China's green bond issuance surges in Q1

BEIJING - China's green bond issuance saw a soaring growth in the first quarter, according to the Economic Information Daily.

The country issued 62 green bonds worth 50.13 billion yuan (about $7.46 billion) in the January-March period, surging 178 percent year on year, reported the paper, citing data from financial information provider Wind Info.

China's issuance of green bonds has maintained a rapid increase in recent years, with the amount reaching 210.3 billion yuan last year, accounting for nearly 18 percent of the worldwide issuance, the paper cited data from a report by the China Central Depository & Clearing Co., Ltd.

The country's green bond market has retained strong growth momentum and posted breakthroughs in multiple areas, and seen more participants with its system more and more standardized, the paper quoted an industry insider as saying.

China announced a plan in 2016 to establish a national green finance mechanism, becoming the first country in the world to make such a move. It also helped push green finance to be included on the G20 agenda.