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中国人民大学生态金融研究中心印制 1

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 Sean Kidney Beate Sonerud Padraig Oliver David Uzsoki Simon Zadek Mark Halle www.climatebonds.net 2

IISD (c) IDRC www.iisd.org www.rdcy-sf.ruc.edu.cn 中国人民大学生态金融研究中心印制 3

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 Kidney Oliver 4

中国人民大学生态金融研究中心印制 5

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 QFII R-QFII 6

DRC 中国人民大学生态金融研究中心印制 7

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 8

中国人民大学生态金融研究中心印制 9

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 10

GDP GDP GDP OTC Liu 中国人民大学生态金融研究中心印制 11

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 CCDC CSDCC 12

中国人民大学生态金融研究中心印制 13

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 14

a a PPP SPVs 中国人民大学生态金融研究中心印制 15

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 16

Trading Economics Goldman Sachs 中国人民大学生态金融研究中心印制 17

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 The Economist Wildau AAA AAA 18

Liu ADB Liu 中国人民大学生态金融研究中心印制 19

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 Liu Liu QFII R-QFII 20

Rabinovich 2013 Xi Lim Liu 中国人民大学生态金融研究中心印制 21

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 Liu 22

ICMA n.d. Wildau 中国人民大学生态金融研究中心印制 23

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 (MTN)( 24

2 中国人民大学生态金融研究中心印制 25

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 26

中国人民大学生态金融研究中心印制 27

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 28

中国人民大学生态金融研究中心印制 29

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 30

中国人民大学生态金融研究中心印制 31

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 32

中国人民大学生态金融研究中心印制 33

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 34

中国人民大学生态金融研究中心印制 35

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 36

中国人民大学生态金融研究中心印制 37

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 38

中国人民大学生态金融研究中心印制 39

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 ADB (2012): People s Republic of China Bond Market Guide. Available from: https://wpqr4. adb.org/lotusquickr/asean3abmf/main.nsf/h_index/4cc53efbd63d7ba3482579d4001b5ced/ $file/abmf%20vol%201%20sec1%20prc.pdf ADB (2014): Asian Bonds Online People s Republic of China Size of LCY bond market. Accessed 02.10.14. Available from: http://asianbondsonline.adb.org/china/data/bondmarket. php?code=lcy_bond_market_usd Amin Ng and Holmes (2014): China s Low Carbon Finance and Investment Pathway. E3G July 2014. Available from: http://www.e3g.org/docs/english_report_web.pdf BankTrack (2015): China sustainable finance newsletter issue 23 January 2015. Bloomberg (2014): China Mulls Using Muni Bonds for Local Projects From 2016. 27 October 2014. Available from: http://www.bloomberg.com/news/2014-10-22/china-mulls-using-muni-bondsfor-local-projects-from-2016.html Bradsher K. (2014): China Authorizes Local Governments to Issue Bonds. New York Times September 2014. Available from: http://www.nytimes.com/2014/09/02/business/ international/china-authorizes-local-governments-to-issue-bonds.html?_r=0 China Business News Net (2014): Iron & steel enterprises and real estate construction companies gained conditional support on bond issuance. 29 October 2014. Available from: http:// www.yicai.com/news/2014/10/4034349.html CBRC (2012): Notice of the CBRC on Issuing the Green Credit Guidelines. Available from: http://www.cbrc.gov.cn/engdocview.do?docid=3ce646ab629b46b9b533b1d8d9ff8c4a CBRC (2013)China Banking Regulatory Commission s Notice on Filing and Reporting in Green Credit Statisticsal FormsReport. Available from: http://www.cbrc.gov.cn/chinese/files/2014/501344f75c984c158551b648f971b241.pdf China Central Depository Clearing Company (2012): Annual bond market report China Security News: SAFE is considering of expanding quota for R-QFII. 26 40

September 2014. Available from: http://zixun.wlstock.com/zhulidongxiang/2014-11-0-59-09260804494213.html CSRC: Administrative Measures of Corporate Bonds Issuance and Trade (draft for comment) December 2014. Available from: http://www.gov.cn/wenzheng/2014-12/07/content_2787818.htm CSRC&CBRC: Guideline on Commercial Banks Issuance of Corporate Bonds to Supplement Capital Requirement. January 2014. Available from: http://www.csrc.gov.cn/pub/newsite/flb/flfg/bmgf/fx/gszj/201401/t20140122_242975.html CSRC (2012): Measures for Pilot Domestic Securities Investment Made by RMB Qualified Foreign Institutional Investors of Fund Management Companies and Securities Companies. Available from: http://www.csrc.gov.cn/pub/csrc_en/openingup/relatedpolices/ R-QFII/201211/t20121129_217391.html DRC (2014): Draft: Problems in the development of China s green finance and policy recommendations. November 2014. The Economist (2014a): Chinese bonds Not so sunny. March 2014. Available from: http:// EDF; IETA (2013): China: The world s carbon markets: A case study to emissions trading. June 2013. Available from: http://www.ieta.org/assets/reports/emissionstradingaroundtheworld/ edf_ieta_china_case_study_september_2013.pdf www.economist.com/news/finance-and-economics/21598686-chinas-first-domestic-bond-defaultmarks-maturing-market-not-so-sunny EY (2014): Understanding China s Emissions Trading Schemes and Emissions Reporting. Available from: http://www.ey.com/publication/vwluassets/ey-understanding_chinas_ Emissions_Trading_Schemes_and_Emissions_Reporting/$FILE/EY-Understanding-Chinas-ETSand-Emissions-Reporting.pdf Goldman Sachs (2014): FAQ China s bond market. Available from: http://www.goldmansachs. com/gsam/glm/insights/market-insights/china-bond-market/china-bond-market.pdf HSBC (2013): The rise of the Redback II: An updated guide to the internationalization of the renminbi. Hong Kong: HSBC. 中国人民大学生态金融研究中心印制 41

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 IEPD (n.d.): Top-1000 Energy-Consuming Enterprises Program. Industrial Efficiency Policy Database. Available from: http://iepd.iipnetwork.org/policy/top-10000-energy-consumingenterprises-program IETA (2013): A user guide to emissions trading in China. Available from: https://ieta. memberclicks.net/assets/reports/ieta_emissionstrading_china_usersguide_sept2013_draft_a4_ sf.pdf ICMA (n.d.): NAFMII newsletters. Available from: http://www.icmagroup.org/about-icma/ International-Affiliations/NAFMII-Newsletter/ Jingu T. (2012): China s growing corporate bond issuance. Nomura Research Institute. Available from: http://www.nri.com/global/opinion/lakyara/2012/pdf/lkr2012154.pdf Kidney S.; Oliver P. (2014): Growing a green bonds market in China: reducing costs and increasing capacity for green investment while promoting greater transparency and stability in financial markets. Available from: http://www.iisd.org/pdf/2014/growing_green_bonds_en.pdf Liu B. (2013): QFII/R-QFII expansion Positioning on/offshore China. 26 March 2013. Available from: https://research.standardchartered.com/configuration/row%20documents/ QFII_R-QFII_expansion_%E2%80%93_Positioning_on_offshore_China_26_03_13_05_49.pdf Liu B. (2013): China onshore and offshore rates Outlook for 2013. Available from: https://research.standardchartered.com/configuration/row%20documents/ QFII_R-QFII_expansion_%E2%80%93_Positioning_on_offshore_China_26_03_13_05_49.pdf Liu B. (2014) China onshore bond compendium 2014. Standard Chartered Global Research April 2014 McKinsey (2013): China s rising stature in global finance. Available from http://www. mckinsey.com/insights/winning_in_emerging_markets/chinas_rising_stature_in_global_finance Ministry of Finance: Guideline on Municipal Bonds Pilot Issued and Repaid by Municipalities 2014 Available from: http://gks.mof.gov.cn/redianzhuanti/guozaiguanli/ difangzhengfuzhaiquan/201405/t20140521_1082114.html Ministry of Finance: Guidance on Credit Rating of Pilot Municipal Bond. Available from: 42

http://gks.mof.gov.cn/redianzhuanti/guozaiguanli/gzglzcfg/201406/t20140611_1097736.html Nan X. (2013): Chinese banks under almost negligible pressure to protect the environment. China Dialogue March 2013. Available from: https://www.chinadialogue.net/article/show/single/ en/5812-chinese-banks-under-almost-negligible-pressure-to-protect-the-environment NDRC (2011): Notice on the Implementation Plan of the Top-10 000 Energy- Consuming Enterprises Program. Available from: http://www.sdpc.gov.cn/zcfb/zcfbtz/201112/ W020111229589358952455.pdf People s Bank of China: Guideline on Non-financial Enterprises Debt Financing Tool Management. April 2008. Available from: http://www.gov.cn/gongbao/content/2008/ content_1149254.htm PMR (2014): A survey of the MRV systems for China s pilots. Technical Note 8 July 2014. Available from: https://www.thepmr.org/system/files/documents/technical%20note%208_ proper%20covers.pdf Rabinovich B. (2013): China reforms: And the beat goes on. Financial Times March 2013. Available from: http://blogs.ft.com/beyond-brics/2013/03/20/china-reforms-and-the-beat-goes-on/ Reuters (2014a): Daimler issues landmark corporate "panda" bond in China. March 2014. Available from: http://www.reuters.com/article/2014/03/14/daimler-china-bonds-idusl6n0mb0ux20140314 Reuters (2014b): China warns of corporate bond market risks may raise threshold. August 2014. Available from:http://www.reuters.com/article/2014/08/06/us-china-bondsiduskbn0g60q420140806 Reuters (2014c): CSRC will create innovative bond types such as M&A bonds and municipal corporate bonds. August 2014. Available from: http://cn.reuters.com/article/cnbiznews/ idcnl4s0q73cr20140801 Shanghai Clearing House: Notice on Allowing Non-financial Qualified Investors Entrance into Inter-bank Bond Market. November 2014. Available from: http://www.shclearing.com/xxpl/ sqfb/201411/t20141103_52528.html 中国人民大学生态金融研究中心印制 43

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 Shanghai Securities Exchange: Notice about Commercial Banks Corporate Bond Issuance Trade and Transfer. 9 January 2014. Available from: http://www.sse.com.cn/lawandrules/sserules/ trading/bond/c/c_20140109_3762582.shtml Shanghai Securities Exchange &Shenzhen Securities Exchange: Notice on Pilot M&A Private Placement Corporate Bonds. November 2014. Available from: http://stock.cnstock.com/stock/smk_ gszbs/201411/3232236.htm Shanghai Securities News: Shift on Pricing Mechanism of Credit Bonds: More Quoting from Buyer Institutions. May 2014. Available from: http://zixun.wlstock.com/gushiyaow en/2014-11-0-12-05210737274705.html Trading Economics (2014): China credit rating. Accessed 02.10.2014. Available from: http:// www.tradingeconomics.com/china/rating The State Administration of Foreign Exchange (SAFE): R-QSII quote approval disclosure. 31 October 2014. Available from: http://www.safe.gov.cn/resources/wcmpages//wps/wcm/connect/ safe_web_store/safe_web/glxx/hgjwjgtzzmd/node_glxx_jwjg_store/10830c8049dc6f179d02bfed8ff 4845d/ The State Council: Suggestions on Further Deepening Capital Market Development. 8 May 2014. Available from: http://www.gov.cn/zhengce/content/2014-05/09/content_8798.htm The State Council: Suggestion on Strengthening Municipal Debt Management. October 2014. Available from: http://www.gov.cn/zhengce/content/2014-10/02/content_9111.htm Wildau G. (2012): China to raise R-QFII quota by 200 billion yuan: CSRC Reuters November 2012. Available from: http://www.reuters.com/article/2012/11/11/uschina-investment-r-qfii-idusbre8aa02920121111 Wildau G (2014): China landmark bond default heads towards bailout. Financial times October 2014. Available from: http://www.ft.com/cms/s/0/10adc7be-4ebe-11e4-b205-00144feab7de. html#axzz3m4n96jav World Bank (2014): Establishing M&V system for Energy Efficieny in China. Project Information Document for Concept Stage. Available from: 44

http://www-wds.worldbank.org/external/default/wdscontentserver/wdsp/eap/2013/06/19/ 090224b081c85776/1_0/Rendered/PDF/Project0Inform0y0in0China000P132748.pdf World Resources Institute (n.d.): China Moves Toward Mandatory Corporate Greenhouse Gas Reporting. Available from: http://www.wri.org/our-work/top-outcome/china-moves-towardmandatory-corporate-greenhouse-gas-reporting Zhong Q. (2014) China carbon market report 2014. IETA-IEA-EPRI Workshop Paris 8th October 2014 Available from: http://www.iea.org/media/workshops/2014/21zhongqingchin acarbonmarketreport2014.pdf 中国人民大学生态金融研究中心印制 45

发展中国绿色债券市场 : 中国金融格局变化背景下给决策者的建议 46

气候债券倡议组织地址 :2 Bath Place, Rivington Street, London EC2A 3DR, UK 电话 :+44 20 7749 2264 网址 : http://www.climatebonds.net 总部地址 : 161 Portage Avenue East, 6th Floor, Winnipeg, Manitoba, Canada R3B 0Y4 电话 : +1(204)958-7700 传真 : +1(204) 958-7710 网址 : www.iisd.org 官方网址 :http://rdcy-sf.ruc.edu.cn/ 公众微信号 :rdcy2013 新浪微博 :@ 人大重阳 http://e.weibo.com/cifs 电话 :+86 ( 10 ) 6251 6305 传真 :+86 ( 10 ) 6251 6305 邮箱 :rdcy-info@ruc.edu.cn 地址 : 北京市海淀区中关村大街 59 号文化大厦六层邮编 :100872