Green Bond Issuance under China’s Green Finance Reform Pilots: Evidence from Provincial Panel Data

DOI

10.2991/978-94-6239-801-6_85How to use a DOI?

Keywords

Green Finance Reform Pilots; Green Bonds; Provincial Green Bond Issuance; Difference-in-differences

Abstract

Green bonds now play an increasingly important role in channeling funds toward environmentally sustainable investment under China’s dual-carbon strategy. A major institutional change occurred in 2017, when China introduced pilot zones for green finance reform and innovation. Rather than treating that reform merely as background, this paper uses it as the central policy shock to examine whether provincial issuance of green bonds increased after the pilots were launched and whether the response strengthened over time. Possible transmission channels include improved financing conditions for green projects, broader financial support, and more effective disclosure of environmental information. Regional differences in development conditions may also shape the size of the response. Empirically, the study relies on a quasi-natural policy setting and estimates the effect with a difference-in-differences (DID) approach. The regressions additionally account for economic structure, financial conditions, government intervention, openness, technological investment, and environmental regulation, while province-specific and year-specific effects are also included. Further checks based on alternative indicators and robustness exercises are used to assess the stability of the findings. The results are expected to show that the reform pilots raise provincial green bond issuance and that the effect becomes clearer as time passes. The analysis therefore adds evidence on the role of local institutional reform in supporting expansion of the green bond market.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Jin Meng
PY  - 2026
DA  - 2026/10/23
TI  - Green Bond Issuance under China’s Green Finance Reform Pilots: Evidence from Provincial Panel Data
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 816
EP  - 827
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_85
DO  - 10.2991/978-94-6239-801-6_85
ID  - Meng2026
ER  -