance, enhancing liquidity and pricing efficiency in the secondary market [3] - The introduction of green and low-carbon transition bonds has facilitated smoother financing for companies, as evidenced by successful issuances like the 1 billion yuan low-carbon transition bond by China COSCO Shipping Development Co., with a favorable interest rate of 2.18% [2] - The SSE is also developing public REITs in the green sector, with six projects listed, totaling 16.2 billion yuan, focusing on clean energy assets [3] Group 2: Stakeholder Engagement - Participants at the seminar highlighted the need for flexible fund management and optimized incentive policies to expand the depth and breadth of the green bond market [5] - Investment institutions expressed a desire for a broader supply of green bonds to enhance investment choices, with expectations for more enterprises to issue green bonds on the SSE [5] - Experts suggested diversifying the types of bonds to include areas like biodiversity and climate adaptation, aiming to deepen the green finance system [6] Group 3: Future Directions - The SSE plans to continue advancing the green and ESG bond market under the guidance of the China Securities Regulatory Commission, focusing on enhancing financing support for the green transition of real enterprises [6]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively promoting the development of green and ESG bonds to enhance the bond market's service for green development and the transformation of the real economy [1][2]. Group 1: Market Development and Achievements - As of October 2025, the cumulative issuance of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their introduction in 2022 [2]. - The market structure of green and low-carbon transition bonds is characterized by a diversified maturity profile, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [2]. - The funds raised are directed towards the green transformation of the real economy, aligning closely with the national "dual carbon" strategy and green development goals [2]. Group 2: Financing Mechanisms and Innovations - The SSE has facilitated smoother low-carbon financing for enterprises through innovative market mechanisms, with companies like COSCO Shipping issuing 1 billion yuan in 15-year low-carbon transition bonds at a rate of 2.18% [3]. - Green bonds allow for the replacement of self-funded expenditures on green projects incurred in the previous 12 months, providing greater autonomy in choosing issuance timing and reducing financing costs [3]. - The SSE has lowered the threshold for green bonds to be included in benchmark market-making securities, enhancing liquidity and pricing efficiency in the secondary market [4]. Group 3: Future Directions and Recommendations - Participants at the symposium emphasized the importance of enhancing the flexibility of fund usage and management, as well as optimizing incentive policies to expand the depth and breadth of the green bond market [5]. - Investment institutions called for a richer supply of green bonds to broaden investment choices, with expectations for more enterprises to issue green bonds on the SSE [6]. - Experts suggested introducing more diversified institutions in the investment sector and expanding bond innovations in areas such as biodiversity, climate adaptation, and carbon benefits to promote the development of the green finance system [6][7].

Core Insights - The Shanghai Stock Exchange (SSE) has reported that by the end of October 2025, the cumulative issuance of green bonds (including ABS) will approach 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their launch in 2022 [1][2]. Group 1: Green Bond Market Development - The SSE is actively promoting the development of green bonds and ESG bonds to enhance the bond market's service to green development and the transformation of the real economy [1][3]. - The market structure of green and low-carbon transition bonds is characterized by a predominance of medium-term bonds, with a diverse range of issuers from key industries such as industrial, public utilities, and finance [1][2]. - The funds raised through these bonds are directed towards the green transformation of the real economy, aligning closely with the national "dual carbon" strategy and green development goals [1]. Group 2: Secondary Market Innovations - The SSE has been innovating mechanisms to support the issuance of green bonds, including lowering the threshold for green bonds to be included in benchmark market-making securities, which enhances liquidity and pricing efficiency in the secondary market [2]. - The recent launch of a science and technology innovation bond ETF has effectively reduced financing costs and may stimulate further market activity if similar products are introduced in the green bond market [2]. Group 3: REITs Development - The SSE is also constructing a public REITs and inter-institutional REITs market in the green sector, with clean energy being one of the key pilot industries [2]. - Six projects in clean energy have been listed on the SSE, with a total issuance scale of 16.2 billion yuan, covering areas such as photovoltaic, wind, and hydropower [2]. Group 4: Future Directions - The SSE plans to continue advancing the construction of the green bond and ESG bond market under the leadership of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transformation of real enterprises [3].

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively promoting the development of the green and ESG bond market to support the green transformation of real enterprises and enhance the effectiveness of financing for the real economy [1][3]. Group 1: Market Development and Achievements - As of October 2025, the cumulative issuance scale of green bonds (including ABS) on the SSE has approached 900 billion yuan, with low-carbon transition bonds exceeding 80 billion yuan since their launch in 2022 [1]. - The market structure of SSE's green and low-carbon transition bonds features a diversified maturity profile, primarily mid-term, with issuers spanning key industries such as industrial, public utilities, and finance, including large state-owned enterprises, local state-owned enterprises, and private companies [1][3]. Group 2: Financing Mechanisms and Benefits - The SSE's green bonds provide a convenient financing mechanism that aligns well with companies' financing needs, as demonstrated by China Merchants Energy's successful issuance of a 1 billion yuan, 15-year low-carbon transition bond at a 2.18% interest rate [3]. - The ability to replace self-funded expenditures on green projects with raised funds enhances the flexibility of fund usage and reduces financing costs [3]. Group 3: Secondary Market Innovations - The SSE is continuously innovating mechanisms to support green bond issuance, including lowering the threshold for green bonds to be included as benchmark market-making securities, which improves liquidity and pricing efficiency in the secondary market [4]. - The introduction of a science and technology innovation bond ETF has effectively reduced financing costs and could further stimulate market activity if similar products are launched in the green bond market [4]. Group 4: Future Directions and Recommendations - Participants at the symposium emphasized the importance of enhancing the flexibility of fund management and optimizing incentive policies to expand the depth and breadth of the green bond market [6]. - Investment institutions called for a richer supply of green bonds to broaden investment choices, with expectations for more enterprises to issue green bonds on the SSE [7]. - The SSE plans to continue advancing the green and ESG bond market under the guidance of the China Securities Regulatory Commission, aiming to provide stronger financing support for the green transformation of real enterprises and better serve national strategic goals and high-quality economic development [6][7].