The global green bond market’s development and China’s opportunity (in Chinese)

In August 2025, China launched a pilot programme for green foreign debt financing, encouraging non-financial enterprises in 16 provincial-level regions and cities to explore cross-border financing for domestic green and low-carbon projects. Against this backdrop, this article reviews the global green bond market, examines experiences of overseas bond issuances in emerging market contexts, and assesses the potential and challenges facing Chinese corporates in offshore green bond issuance. The article offers several recommendations: advancing interoperability and mutual recognition of international green finance standards; strengthening climate-related disclosure requirements; building corporate capacity in green finance, cross-border financing regulations, and disclosure practices, and encouraging industry-leading enterprises with mature ESG governance structures to pioneer green offshore bond issuances.

This article was first published in China Forex, a policy-oriented journal under the State Administration of Foreign Exchange (SAFE) focusing on foreign exchange management, cross-border finance, and international economic policy.

China Forex, 29 December 2025