中国绿色债券市场:发展特征、制约因素及政策建议

China’s Green Bond Market:Characteristics,Constraints and Policy Suggestions

2021年,我国绿色债券市场顶层设计持续完善,中央和地方支持绿色发展的规范类文件及配套政策持续出台。在相关政策支持下,我国绿色债券市场持续发展,发行主体、期限及评级更趋集中,品种更趋多元,结构逐步均衡。与此同时,国内外绿色标准差异仍存,绿色债券市场规范化发展及市场化程度亟待提升,发行端及投资端政策支持还需优化。展望未来,可推动国内外绿色债券标准的进一步接轨,加强绿色债券的市场机制建设及政策支持力度,鼓励金融机构持续优化发行结构及投资者结构,并进一步创新产品。

In 2021,there were continued improvements in the top-level design of China’s green bond market.The environment for green bonds was enhanced by fresh directives from central and local authorities as well as other support policies.With the help of these factors,China’s green bond market continued to develop with more issuers,greater maturities and improved ratings along with additional varieties and a more balanced market structure.At the same time,differences between domestic and foreign green standards remain.There is an urgent need for more standardized development of the green bond market while policy support needs to be enhanced.Looking ahead,this paper concludes there is also a need for greater efforts to promote integration of the domestic and international green bond standards as well as strengthened market mechanisms.It also recommends encouraging financial institutions to continuously optimize the issuance framework and introduce even more innovative products in the green bond market.