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 October 2025 against the CGT.
13 green bonds supporting projects on climate mitigation have been newly identified as CGT-aligned, with a total scale of RMB 10.3 billion. Among these, 12 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
|
CND10009T5P3
|
DONGGUAN RAIL TRANSIT GN 25(001)
|
5.00
|
|
2
|
CND10009T796
|
CHINA NUCLEAR LEASING GN 25(002)
|
5.00
|
|
3
|
CND10009T5X7
|
STATE GRID XINYUAN GN 25(008)
|
1.30
|
|
4
|
CND10009TXX4
|
STATE GRID XINYUAN GN 25(009)(RURAL REVI)
|
0.50
|
|
5
|
CND10009TZ71
|
TIANCHENG LEASING GN 25(003)(CNB/RR)
|
5.00
|
|
6
|
CND10009TYQ6
|
THREE GORGES GN 25(005)(CARBON NEUTRAL BOND)
|
20.00
|
|
7
|
CND10009V008
|
THREE GORGES GN 25(006)(CARBON NEUTRAL BOND)
|
20.00
|
|
8
|
CND10009V1R4
|
CGN WIND ENERGY GN 25(003)(RURAL REVITALIZATION)
|
10.00
|
|
9
|
CND10009V347
|
SHAOXING RAIL TRANSIT GN 25(001)
|
8.00
|
|
10
|
CND10009V5Q7
|
CGN WIND ENERGY GN 25(004)(RURAL REVITALIZATION)
|
10.00
|
|
11
|
CND10009V5P9
|
STATE GRID XINYUAN GN 25(010)(RURAL REVI)
|
1.20
|
|
12
|
CND10009WDL5
|
CHINA INNOVAIR MTN 25(002)(TECH INNOVATION BOND)
|
7.00
|
|
13
|
CND10009WJT5
|
PEARL INTERCITY RAILWAY MTN 25(001)(GREEN)
|
10.00
|
In October 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
|
CND10005RJ77
|
22 CGN WIND ENERGY GN003
|
20.00
|
|
2
|
CND10005S499
|
AGRI BANK GREEN FINANCIAL BOND 22(01)
|
150.00
|
|
3
|
CND10005V3X2
|
TIANCHENG LEASING GN 22(002)(CARBON NEUTRAL BOND)
|
10.00
|
|
4
|
CND100099BD1
|
STATE GRID LEASING SCP 25(004)(GREEN)
|
5.00
|
|
5
|
CND100098MV2
|
RONGHE FINANCING SCP 25(003)(GREEN)
|
5.00
|
|
6
|
CND10009K548
|
CGN WIND ENERGY GN 25(002)(RURAL REVITALIZATION)
|
40.00
|
As of October 31, 2025, expert group has evaluated a total of 490 CGT-aligned Chinese green bonds traded in the interbank market, 288 of which remain in duration.
The 288 outstanding bonds account for 25.6% of the total number of outstanding green bonds in the interbank market, with an issuance scale of RMB 337.114 billion, accounting for 17.2% 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 93.0%, 4.7%, 0.1% and 2.2% 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 (22.8%), and Electricity generation from hydropower (20.5%).
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 (November 2025 version)
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