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Regulating green bond in China: definition divergence and implications for policy making

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  • Hao Zhang

Abstract

China has become a significant player in the green bond market globally after the issuance of the first green bond in China in 2015. Given the nascency of the green bond market in China, there are still two main questions that remain under-researched in the relevant scholarship. The first question relates to whether the multiple definitions of green bonds and its eligible use of proceeds under the Chinese regulations are consistent with the international standards. The second question centres on the degree of divergence of the transparency requirements under the Chinese regulations themselves. Using doctrinal and comparative analysis, this article discovers that, despite the generally consistent definitions of green bond under the Chinese regulations, there are still some slight differences in terms of eligible uses of proceeds and information disclosure. Potentially these differences may affect the lender’s investment assessment and their decision-making of whether to provide financing to the issuer.

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  • Hao Zhang, 2020. "Regulating green bond in China: definition divergence and implications for policy making," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 10(2), pages 141-156, April.
    • Handle: RePEc:taf:jsustf:v:10:y:2020:i:2:p:141-156
    DOI: 10.1080/20430795.2019.1706310
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    Cited by:

    1. Boqiang Lin & Tong Su, 2023. "Uncertainties and green bond markets: Evidence from tail dependence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 4458-4475, October.
    2. Ozili, Peterson K, 2021. "Making sustainable finance sustainable," MPRA Paper 109924, University Library of Munich, Germany.
    3. Liu, Min, 2022. "The driving forces of green bond market volatility and the response of the market to the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 288-309.
    4. Zenno, Yoshihiro & Aruga, Kentaka, 2023. "Investing the factors affecting green bond investments in China: Cases for Beijing and Shenzhen," MPRA Paper 116203, University Library of Munich, Germany.
    5. Yoshihiro Zenno & Kentaka Aruga, 2023. "Investigating Factors Affecting Institutional Investors’ Green Bond Investments: Cases for Beijing and Shenzhen," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    6. Jingyan Fu & Artie W. Ng, 2021. "Scaling up Renewable Energy Assets: Issuing Green Bond via Structured Public-Private Collaboration for Managing Risk in an Emerging Economy," Energies, MDPI, vol. 14(11), pages 1-16, May.
    7. Anh Huu Nguyen & Thinh Gia Hoang & Duy Thanh Nguyen & Loan Quynh Thi Nguyen & Duong Thuy Doan, 2023. "The Development of Green Bond in Developing Countries: Insights from Southeast Asia Market Participants," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(1), pages 196-218, February.

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