2021年中国绿色债券投资者调查

The 2021 China Green Bonds Investor Survey reveals a strong appetite for high-quality green bonds, particularly in renewable energy and low-carbon transport. While financial and corporate bonds are preferred, international investors are hindered by regulatory entry barriers and quotas. The report emphasizes that market growth depends on robust credit fundamentals, transparent green credentials, and the alignment of national green taxonomies with international standards to mitigate greenwashing risks.

• Financial and non-financial corporate bonds are the most preferred asset classes. While domestic and international investors both favor these, there is a significant divergence regarding green local government bonds and green Asset-Backed Securities (ABS); nearly 75% of domestic respondents prefer green local government bonds compared to only 6% of international respondents, and 50% of domestic respondents prefer green ABS compared to 13% of international respondents.
• Strong credit fundamentals are considered the most critical market factor for expanding the green bond market. Investors emphasize that green labels alone are insufficient; they require convincing green credentials, transparency in the use of proceeds, and robust issuer fundamentals. Some investors specify a minimum benchmark size of 500 million USD for increased interest.
• International investors face significant barriers to entering the Chinese green bond market, primarily due to passive factors such as different entry thresholds and quotas for different types of bonds. The 'Bond Connect' channel is the most used by international investors, utilized by nearly 60% (9 out of 16) of international respondents.
• There is a strong demand for standardized green definitions and international alignment to prevent 'greenwashing' and attract capital. Half of the respondents (21/42) prefer strict green definitions to ensure labels apply only to high-quality projects, while 17/42 believe definitions should not be too strict to encourage broader issuer participation.
• Investors are exploring other themed bonds, with 93% having purchased non-green themed bonds. While social bonds are less influential than green bonds in decision-making, there is growing demand, particularly from international investors. Sustainability-Linked Bonds (SLBs) are viewed with more caution, with 23 institutions expressing reservations compared to 19 who find them attractive.

APA

邵欢, Manuamorn, O., 邓曼姝, Harrison, C., 张劭睿, 叶心怡, & 吴艳静 (2022). 2021年中国绿色债券投资者调查. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8-%E6%8A%95%E8%B5%84%E8%80%85%E8%B0%83%E6%9F%A5-2022_2025-02-17-162955_sffn.pdf

Chicago

邵欢, Ornsaran Manuamorn, 邓曼姝, Caroline Harrison, 张劭睿, 叶心怡, and 吴艳静. 2021年中国绿色债券投资者调查. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8-%E6%8A%95%E8%B5%84%E8%80%85%E8%B0%83%E6%9F%A5-2022_2025-02-17-162955_sffn.pdf.

Wikipedia

{{cite report |last1=邵欢 |last2=Manuamorn |first2=Ornsaran |last3=邓曼姝 |last4=Harrison |first4=Caroline |last5=张劭睿 |last6=叶心怡 |last7=吴艳静 |title=2021年中国绿色债券投资者调查 |publisher=Climate Bonds Initiative |date=April 2022 |url=https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8-%E6%8A%95%E8%B5%84%E8%80%85%E8%B0%83%E6%9F%A5-2022_2025-02-17-162955_sffn.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{20222021, author = {邵欢 and Manuamorn, Ornsaran and 邓曼姝 and Harrison, Caroline and 张劭睿 and 叶心怡 and 吴艳静}, title = {{2021年中国绿色债券投资者调查}}, institution = {Climate Bonds Initiative}, year = {2022}, month = apr, url = {https://www.climatebonds.net/files/documents/publications/%E4%B8%AD%E5%9B%BD%E7%BB%BF%E8%89%B2%E5%80%BA%E5%88%B8-%E6%8A%95%E8%B5%84%E8%80%85%E8%B0%83%E6%9F%A5-2022_2025-02-17-162955_sffn.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }