中國綠色債券發(fā)展路線(xiàn)圖：擴大綠色債券的發(fā)行中國綠色債券發(fā)展路線(xiàn)圖：擴大綠色債券的發(fā)行

China's green transformation needs a lot of private capital & China's rapid economic growth in the past decades mainly depends on coal based energy consumption, road transport and carbon intensive industrial structure. This mode has led to various environmental problems in China, including air, water and soil pollution, and the increasingly serious impact of climate change. The Chinese government recognizes that China must change this high pollution, energy intensive economic growth model to a more green and sustainable economic model. &To solve environmental problems and climate change, China needs at least 2 trillion to 4 trillion yuan (320 billion to 64 billion US dollars) a year. 3 the Central Bank of China, the people's Bank of China ("the people's Bank"), has made it clear that public investment alone is not enough to meet this investment requirement: the contribution rate of public funds to the required funds is only 10-15%, and the private sector is expected to become the largest source of funds for green transformation, with a contribution rate of 85-90%. 4 & nbsp; practice has proved that green bonds have great potential in attracting private capital, that is, green bonds with green labels, which raise funds for green assets and projects (mainly climate change mitigation and adaptation projects), and bonds with corresponding green signs, are increasingly regarded as an ideal tool to leverage private capital. In recent years, the issuance scale of green bonds has been growing rapidly. In 2013, the issuance scale was US $11 billion (RMB 72.4 billion), while in 2014 and 2015, the issuance scale increased to US $36.8 billion (RMB 242 billion) and US $41.8 billion (RMB 275 billion), respectively. In 2016, China is expected to issue 300 billion yuan (US $46 billion) of green bonds. 5 & nbsp; 1. Introduction: Green bond issuance Foundation China has laid the foundation for rapidly expanding the scale of green bond issuance China has formulated the official guidelines for green bond issuance in order to establish a sound system, ensure that the labeled green bond has a credible green qualification, and reduce the risk of improper environmental benefit statements and fraud, China has formulated the official guidelines for green bond issuance: In December 2015, the people's Bank of China made provisions for green financial bonds, including the guidance and requirements for the definition of green, the management and use of green bond raised funds, and the report. The people's Bank of China is responsible for supervising the inter-bank bond market (the amount of Bond Custody in the inter-bank market accounts for 93% of the total amount of Bond Custody in China). China's national development and Reform Commission (NDRC), the macroeconomic regulator, has also formulated guidelines for green enterprise bonds, in which a list of qualified green projects is provided and policy incentives are proposed. The Shanghai Stock Exchange has formulated green bond rule 8 for private placement of listed companies and small and medium-sized enterprises, which is similar to the regulations of the people's Bank of China. &Other regulators such as the China Association of interbank market dealers (NAFMII) and China Securities Regulatory Commission (CSRC) are also developing green bond guidelines for other types of bonds in China. &These guidelines laid the foundation for Chinese issuers to issue green bonds in the market. In the first few months after these official guidelines were issued, Chinese issuers issued a large number of green bonds. Green bonds issued by China in the first quarter of 2016 have reached US $7.83 billion (RMB 51.8 billion). &In February 2016, China further opened the interbank market to foreign investors. In February 2016, China announced to accelerate the opening of the interbank market to foreign investors, which further improved the development potential of China's green bond market. More and more institutional investors outside China, especially those in the United States and Europe, are looking for investment opportunities (including green bonds) with positive environmental benefits, and they will now have more smooth channels to invest in China. The recent changes in regulations are an important step in China's gradual opening of the interbank market to international investors. In fact, this opening process has been continuously promoted since 2010. 10 & nbsp; the interbank market supervised by the people's Bank of China accounts for the vast majority (93%) of China's bond market. 11 in February 2016, the people's Bank of China announced the cancellation of all limits for QFII. Qualified foreign investors include most real money institutional investors, including insurance companies, pension funds, most commercial banks, fund / asset management agencies, endowment funds and charitable funds. 12 & nbsp; the process for foreign investors to file with Chinese authorities for formal investment approval has also been simplified. However, foreign hedge funds and individual investors are not qualified to invest in China's inter-bank market. &Next step: to expand the scale of China's green bond issuance after the foundation of rapid growth of China's green bond issuance has been established, China needs to expand the scale of green bond issuance in the next step. If green bonds are to play an important role in helping China meet the needs of environmental investment, it is essential for all kinds of issuers to enter the green bond market and issue green bonds on a large scale.

中國的綠色轉型需要大量的私營(yíng)資 本   中國過(guò)去幾十年經(jīng)濟快速增長(cháng)，主要依 賴(lài)于以煤炭為主的能源消耗、路面運輸 以及碳密集型產(chǎn)業(yè)結構。這一模式導致 中國目前面臨各類(lèi)環(huán)境問(wèn)題，其中包括 空氣、水、土壤污染以及氣候變化造成 的日益嚴重的影響等。中國政府認識到 中國必須改變這一高污染、能源密集型 經(jīng)濟增長(cháng)模式，向更綠色、可持續發(fā)展 經(jīng)濟模式轉型。  若要解決環(huán)境問(wèn)題和氣候變化，中國 每年至少需要2萬(wàn)億至4萬(wàn)億元人民幣 （3,200億至6,400億美元）的資金。3 中國的中央銀行，即中國人民銀行（“人 民銀行”）明確表示，單靠公共投資是不 足以滿(mǎn)足這一投資要求的：公共資金對 所需資金的貢獻率僅為10%至15%，私 營(yíng)部門(mén)有望成為綠色轉型的最大資金來(lái) 源，貢獻率將達到85%至90%。4   實(shí)踐證明綠色債券在吸引私營(yíng)資本方面 大有作為 貼有綠色標簽的綠色債券，即募集資金 用于綠色資產(chǎn)和項目（主要為氣候變化 減緩和適應項目），并具有相應綠色標 志的債券，日益被視為是撬動(dòng)私營(yíng)資本 的理想工具。近年來(lái)，綠色債券的發(fā)行 規模一直快速增長(cháng)，2013年的發(fā)行規 模為110億美元（724億元人民幣），而 2014年和2015年的發(fā)行規模分別增至 368億美元（2,420億元人民幣）和418 億美元（2,750億元人民幣）。 2016年，中國預計會(huì )發(fā)行3,000億元人民 幣（460億美元）的綠色債券。5  1. 引言：綠色債券發(fā)行基礎 中國已奠定了迅速擴大綠色債券發(fā)行規 模的基礎 中國已制定綠色債券官方指引 為了建立穩健的制度，進(jìn)而確保貼標綠 色債券具有可信的綠色資質(zhì)，并減少不 當環(huán)境效益聲明和欺詐的風(fēng)險，中國已 制定綠色債券發(fā)行的官方指引： 2015年12月，人民銀行為綠色金融債 券作出了規定，內容包括對綠色定 義、綠色債券募集資金管理和用途以 及報告的指導和要求。6 人民銀行負 責監管銀行間債券市場(chǎng)（銀行間市場(chǎng) 的債券托管量占中國債券托管總量的 93%）。 中國宏觀(guān)經(jīng)濟調控機構國家發(fā)展和改 革委員會(huì )（“國家發(fā)改委”）也制定了 綠色企業(yè)債券指引，并且在該指引中 提供了合格綠色項目目錄，提出了政 策激勵建議。7 上海證券交易所針對上市公司和中小 企業(yè)私募債制定了綠色債券規則8，該 規則與人民銀行的規定類(lèi)似。  中國銀行間市場(chǎng)交易商協(xié)會(huì ) （NAFMII）和中國證券監督管理委員 會(huì )（“中國證監會(huì )”）等其他監管機構 也正在制定針對中國其他類(lèi)型債券的 綠色債券指引。   這些指引為中國發(fā)行人在市場(chǎng)上發(fā)行綠 色債券奠定了基礎。在這些官方指引發(fā) 布后的頭幾個(gè)月內，中國發(fā)行人就發(fā)行 了大量的綠色債券。中國在2016年第一季 度發(fā)行的綠色債券已達到78.3億美元（518 億元人民幣）。    中國于2016年2月進(jìn)一步向境外投資者 開(kāi)放銀行間市場(chǎng) 中國于2016年2月宣布加速對境外投資 者開(kāi)放銀行間市場(chǎng)，這項措施進(jìn)一步提 高了中國綠色債券市場(chǎng)的發(fā)展潛力。9 越 來(lái)越多的中國境外機構投資者，尤其是 美國和歐洲的機構投資者，正在尋找會(huì ) 具有積極環(huán)境效益的投資機會(huì )（包括綠 色債券），他們現在會(huì )有更通暢的渠道 投資中國。 監管規定近期的變更是中國 在對國際投資者逐步開(kāi)放銀行間市場(chǎng)方 面邁出的重要一步。實(shí)際上，這一開(kāi)放 過(guò)程自2010年以來(lái)就一直在持續不斷地 推進(jìn)。10   由人民銀行監管的銀行間市場(chǎng)占據中國 債券市場(chǎng)的絕大部分份額（93%）。11 人民銀行于2016年2月發(fā)布的公告取消 了針對合格境外投資者的所有限額。合 格境外投資者包括大多數持有實(shí)際貨幣 的機構投資者（real money institutional investor），其中包括保險公司、養老基 金、大多數商業(yè)銀行、基金/資產(chǎn)管理機 構、捐贈基金和慈善基金。12   境外投資者為正式獲得投資批準而向中 國主管機構進(jìn)行備案的流程也得到了簡(jiǎn) 化。13 然而境外對沖基金和個(gè)人投資者 并沒(méi)有資格投資于中國銀行間市場(chǎng)。   下一步：擴大中國綠色債券發(fā)行規模 在中國綠色債券發(fā)行規?？焖僭鲩L(cháng)的基 礎已經(jīng)建立之后，中國下一步需要擴大 綠色債券發(fā)行規模。綠色債券若要在幫 助中國滿(mǎn)足環(huán)境投資需求方面發(fā)揮重要 作用，各種發(fā)行人都能夠進(jìn)入綠色債券 市場(chǎng)并大規模發(fā)行綠色債券是必不可少 的條件。