China Green Bond Market Mid Year Report 2017

The report details the expansion of China's green bond market in H1 2017, highlighting a 33.6% year-on-year growth in issuance and a shift toward more diverse issuers. It examines the alignment of these bonds with international standards, the impact of new domestic policies, and the potential for green municipal bonds to drive local low-carbon transitions.

• China's green bond issuance totaled USD 11.52bn in the first half of 2017, representing a 33.6% year-on-year increase from the first half of 2016 and accounting for more than 20% of global green bonds.
• The market saw a diversification of issuers in H1 2017; non-financial corporates issued 38% of bonds and policy banks issued 24%, while commercial banks' share dropped to 38% from 87% in the first six months of 2016.
• Investment-grade bonds were the standard for H1 2017 issuance, with 80.2% rated AAA and all bonds (excluding privately placed debt and subprime asset-backed securities) rated AA- or higher.
• Approximately 78% of Chinese green bonds in the first half of 2017 aligned with both international and Chinese definitions, and 83% of issuance received second party reviews.
• The energy sector was the largest issuing sector, and financial institutions were the largest issuers overall.
• 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 wind projects in Europe.
• Several policy initiatives were introduced to support the market, including new CSRC guidelines for listed companies, the establishment of five green finance pilot zones in Guangdong, Guizhou, Jiangxi, Zhejiang, and Xinjiang, and the 'Bond Connect' scheme approved by the PBoC and Hong Kong Monetary Authority.

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} }