中国的绿色转型需要大量的私营资 本 中国过去几十年经济快速增长，主要依 赖于以煤炭为主的能源消耗、路面运输 以及碳密集型产业结构。这一模式导致 中国目前面临各类环境问题，其中包括 空气、水、土壤污染以及气候变化造成 的日益严重的影响等。中国政府认识到 中国必须改变这一高污染、能源密集型 经济增长模式，向更绿色、可持续发展 经济模式转型。 若要解决环境问题和气候变化，中国 每年至少需要2万亿至4万亿元人民币 （3,200亿至6,400亿美元）的资金。3 中国的中央银行，即中国人民银行（“人 民银行”）明确表示，单靠公共投资是不 足以满足这一投资要求的：公共资金对 所需资金的贡献率仅为10%至15%，私 营部门有望成为绿色转型的最大资金来 源，贡献率将达到85%至90%。4 实践证明绿色债券在吸引私营资本方面 大有作为 贴有绿色标签的绿色债券，即募集资金 用于绿色资产和项目（主要为气候变化 减缓和适应项目），并具有相应绿色标 志的债券，日益被视为是撬动私营资本 的理想工具。近年来，绿色债券的发行 规模一直快速增长，2013年的发行规 模为110亿美元（724亿元人民币），而 2014年和2015年的发行规模分别增至 368亿美元（2,420亿元人民币）和418 亿美元（2,750亿元人民币）。 2016年，中国预计会发行3,000亿元人民 币（460亿美元）的绿色债券。5 1. 引言：绿色债券发行基础 中国已奠定了迅速扩大绿色债券发行规 模的基础 中国已制定绿色债券官方指引 为了建立稳健的制度，进而确保贴标绿 色债券具有可信的绿色资质，并减少不 当环境效益声明和欺诈的风险，中国已 制定绿色债券发行的官方指引： 2015年12月，人民银行为绿色金融债 券作出了规定，内容包括对绿色定 义、绿色债券募集资金管理和用途以 及报告的指导和要求。6 人民银行负 责监管银行间债券市场（银行间市场 的债券托管量占中国债券托管总量的 93%）。 中国宏观经济调控机构国家发展和改 革委员会（“国家发改委”）也制定了 绿色企业债券指引，并且在该指引中 提供了合格绿色项目目录，提出了政 策激励建议。7 上海证券交易所针对上市公司和中小 企业私募债制定了绿色债券规则8，该 规则与人民银行的规定类似。 中国银行间市场交易商协会 （nafmii）和中国证券监督管理委员 会（“中国证监会”）等其他监管机构 也正在制定针对中国其他类型债券的 绿色债券指引。 这些指引为中国发行人在市场上发行绿 色债券奠定了基础。在这些官方指引发 布后的头几个月内，中国发行人就发行 了大量的绿色债券。中国在2016年第一季 度发行的绿色债券已达到78.3亿美元（518 亿元人民币）。 中国于2016年2月进一步向境外投资者 开放银行间市场 中国于2016年2月宣布加速对境外投资 者开放银行间市场，这项措施进一步提 高了中国绿色债券市场的发展潜力。9 越 来越多的中国境外机构投资者，尤其是 美国和欧洲的机构投资者，正在寻找会 具有积极环境效益的投资机会（包括绿 色债券），他们现在会有更通畅的渠道 投资中国。 监管规定近期的变更是中国 在对国际投资者逐步开放银行间市场方 面迈出的重要一步。实际上，这一开放 过程自2010年以来就一直在持续不断地 推进。10 由人民银行监管的银行间市场占据中国 债券市场的绝大部分份额（93%）。11 人民银行于2016年2月发布的公告取消 了针对合格境外投资者的所有限额。合 格境外投资者包括大多数持有实际货币 的机构投资者（real money institutional investor），其中包括保险公司、养老基 金、大多数商业银行、基金/资产管理机 构、捐赠基金和慈善基金。12 境外投资者为正式获得投资批准而向中 国主管机构进行备案的流程也得到了简 化。13 然而境外对冲基金和个人投资者 并没有资格投资于中国银行间市场。 下一步：扩大中国绿色债券发行规模 在中国绿色债券发行规模快速增长的基 础已经建立之后，中国下一步需要扩大 绿色债券发行规模。绿色债券若要在帮 助中国满足环境投资需求方面发挥重要 作用，各种发行人都能够进入绿色债券 市场并大规模发行绿色债券是必不可少 的条件。
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.