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 September 2025 against the CGT.
14 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 6.09 billion. Among these, 11 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
|
CND10009PPS8
|
CHINA NUCLEAR LEASING GN 25(003)(CNB)
|
6.00
|
|
2
|
CND10009PPK5
|
WUHAN SEWAGE GN 25(002)
|
3.00
|
|
3
|
CND10009PR59
|
FUZHOU METRO GN 25(003)(CARBON NEUTRAL BOND)
|
5.00
|
|
4
|
CND10009PZW9
|
STATE GRID XINYUAN GN 25(003)
|
0.80
|
|
5
|
CND10009PZV1
|
STATE GRID XINYUAN GN 25(002)
|
1.50
|
|
6
|
CND10009QKZ2
|
YANGTZE INV MTN 25(001)(CARBON NEUTRAL BOND)
|
6.00
|
|
7
|
CND10009QKB3
|
YUNNAN POWER GN MTN 25(003)(GREEN)
|
5.00
|
|
8
|
CND10009R238
|
NANCHANG RAIL TRANSIT MTN 25(001)(GREEN)
|
4.60
|
|
9
|
CND10009R1X8
|
TONGWEI GN 25(002)(TECH INNO BOND)
|
5.00
|
|
10
|
CND10009R667
|
STATE GRID XINYUAN GN 25(004)
|
1.00
|
|
11
|
CND10009R5H2
|
STATE GRID XINYUAN GN 25(005)
|
1.00
|
|
12
|
CND10009R477
|
STATE GRID XINYUAN GN 25(006)
|
1.00
|
|
13
|
CND10009RG43
|
STATE GRID XINYUAN GN 25(007)(RURAL REVI)
|
1.00
|
|
14
|
CND10009RFL0
|
CHINA POWER GN 25(004)(BLUE BOND)
|
20.00
|
In September 2025, 12 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
|
CND10003Q7J1
|
SHENYANG METRO GN 20(002)
|
10.00
|
|
2
|
CND10005N292
|
22 FUZHOU METRO GN002
|
5.00
|
|
3
|
CND10005N3X2
|
CN NUCLEAR LEASING GN 22(001)(CNB)
|
12.00
|
|
4
|
CND10005P7B7
|
CGN WIND ENERGY GN 22(001)
|
10.00
|
|
5
|
CND10005P3X0
|
SENE NEW ENERGY GN 22(002)
|
10.00
|
|
6
|
CND10005PW64
|
CGN WIND ENERGY GN 22(002)
|
10.00
|
|
7
|
CND10005QL09
|
YANGZHOU TRANS GN 22(001)(CNB)
|
5.00
|
|
8
|
CND100070NZ0
|
QINGDAO METRO MTN 23(002)(CARBON NEUTRAL BOND)
|
13.00
|
|
9
|
CND100070W09
|
CCCC FIRST HIGHWAY MTN 23(001)(GREEN)
|
2.00
|
|
10
|
CND100072B02
|
XINJIANG POWER GENERATION MTN 23(001)(GREEN)
|
5.00
|
|
11
|
CND1000722W4
|
HECIC NEW-ENERGY MTN 23(002)(CARBON NEUTRAL BOND)
|
1.40
|
|
12
|
CND10008RCS4
|
TONGWEI GN 24(009)(TIN)
|
5.00
|
As of September 30, 2025, expert group has evaluated a total of 477 CGT-aligned Chinese green bonds traded in the interbank market, 281 of which remain in duration.
The 281 outstanding bonds account for 25.1% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 349.814 billion, accounting for 17.7% 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 93.5%, 4.3%, 0.1% and 2.1% respectively. The top three allocations of use of proceeds are D1.3 Electricity generation from wind power (25.6%), H1.1 Construction and operation of public transportation system in urban and rural areas (24.9%), 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 (October 2025 version)
