At present, China has become the world's largest green credit market and the second largest green bond market, initially forming a multi-level and diversified green financial market system. It is generally believed in the industry that in the next stage, the direction of efforts should focus on "improving supporting policies and refining the standard framework."

近年来，中国绿色金融体系建设取得明显成效，随着蓝色债券、碳中和债券、转型债券等创新型绿金产品发行热度持续高涨，中国已成为全球最大绿色信贷市场、第二大绿色债券市场，初步形成多层次多元化绿色金融市场体系。在此背景下，业内普遍认为，下阶段发力方向应重点围绕“完善配套政策、细化标准框架”展开。 “在宏观层面，加强顶层设计和系统筹划。绿色金融方面，持续完善绿色和转型金融标准体系，发展绿色金融市场，丰富绿色金融产品，强化以信息披露为基础的市场约束机制。”中国人民银行行长潘功胜近日表示。

Green ABS circulation increased significantly

The China Bond Research and Development Center of the Central Clearing Corporation recently released the 2023 Asset Securitization Development report, pointing out that China's asset securitization market issues 1.85 trillion yuan of various products in 2023, and the product structure is relatively stable. Among them, green asset-backed securities (ABS) has doubled, issuing a total of 351 green ABS products in the whole market last year, with a scale of 243.88 billion yuan, which is 1.1 times that of 2022. Among them, ABS issued by the exchange accounted for the highest proportion, accounting for 52.18%, interbank green ABN (asset-backed bills) accounted for 30.34%, green credit ABS accounted for 17.48%. ABS is very important for accelerating the development of direct financing and optimizing the allocation of financial resources. Green ABS product innovation made considerable progress last year. In June last year, Haitong Hengxin No. 26 Green Asset support Special Program, the country's first single-household "green + low-carbon transformation linked" double-labeled asset securitization product, was successfully set up on the Shanghai Stock Exchange with an issue size of 1 billion yuan. In December last year, the country's first insurance company green asset securitization product "Taikang assets-China Power Investment Leasing No. 1 carbon Neutralization Green Asset support Plan" was approved by the Shanghai Stock Exchange. According to Fitch, China's green financing grew at a compound annual growth rate of about 30 per cent from 2019 to the first half of 2023, of which the market share of green ABS continues to rise. Green ABS deals are broken down by asset class, and projects supported by government subsidies from large state-owned energy companies are leading the way in financing clean energy projects such as renewable power generation.

The scale of green loans and green bonds accelerates

截至目前，中国绿色融资主要以银行贷款为主。惠誉评级指出，中国绿色贷款主要投向交通运输、清洁能源、环保低碳项目。2023年上半年，绿色贷款余额增至27万亿元，占各项贷款整体余额比重从2017年末仅6%升至14%。同时，银行贷款占绿色融资余额比例升至88%，截至2023年上半年，银行业持有超过一半的绿债余额。 五大国有银行在支持政策性贷款方面较其他商业银行发挥着更大作用，在提供绿色贷款支持方面也是如此。2023年上半年，五大国有银行绿色贷款市场份额高达58%，而在各项贷款总体市场的份额为42%。相比之下，惠誉授评的10家中型银行的绿色贷款市场份额合计仅有12%，低于各项贷款总体市场的份额17%。 事实上，在证监会于2017年3月发布《关于支持绿色债券发展的指导意见》后，绿债发展势头尤为强劲。2018年至2022年间，境内贴标绿债发行量猛增5倍，年发行量占境内各类债券发行总量比例从0.5%升至1.9%。 此外，中资证券公司作为服务于股票和债券资本市场的主要金融中介机构，在支持中国绿色发展方面也发挥着重要作用，特别是贴标绿色债券的发行，有助于引导资金流向相关的环境友好型项目或资产，支持国家的绿色能源转型。业内认为，随着可持续投资成为全球投资者的重要策略，绿贷绿债融资将有助于拓宽中国资本市场的广度和深度。

Improve standards and enrich supply

Huo Yingli, Secretary of the Party Committee of the China Foreign Exchange Trading Center (National Interbank Funding Center), pointed out that under the support and guidance of various policies, China's green finance has developed rapidly and achieved remarkable results, but there are still some problems, such as inconsistent green finance standards and sustainable information. Disclosure is imperfect, green financial products and market systems are imperfect, incentive and restraint mechanisms are not in place, and a transitional financial framework needs to be established. Huo Yingli suggested that relevant departments work closely to continuously improve the green finance development policy framework and provide distinctive financial supplies to promote green and low-carbon economic development, including unifying green finance standards, improving sustainable information disclosure mechanisms, and enriching green financial products and market systems.