中国可持续债务市场报告 2024

The 'China Sustainable Debt Market Report 2024' provides a comprehensive analysis of China's Green, Social, Sustainability, and Sustainability-Linked (GSS+) bond market. As of the end of 2024, China's cumulative issuance of CBI-defined GSS+ bonds exceeded $500 billion, making it the world's third-largest issuer. While green bonds remain dominant, the report notes a decline in financial institution issuance in 2024, offset by growth in non-financial sectors. The report highlights the rapid growth of social and sustainability bonds, the challenges facing the sustainability-linked bond (SLB) market regarding transparency and ambition, and the specific opportunities for GSS+ financing in the Guangdong-Hong Kong-Macao Greater Bay Area.

• By the end of 2024, China's cumulative issuance of GSS+ bonds meeting Climate Bonds Initiative (CBI) definitions surpassed $500 billion (approximately 4 trillion RMB), positioning China as the third-largest issuer globally and the fourth-largest source of issuance. The top three issuers globally are supranational agencies, the United States, and France.
• In 2024, China's CBI-defined GSS+ bond issuance totaled 605.59 billion RMB ($84.6 billion), a 4% decrease from the previous year. This decline was primarily driven by a 33% drop in issuance from financial institutions, which fell from 420.04 billion RMB in 2023 to 279.19 billion RMB in 2024, attributed to weak domestic demand and a sluggish real estate market. Conversely, non-financial institution issuance surged by 136%.
• Green bonds continue to dominate the Chinese market, accounting for 80% of the cumulative CBI-defined GSS+ issuance (3.2 trillion RMB or $442.4 billion). In 2024, low-carbon energy and transport were the largest use-of-proceeds (UoP) categories, representing 82.7% of the total, with low-carbon energy alone accounting for 52%.
• The market for social and sustainability (S&S) bonds saw significant growth in 2024, with CBI-defined issuance jumping from 27.2 billion RMB in 2023 to 112.39 billion RMB in 2024, a 316% increase. However, a stark divide exists between markets: 62 out of 66 CBI-defined S&S bonds were issued offshore, while only 4 were issued onshore. Insufficient information disclosure was the primary reason (41%) for bonds failing to be included in the Social and Sustainability Bond Database (SSBD).
• China is the world's third-largest issuer of Sustainability-Linked Bonds (SLBs) by volume, with 213 cumulative bonds totaling 198.23 billion RMB ($27.7 billion). Despite this activity, only 3 bonds meet the CBI's SLBD methodology. A major issue is the lack of transparency; nearly three-fifths of private SLBs issued in 2024 did not disclose their targets.
• The Guangdong-Hong Kong-Macao Greater Bay Area shows significant potential for GSS+ financing. Between 2022 and 2024, 52 entities in the region issued 163 CBI-defined GSS+ bonds totaling 497.17 billion RMB ($69.5 billion). The Hong Kong Special Administrative Region government is a major driver, issuing 30 CBI-defined bonds totaling 149.61 billion RMB in that period, including innovative 'digital green bonds'.

APA

高昂, Harrison, C., 陶新皖, 谢文泓, 徐馨如, 张劭睿, 鲁政委, 钱立华, 方琦, & 徐金 (2025). 中国可持续债务市场报告 2024. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_China-State-of-the-market-briefing-2024_July-2025.pdf

Chicago

高昂, Caroline Harrison, 陶新皖, 谢文泓, 徐馨如, 张劭睿, 鲁政委, et al. 中国可持续债务市场报告 2024. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_China-State-of-the-market-briefing-2024_July-2025.pdf.

Wikipedia

{{cite report |last1=高昂 |last2=Harrison |first2=Caroline |last3=陶新皖 |last4=谢文泓 |last5=徐馨如 |last6=张劭睿 |last7=鲁政委 |last8=钱立华 |last9=方琦 |display-authors=etal |title=中国可持续债务市场报告 2024 |publisher=Climate Bonds Initiative |date=July 2025 |url=https://www.climatebonds.net/files/documents/publications/Climate-Bonds_China-State-of-the-market-briefing-2024_July-2025.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{20252024, author = {高昂 and Harrison, Caroline and 陶新皖 and 谢文泓 and 徐馨如 and 张劭睿 and 鲁政委 and 钱立华 and 方琦 and 徐金}, title = {{中国可持续债务市场报告 2024}}, institution = {Climate Bonds Initiative}, year = {2025}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/Climate-Bonds_China-State-of-the-market-briefing-2024_July-2025.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }