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By the end of 2024, China's cumulative aligned GSS+ volume reached USD 555.5 billion, making it the fourth largest source globally. While green bonds continue to dominate, representing 80% of cumulative aligned volume, the market saw a 4% decrease in total aligned volume in 2024 to USD 84.6 billion, largely due to a 33% drop in issuance from financial corporates. The report highlights a significant growth in aligned social and sustainability (S&S) volumes, which rose 316% year-on-year to USD 15.7 billion. However, sustainability-linked bonds (SLBs) face severe integrity challenges, with only three Chinese deals achieving alignment with Climate Bonds methodology. The document also spotlights the Guangdong-Hong Kong-Macau Greater Bay Area as a key region for GSS+ growth and details recent policy shifts, including the February 2025 Sovereign Green Bond Framework and the Multi-Jurisdiction Common Ground Taxonomy.

The report examines the intersection of air pollution and labor markets in East and Southeast Asia, highlighting a significant gap in research and policy regarding informal workers. It finds that while formal sectors are regulated, informal workers—including street vendors and agricultural laborers—face high exposure with minimal social protection. Health burdens are highest in China and Mongolia for ambient pollution, and in Cambodia, Lao PDR, and Myanmar for household pollution. The report argues that current solutions are overly technocentric and fail to address the social inequalities and structural vulnerabilities that determine exposure levels.

The author argues that for the WTO's efforts on trade and gender to be effective, members must adopt a comprehensive 'gender lens' that distinguishes between economic empowerment and broader gender equality. The proposed framework includes identifying women's multiple economic roles, analyzing the bidirectional relationship between trade and gender, recognizing domains of inequality (capabilities, resources, and security), and applying this analysis across all stages of trade policy from negotiation to implementation.

The report examines the green infrastructure landscape of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), highlighting significant investment needs across sectors such as low-carbon transport, renewable energy, and green buildings. It details the role of green finance, specifically green bonds and asset-backed securities, in bridging the funding gap between public budgets and the capital required for climate-resilient infrastructure. The document provides a sample pipeline of 70 green and potentially green projects and offers six strategic recommendations to unlock private capital, including the harmonisation of green definitions and the promotion of local government green bonds.

The Hong Kong green bond market in 2020 saw a record number of deals but an 18% decline in total volume to USD 2.09bn. Low-carbon buildings remained the primary theme for proceed allocations, though waste reached a record high. The market is supported by new government initiatives, including a 2050 carbon neutrality pledge and the Green and Sustainable Finance Grant Scheme. While local issuance is significant, mainland China entities continue to drive the broader green debt market arranged in Hong Kong.

The Hong Kong green bond market in 2019 saw a slight decrease in issuance by domestic entities to USD 2.6 billion, but achieved greater issuer diversity and the launch of the first government green bond. Low-carbon buildings dominated proceed allocations at 61%. The market is increasingly characterized by local currency denomination and a strong connection to the Greater Bay Area, with total GBA-domiciled issuance reaching USD 6.4 billion. Regulatory bodies like the HKMA and SFC have introduced measures to enhance ESG disclosures and sustainable banking frameworks to bolster the city's status as a regional sustainable finance hub.

The policy brief examines the activities of Chinese state-run banks (Exim Bank and CDB) and the private Luso-Chinese fund Geocapital in Mozambique. While these entities leverage strong political and personal connections to enter the market, they have struggled to attract significant Chinese capital due to poor strategic planning and a lack of institutional capacity within Mozambique. The document highlights specific infrastructure loans and the establishment of Moza Banco, while noting that many large-scale projects have either collapsed or failed to materialize.

The document examines the transition of Chinese finance in Africa from peripheral concessional lending to a more central, diverse role involving commercial banking and strategic investments. It details the internal reforms of the Chinese banking system that enabled international expansion and uses case studies of South Africa, Nigeria, and Mozambique to illustrate different engagement strategies. The analysis highlights a shift toward joint ventures and partnerships with local banks to mitigate risk and gain market knowledge, while also noting the growing influence of the renminbi in trade settlements.

The document analyzes the strategic interdependence between China and Angola, where Chinese credit lines for infrastructure are guaranteed by oil supplies, and Chinese national oil companies seek equity in Angolan oil blocs. It details the 'Angola model' of resource-collateralized loans and the specific successes and failures of Sinopec's upstream and downstream ventures.

The document examines the bilateral relationship between China and Mozambique, highlighting how Mozambique's reliance on traditional Western donors and the influence of the FRELIMO party have constrained China's influence compared to other African nations. It details Chinese investments in infrastructure, such as the Mpanda Nkua dam, and identifies significant controversies surrounding illegal logging and poaching in the fisheries sector. The report also explores future cooperation in agriculture, biofuels, and the establishment of special economic zones, while noting Mozambique's strategic value as a maritime gateway for landlocked SADC countries.

The report analyzes China's engagement with the Lusophone world through the Macau Forum, established in 2003. It argues that China uses the forum as a foreign policy instrument to secure energy and food security, expand its consumer markets, and increase soft power in Africa, Latin America, and Asia. While trade volumes grew from $11 billion in 2003 to $34 billion in 2006, the report notes that most significant economic agreements remain bilateral. Brazil and Angola are identified as the most critical partners due to their vast natural resources and economic scale. The document also highlights the role of Macau as a service platform and provides policy recommendations for China, the Lusophone states, and the Forum to improve transparency and mutual benefit.