CHINA GREEN BOND MARKET 2019 RESEARCH REPORT

In 2019, China's labelled green bond market grew by 33% to USD 55.8 billion, making it the largest global source of such bonds. The market saw a shift in issuer types, with non-financial corporates becoming the largest group and the introduction of the first municipal green bond. While domestic issuance is strong, discrepancies remain between Chinese guidelines and international standards, particularly regarding the use of proceeds for general working capital and the inclusion of 'clean coal' projects. The report recommends harmonizing definitions with international standards, such as those of the EU, and increasing transparency to attract more foreign investment.

• The total volume of Chinese green bonds issued in domestic and overseas markets in 2019 was USD 55.8 billion (RMB 386.2 billion), a 33% increase from USD 42 billion (RMB 282.6 billion) in 2018.
• Non-financial corporates became the largest issuer type in 2019, with their issuance volume increasing by 54% year-on-year to represent 37% of the total volume.
• The People's Government of Jiangxi issued the first municipal green bond from China, with RMB 300 million allocated to two utility tunnel projects.
• Among bonds aligned with Climate Bonds Initiative (CBI) definitions, transport was the largest theme, increasing 11% to USD 11.2 billion (RMB 78.1 billion).
• There is a significant gap between domestic and international standards; of the 2019 issuance, USD 31.3 billion (RMB 216.8 billion) aligned with both Chinese and CBI definitions, while USD 24.5 billion (RMB 169.4 billion) only aligned with local definitions.
• A primary cause for non-alignment with international standards is the allocation of proceeds to general working capital; in 2019, over USD 17 billion (RMB 117.6 billion) of labelled green bonds allocated more than 5% of proceeds to general working capital.
• Second-party Opinions (SPOs) became the most common type of external review in 2019, representing 38% of all external reviews by volume.
• Green asset-backed securities (ABS) saw strong growth in 2019, with volumes increasing 3.5 times to USD 7.2 billion (RMB 50.3 billion), with public transport revenue receivables as the largest collateral type (40%).
• By the end of 2019, the total outstanding amount of China's domestic green bond market was USD 140 billion (RMB 977.2 billion), with 88% (USD 124 billion) reaching maturity within the next five years.
• Chinese issuers brought four Certified Climate Bonds to market in 2019 totaling USD 3 billion (RMB 21 billion), including the first certified deal in the domestic market by Jiangsu Financial Leasing.

APA

Meng, A. X., Xie, W., Shao, H., Lau, I., Almeida, M., & Shang, J. (2020). CHINA GREEN BOND MARKET 2019 RESEARCH REPORT. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-2019-Research-Report_2025-02-17-163051_qijt.pdf

Chicago

Meng, Alan Xiangrui, Wenhong Xie, Huan Shao, Ivy Lau, Miguel Almeida, and Jin Shang. CHINA GREEN BOND MARKET 2019 RESEARCH REPORT. Climate Bonds Initiative, 2020. https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-2019-Research-Report_2025-02-17-163051_qijt.pdf.

Wikipedia

{{cite report |last1=Meng |first1=Alan Xiangrui |last2=Xie |first2=Wenhong |last3=Shao |first3=Huan |last4=Lau |first4=Ivy |last5=Almeida |first5=Miguel |last6=Shang |first6=Jin |title=CHINA GREEN BOND MARKET 2019 RESEARCH REPORT |publisher=Climate Bonds Initiative |date=June 2020 |url=https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-2019-Research-Report_2025-02-17-163051_qijt.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{meng2020china, author = {Meng, Alan Xiangrui and Xie, Wenhong and Shao, Huan and Lau, Ivy and Almeida, Miguel and Shang, Jin}, title = {{CHINA GREEN BOND MARKET 2019 RESEARCH REPORT}}, institution = {Climate Bonds Initiative}, year = {2020}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/China-Green-Bond-Market-2019-Research-Report_2025-02-17-163051_qijt.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }