China green securitisation report

The report provides a comprehensive overview of China's green securitisation market, noting its growth to 85 deals totalling RMB115bn by the end of 2020. It details the regulatory landscape involving the PBoC, CBIRC, CSRC, and NAFMII, and identifies state-owned enterprises as the primary originators. The analysis highlights renewable energy and low-carbon transport as the dominant collateral themes and suggests improvements in transparency, standardisation of green loans, and credit rating soundness to attract more international investors.

• By the end of 2020, China's green ABS market consisted of 85 deals with a total value of RMB115bn, with green ABS increasing from 1.7% of total green bond issuance in 2016 to 11% in 2020.
• State-owned enterprises (SOEs) are the primary originators in the green ABS market, with their total issuance volume reaching RMB86bn by December 2020.
• Renewable energy and low-carbon transport are the most prevalent collateral themes, representing 42% and 36% of the market respectively according to Climate Bonds Initiative definitions.
• The market is geographically concentrated, with Beijing, Guangdong, and Jiangsu provinces accounting for nearly 60% of total Chinese green ABS volume by the end of 2020.
• Credit ratings for Chinese green ABS are predominantly high, with 78% of rated ABS achieving a AAA rating.
• The majority of green ABS tranches in China have a tenor between one and five years, accounting for 49% of issuances by the end of 2020.
• External reviews are underutilised in the green ABS market compared to the broader green bond market, with only 27% of deals having external reviews.
• China's ABS market is divided into four segregated regulatory schemes: the Credit Asset Securitisation Scheme (PBOC and CBIRC), the Corporate ABS Scheme (CSRC), the Asset-backed Note Scheme (NAFMII), and the Asset-backed Plan (CBIRC).

APA

Meng, A., Xie, W., & Li, E. (2021). China green securitisation report. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_cn_2020_sotm_04h_1.pdf

Chicago

Meng, Alan, Wenhong Xie, and Ellen Li. China green securitisation report. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/cbi_cn_2020_sotm_04h_1.pdf.

Wikipedia

{{cite report |last1=Meng |first1=Alan |last2=Xie |first2=Wenhong |last3=Li |first3=Ellen |title=China green securitisation report |publisher=Climate Bonds Initiative |date=September 2021 |url=https://www.climatebonds.net/files/documents/publications/cbi_cn_2020_sotm_04h_1.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{meng2021china, author = {Meng, Alan and Xie, Wenhong and Li, Ellen}, title = {{China green securitisation report}}, institution = {Climate Bonds Initiative}, year = {2021}, month = sep, url = {https://www.climatebonds.net/files/documents/publications/cbi_cn_2020_sotm_04h_1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }