Study On The Development Of China's Green Bond Market

With the development of society,the global ecological environment continues to deteriorate.Faced with such severe environmental problems,people gradually realize that while developing economy,they should also pay attention to environmental benefits.Therefore,the concept of green finance emerged as the times require.As one of the green financial products,green bond has brought new financing channels for green industry and promoted the development of green industry.China's green bond market started late,there are still many problems in the market,and there is a certain gap with the international market.Under this background,it is necessary and key to study the green bond market in China.This paper takes the green bond market as the research object,puts forward the inherent defects of the green bond market on the basis of the special attributes of the green bond market,points out that the above defects are caused by the lack of perfect incentives and constraints,and puts forward the design of the incentive and constraints mechanism of the green bond market.Secondly,this paper analyses the green bond market at home and abroad,summarizes the relevant experience abroad,points out the problems existing in the green bond market in China,and puts forward some policy suggestions to promote the development of the green bond market in China.Through theoretical analysis,this paper points out the inherent defects of the development of green bond market based on the special properties of green bond quasi-public goods,and puts forward the overall framework of incentive and restraint mechanism of green bond market.Based on this framework,this paper holds that in the development of international green bond market,China should draw lessons from the experience of strengthening government policy support,formulating standard green bond and advocating third-party certification agencies.It points out that there are some problems in domestic green bond market,such as unclear standards,single participants and low market recognition.We should improve the incentive and restraint mechanism and promote the market.Diversification,cultivation of participants' green consciousness and social responsibility investment consciousness should be improved.