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Development of China’s green finance system and major financial instruments. By丨Kent WOO，Siyuan YU As green finance gains wider recognition as a driving force for the sustainability of the global economy, China has emerged as a global leader in this domain, and transactions in its green and sustainable financial markets have grown exponentially in recent years. This article aims to explore China’s green finance framework, major green finance instruments, local initiatives, and developments, as well as their impacts on global sustainability. Green Financial System Guidelines As mentioned in our previous article, 《ESG in China: Opportunities and Challenges for Foreign Investors》 , China’s green finance development is characterized by a top-down policymaking approach. In 2016, sustainability efforts in China gained significant momentum when the National Development and Reform Commission ( “NDRC”) , the People’s Bank of China ( “PBoC” ), the China Securities Regula
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