To further promote the opening of China’s green bond market, and enhance the role of the Common Ground Taxonomy (CGT) in facilitating cross-border flows of green capital, the expert group convened by the Green Finance Committee (GFC) of China Society for Finance and Banking has undertaken the relabelling work for green bonds newly issued in China’s interbank market in August 2025 against the CGT.
9 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 5.233 billion. Among these, 4 green bonds have already been aligned with the CGT during issuance. Each bond meets the specified technical requirements outlined in the Substantial Contribution Criteria of the CGT. The specific details are as follows:
Table 1: New Relabelled Green Bonds
|
Number
|
ISIN
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
CND10009LHV8
|
RONGHE FINANCING MTN 25(004)(CNB)
|
10.00
|
|
2
|
CND10009MD66
|
SUZHOU RAIL TRANSIT GN 25(002)(CNB)
|
10.00
|
|
3
|
CND10009N4N7
|
HN HYDROPOWER GN 25(009)(RURAL REVI)
|
8.00
|
|
4
|
CND10009N906
|
QINGDAO METRO MTN 25(003)(CNB) A
|
13.00
|
|
5
|
CND10009ND40
|
NORTH SEWAGE TREATMENT GN 25(001)
|
2.03
|
|
6
|
CND10009P7Z2
|
YANGZHOU TRANS SCP 25(001)(GREEN)
|
4.60
|
|
7
|
CND10009P687
|
STATE GRID XINYUAN GN 25(001)(RURAL REVI)
|
0.70
|
|
8
|
CND10009PCK3
|
NINGBO WATER MTN 25(002)(GREEN)
|
2.00
|
|
9
|
CND10009PD63
|
NINGBO WATER MTN 25(001)(GREEN)
|
2.00
|
In August 2025, 6 CGT-aligned Chinese outstanding green bonds were due. The specific details are as follows:
Table 2: Matured Relabelled Green Bonds
|
Number
|
ISIN
|
Bond
|
Issuing Amount (RMB/100 Million)
|
|
1
|
CND10003KSW8
|
RONG URBAN RAIL TRANSIT GN 20(002)
|
10.00
|
|
2
|
CND10005JDZ0
|
HN HYDROPOWER GN 22(012)(SUSTAINABILITY-LINKED)
|
20.00
|
|
3
|
CND10005L2D8
|
ZHENGTAI MTN 22(003)(TECH INNO NOTES)
|
5.00
|
|
4
|
CND10006VGS1
|
HENAN POWER GEN GN 23(004)
|
10.00
|
|
5
|
CND10006X6S2
|
XI IND GN 23(010)
|
1.00
|
|
6
|
CND10008M678
|
RONGHE FINANCING SCP 24(010)(GREEN)
|
5.00
|
As of August 31, 2025, expert group has evaluated a total of 463 CGT-aligned Chinese green bonds traded in the interbank market, 279 of which remain in duration.
The 279 outstanding bonds account for 25.3% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 352.564 billion, accounting for 18.2% of the total scale of outstanding green bonds in the interbank market. Among them, the proportion of issuance scale with issuer rating of AAA, AA+, AA, and unrated is 92.9%, 4.7%, 0.3% and 2.1% respectively. The top three allocations of use of proceeds are D1.3 Electricity generation from wind power (25.5%), H1.1 Construction and operation of public transportation system in urban and rural areas (25.2%), and D1.1 Electricity generation using solar photovoltaic technology (18.5%).
The Common Ground Taxonomy (CGT) aligned bond data published on this and other websites as part of China’s bond labeling work by the Expert Group convened by the Green Finance Committee of China Society for Finance and Banking is public information. The Expert Group welcomes all individuals and institutions to disseminate and use these data, and to develop indices, products and related services on the basis of these data.
Click here for the list of CGT aligned Chinese green bonds (September 2025 version)
