China Green Bond Market Mid Year Report 2017

The China Green Bond Market Mid Year Report 2017 details the growth and diversification of China's green bond market in the first half of 2017, highlighting a total issuance of USD 11.52bn and a shift toward non-bank issuers. The report outlines various policy updates, the emergence of green municipal bonds, and the alignment of Chinese bonds with international standards.

• In the first half of 2017, China's green bond issuance totaled USD 11.52bn (RMB 79.39bn), representing a 33.6% year-on-year growth from the first half of 2016. This volume accounted for more than 20% of global green bonds, with 38 bonds issued by 26 different issuers.
• The market saw a significant shift in issuer diversification during the first half of 2017. Commercial banks' share of the market dropped to 38%, down from 87% in the first six months of 2016. Non-financial corporates issued 38% of bonds, while policy banks issued 24%.
• Investment-grade bonds were the standard for the first half of 2017, with all bonds rated AA- or higher, excluding subprime asset-backed securities and privately placed debt financing tools. Prime-rated (AAA) bonds constituted 80.2% of total issuance, and only 3.8% of issuance lacked ratings.
• There was no clear pricing advantage for green bonds over non-green equivalents in the first half of 2017. Out of 30 comparable green bonds analyzed (excluding offshore issuance, additional issuance, privately placed tools, and green asset-backed securities), 15 were priced lower than non-green bonds and 15 were issued at a higher cost.
• The majority of Chinese issuers followed best practices from the Green Bonds Principles, with 83% of issuance receiving second party reviews.
• China Three Gorges Corporation issued the first offshore green bond from a Chinese issuer to receive Climate Bonds Initiative Certification, raising EUR 650 million for two wind projects located in Europe.
• The Chinese government established green finance pilot zones in five provinces: Guangdong, Guizhou, Jiangxi, Zhejiang, and Xinjiang. These zones aim to boost green financing, support industrial upgrading, and provide incentives for financial institutions to offer credit to environmentally friendly industries.

APA

Climate Bonds Initiative (2017). China Green Bond Market Mid Year Report 2017. https://www.climatebonds.net/files/drupal-files/files/China%20Mid_Year_Report_2017_25082017_Final_Eng.pdf

Chicago

Climate Bonds Initiative. China Green Bond Market Mid Year Report 2017. 2017. https://www.climatebonds.net/files/drupal-files/files/China%20Mid_Year_Report_2017_25082017_Final_Eng.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=China Green Bond Market Mid Year Report 2017 |date=July 2017 |url=https://www.climatebonds.net/files/drupal-files/files/China%20Mid_Year_Report_2017_25082017_Final_Eng.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2017china, author = {{Climate Bonds Initiative}}, title = {{China Green Bond Market Mid Year Report 2017}}, institution = {Climate Bonds Initiative}, year = {2017}, month = jul, url = {https://www.climatebonds.net/files/drupal-files/files/China%20Mid_Year_Report_2017_25082017_Final_Eng.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }