The Evolution and Future Trajectory of ESG Information Disclosure for Green Bonds in China: A Policy Transfer and Communication Perspective
University of Malaya, Malaysia
Abstract
This study explores the evolution and future trajectory of Environmental, Social, and Governance (ESG) information disclosure in China’s green bond market through an integrated theoretical framework combining policy transfer theory, communication theory, and institutional analysis. Since the release of the Green Financial Bond Guidelines by the People’s Bank of China in 2016, China has become the world’s second-largest green bond market, with cumulative issuances exceeding $130 billion by 2023. Employing a multi-level institutional analysis that incorporates Dolowitz and Marsh’s policy transfer model and Bennett and Howlett’s policy learning theory, the study identifies four developmental phases: the Foundation Period (pre-2016), Rapid Development Period (2016–2020), Standardization and Integration Period (2021–2023), and the Comprehensive Framework Period (2024–present). The findings reveal that China’s ESG disclosure approach is characterized by selective policy transfer, strategic adaptation, and narrative construction—neither full convergence with international norms nor complete divergence. Through coordinated regulatory efforts, active participation in international discourse, and strategic differentiation between binding and non-binding instruments, China has enhanced the quality, consistency, and global compatibility of ESG disclosures. Notable milestones include the 2021 removal of “clean coal” from eligible green projects and the 2024 implementation of mandatory ESG disclosure for major stock indices. This research contributes to the understanding of policy transfer in emerging markets and illustrates how global governance norms are localized through institutional innovation and strategic communication. The study provides new insights into ESG governance, particularly in contexts where regulatory sovereignty and international engagement must be balanced.
Keywords:
ESG disclosure; Green bonds; Policy transfer; Sustainable finance; Communication theory; ChinaData Availability Statement
This study is based entirely on publicly available regulatory documents, policy guidelines, and secondary data sources. No proprietary or confidential data were used. All sources are cited in the reference list.
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