促进跨境资本流动 发展中国绿色债券市场

The report identifies significant barriers to international investment in China's green bond market, including divergent green definitions, limited market awareness, and infrastructure gaps. It recommends aligning standards with international benchmarks, simplifying approval processes, and enhancing market transparency to mobilize the private capital necessary for China's environmental goals.

• China's green bond market has experienced rapid growth, becoming the largest in the world with total issuances reaching 431.5 billion RMB (64.3 billion USD) as of October 2017, though approximately 35% of these do not meet international standards.
• There is a significant gap between domestic and international green definitions, particularly regarding fossil fuel projects such as coal-fired power generation and 'clean' coal, which are accepted under Chinese definitions but generally rejected by international investors.
• International investors face several structural and regulatory barriers when entering the Chinese domestic market, including insufficient capital account openness, a lack of currency hedging tools for the RMB, and low transparency in domestic credit ratings.
• To attract more foreign capital, the report suggests establishing a certification mechanism based on unified green standards, simplifying the approval process for overseas issuances, and opening the domestic market to international credit rating agencies.
• Private sector funding is critical for China's green transition, as public investment is estimated to cover only 10-15% of the required 2-4 trillion RMB annual investment needed to address environmental and climate challenges.

APA

Dai), 戴., Kidney, S., & 王遥 (2017). 促进跨境资本流动 发展中国绿色债券市场. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/c5662e70-4b67-4f35-9e6c-e02e083ebd69.pdf

Chicago

Dai), 戴伟惠(Lily, Sean Kidney, and 王遥. 促进跨境资本流动 发展中国绿色债券市场. Climate Bonds Initiative, 2017. https://www.climatebonds.net/files/documents/publications/c5662e70-4b67-4f35-9e6c-e02e083ebd69.pdf.

Wikipedia

{{cite report |last1=Dai) |first1=戴伟惠(Lily |last2=Kidney |first2=Sean |last3=王遥 |title=促进跨境资本流动 发展中国绿色债券市场 |publisher=Climate Bonds Initiative |date=December 2017 |url=https://www.climatebonds.net/files/documents/publications/c5662e70-4b67-4f35-9e6c-e02e083ebd69.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{dai2017, author = {Dai), 戴伟惠(Lily and Kidney, Sean and 王遥}, title = {{促进跨境资本流动 发展中国绿色债券市场}}, institution = {Climate Bonds Initiative}, year = {2017}, month = dec, url = {https://www.climatebonds.net/files/documents/publications/c5662e70-4b67-4f35-9e6c-e02e083ebd69.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }