ThePeople'sRepublicofChinaSovereignGreenBondFrameworkFebruary2025TheFrameworkispublishedinChineseandEnglish.TheChineseversionshallbetheauthoritativeversionoftheFramework.TheEnglishversionisintendedmerelyforeaseofreference.TableofContentsIntroduction.......................................................................................................11.Background...................................................................................................31.1China'sActionsontheConstructionofEcologicalCivilization.............31.2MinistryofFinance’sRoleinDrivingGreenDevelopment...................62.ThePeople’sRepublicofChinaSovereignGreenBondFramework........102.1UseofProceeds......................................................................................102.2ProcessforProjectEvaluationandSelection........................................172.3ManagementofProceeds.......................................................................172.4InformationDisclosure..........................................................................182.5ExternalReviews...................................................................................23Page1IntroductionTheConstructionofEcologicalCivilizationisofcriticalimportancetoensuringthesustainabilityofcommunityforChinesenation,andgreendevelopmentisanecessarylevertoachievethis.Inrecentyears,thePeople’sRepublicofChina(“China”)hasadheredtothephilosophyof“Lucidwatersandlushmountainsareinvaluableassets”,prioritizingecologicalconservationandgreendevelopment,whilepromotingacomprehensivetransitioninitseconomicandsocialdevelopment.AchievingcarbonpeakingandcarbonneutralityisaremarkablestrategicdecisionundertakenbyChina.ThisinitiativemanifestsChina’sprogressiontoapplynewdevelopmentphilosophyandadvanceChinesemodernization,andtofulfillitscommitmenttobuildingacommunitywithasharedfutureformankindandpromoteharmonybetweenhumanityandnature.TheMinistryofFinanceofthePeople’sRepublicofChina(“MOF”)implementsthedecisionsandplansoftheCentralCommitteeoftheCommunistPartyofChinaandtheStateCouncil.Itmakesgreateffortstoworkaroundtheprinciplesof“increasingfinancialsupport,deepeningsystemizationandmakingrefinementswhenapplicable”,andaimstoexpandfiscalsupport,enhancingmechanismsandtoolssuchastaxation,governmentprocurement,resourceutilizationfees,andecologicalPage2conservationcompensation.Theseeffortsaimtosupportenvironmentalprotection,establishasecureecologicalframework,andacceleratethegreenandlow-carbontransition.ThePeople’sRepublicofChinaSovereignGreenBondFramework(“Framework”)laysthefoundationfortheissuanceofinternationalsovereigngreenbondsofMOF.ThroughthisFramework,MOFintendstoissueChina’sSovereignGreenBonds(“SovereignGreenBonds”),demonstratingthenation’scommitmenttosupportinggreenandsustainabledevelopment,diversifyingtheglobalgreenbondsmarket,encouragingmoreChineseissuerstoissuegreenbonds,andattractingfurtherinvestmentinthegreenfinancialmarkets.Page31.BackgroundSince2013,ChinahasrecognizedthecriticalroleofEcologicalCivilizationinnationalgovernance,integratingitintoitsFive-SphereIntegratedPlan,whichcomprehensivelycoverseconomic,political,cultural,social,andecologicalcivilizationconstruction,aimingtopromotetheall-rounddevelopmentofthecountry.Chinahasproposedanewdevelopmentphilosophyof“innovative,coordinated,green,openandshareddevelo...