自2005年亚洲开发银行和国际金融公司首开先河发行熊猫债券以来，这一具有鲜明中国标识的跨境人民 币债券已稳步走过二十年历程。它不仅是连接在岸与离岸市场的重要融资工具，更是人民币国际化进程 中不可或缺的组成部分。尤其是近年来，随着中国金融市场的持续开放、人民币国际地位的提升，以及 全球宏观环境的变化，熊猫债券市场显著扩容，产品结构日益多元，制度框架不断完善，已成为国际发 行人参与中国资本市场、国内外投资者配置人民币资产的重要渠道。 截至2025年7月，熊猫债市场累计发行规模突破1万亿元，2024年全年发行量达到1948亿元，创下历史新 高。特别值得注意的是，2025年前7个月的发行量已突破1100亿元，预计全年有望触及2000亿元大关。 市场参与主体也从最初的多边开发机构，逐步扩展至外国政府、境外金融机构和非金融企业，覆盖亚 洲、欧洲、美洲等多个地区，产品类型亦涌现出绿色、碳中和、可持续发展挂钩债券等创新品类，显示 出极强的市场活性与政策响应能力。 这一系列成果的背后，既是市场内在需求的推动，也离不开监管部门持续优化的制度供给。例如，2016 年中国人民银行"258号文"放开募集资金跨境使用限制，2018年"1 ...

Core Viewpoint - The Bank of China Shanghai Branch is actively promoting green finance initiatives to support sustainable development and low-carbon transformation in Shanghai, showcasing its innovative financial solutions at the 2025 Shanghai International Carbon Neutral Technology, Products, and Achievements Expo [1][2]. Group 1: Green Finance Framework - The Bank of China Shanghai Branch is establishing a comprehensive green finance framework, referred to as the "four beams and eight pillars," to facilitate the green transformation of the economy and society [2]. - The bank has integrated environmental protection requirements into the entire credit management process, covering risk identification, due diligence, business approval, contract management, fund disbursement, post-loan management, and investment management [2]. Group 2: Support for Green Projects - The bank has been actively financing major projects and low-carbon transformation initiatives in Shanghai, such as the Shanghai Electric Caojing Comprehensive Energy Center Phase II loan project and the Jinshan Offshore Wind Farm Phase I project [3]. - The bank has also supported various green bond projects, including agricultural asset-backed securities and overseas green bonds that meet the EU's common classification standards, injecting financial vitality into the green industry [3]. Group 3: Commitment to Low-Carbon Operations - The Bank of China Shanghai Branch is committed to incorporating low-carbon principles into its operations, promoting energy-saving technologies, and advocating for green office practices [4]. - The bank has successfully established two "green construction benchmark outlets" in 2024, with one branch receiving a "carbon neutral certificate" from the Shanghai Environment and Energy Exchange [4]. - The bank plans to continue enhancing its product offerings and extending its green finance services to contribute to high-quality low-carbon development [4].