Journal
Scientific journal NRU ITMO Series "Economics and Environmental Management"
UDK336.01
Issue:4 (63)
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China's green bond market: peculiarities and experience for the Russian Federation
Annotation
The article deals with topical issues of China's green bond market development, the discussion of which made it possible to formulate recommendations for Russia. The research methodology is based on the methods of content analysis, statistical and expert evaluation. The peculiarities of China's green bond market were characterized in the following areas: industry specifics of financed activities and issuers, regional and instrumental structure of issues. The research has shown that China's green bond market is actively developing, corresponding to the strategy of building an ecological civilization and double carbon policy, but this market is characterized by structural disproportions, complex regulatory system and insufficient information transparency. Key determinants of market development include political incentives, financial capacity of participants, changes in investor demand and awareness, issuer interest and market infrastructure. As China and Russia are emerging economies, their national green bond markets share certain common features related to green bond policy implementation, capital allocation structure, and issuer composition. Taking into account China's experience, as well as the lack of transparency in issuer disclosure, the introduction of issuance standards that require improvement, low liquidity, limited innovative instruments and the imbalance between supply and demand in the Russian green bond market, it is recommended to strengthen policy incentives, diversify the green debt financing toolkit, form pilot zones for the introduction of green finance and promote cross-border issuance of ruble-denominated green bonds.
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