Liang Gang1,Xie Liangde2,Wang Zheng3
（1 ，Haikou Economic College, Haikou, Hainan,571132
（2 ，Guangxi University of Finance and Economics,Guangxi Zhuang Autonomous Region,530001
（3 ，Postdoctoral Research Station of the Institute of Industrial Economics,Chinese Academy of Social Sciences, Beijing, 100005
abstract：Green finance is an effective way to promote sustainable development in society,economy,and envi ronment.Finance is the core of the modern economy and must serve the sustainable development of the econo my.Under this trend,the status of green finance has become increasingly important,and it has become a develop ment trend.With the continuous development of China’s economy,industries are facing industrial transformation an d upgrading. In recent years,green finance has risen to the level of national strategy and has spread to neighbori ng countries along with the ‘Belt and Road’ initiative.Guangxi has the geographical advantage of being a link bet ween China and ASEAN countries.The construction of the Beibu Gulf Economic Zone has driven international exch anges and win-win cooperation.This article mainly analyzes the development and current situation of green financ e in three Southeast Asian countries: Singapore,Thailand,and Malaysia.Then,through studying how Guangxi can leve rage its geographical advantage in the Beibu Gulf to promote the development of green finance in Southeast Asi an countries along the ‘Belt and Road’,some suggestions for the green development of the ‘Belt and Road’ are p rovided based on the current situation.
Key words:Beibu Gulf; Belt and Road Initiative; Southeast Asia; green finance; development
I 、A review of international green finance th eory
（I）The origins of green finance
In 1980,the United Nations General Assembly advocated for the study of natural,social,and ecological economics,promoting global sustainable development by properly managing the relationship between nature and resources.Against the backdrop of economic globalization,environmental issues have gradually become a focus of public concern.As a result,governments have formulated a series of environmental policies to reduce pollution,lower energy consumption,and fully utilize market efficiency to address environmental problems.By
analyzing environmental factors in fina ncial innovation,evaluating environmental ri sks for financial enterprises,boldly innovati ng and developing green financial product s,and integrating the ‘three benefits’.In sea rch of protecting the environment and ma intaining biodiversity through the use of d iversified financial tools,green finance natu rally came into being.
In 1997,the concept of green finance was first proposed by countries around the world.Since then,governments,international
organizations,financial institutions,and
non-governmental organizations from various countries have made various attempts in the field of environmental protection,learning from their experiences.At this time,green finance has
also rapidly developed in the international co mmunity.Within the field of green finance,com mercial banks,venture capital,and the insurance
industry are gradually developing,and even wit hin the green industry,green investment funds and environmental liability insurance are contin uously emerging.
（II）Definition of green finance
Green finance,also known as environmental finance or sustainability financing,is an environ mental protection,social responsibility and finan cial communication activity.It is a means of en vironmental protection and an asset business o f financial institutions. Its core is the stock of n atural resources,or the loss of natural resource s and environmental losses caused by human economic activities.Then use the methods of ev aluation and measurement,measure with enviro nmental and economic value,and then apply it to the field of financial resource allocation an d evaluation of financial activities.Green finance is an inevitable trend in today’s world develo pment.Of course,it can also be said to be an expansion and extension of traditional finance. I n terms of financial activities,green finance cor responds to traditional finance,that is to say,all kinds of idle funds in a society are collected and then applied to departments or regions th at need funds. • But in contrast,the most promi nent feature is the characteristics of green fina nce.It pays more attention to the activities of i
ts own rights in the living environment of hu man society,the use of various economic entiti es,protect nature and reduce the scope of envi ronmental pollution,safeguard the long-term int erests and development of human society,so as
to promote the stable development of financi al activities,and thus achieve sustainable social and economic development.
II 、The current state of green finance dev elopment in China
（I）The current state of development of green bonds
In China,the green bond market started rel atively late but has developed very rapidly.In 2 014,the International Finance Corporation (IFC) issued the first global RMB green bond,which
was used to invest in China’s green climate.In 2015,Xinjiang Jinfeng Technology Co.,Ltd.issued t he first true green bond in Hong Kong Stock E xchange.The issuance scale was as high as $30 0 million,with a term of three years and a co upon rate of 2.5%.As the issuance scale of the green bond market grows,a series of related l aws and regulations are also continuously intro duced.In 2017,it was the second year for the l abeled green bond market in China.Despite the overall decline in the bond market that year,t he issuance amount of green bonds not only s lightly increased compared to the previous yea r but also saw the number of issuances more than double,showcasing outstanding performanc e and attracting widespread attention,reflecting the growing recognition of green bonds in the market.In 2017,the issuance scale of labeled green bonds in mainland China reached 208.38 billion yuan,an increase of 1.5% compared to the same period in 2016.Among them,68 entities issued 103 green ordinary bonds totaling 193.775 billion yuan; additionally,10 green asset-b acked securities (green ABS) totaling 14.605 bil lion yuan were issued.
Table 1: Overall scale of the Chinese bond market
Data source: Wind database,China Academy of Financial Green Research Institute
Figure 1: The overall scale of China’s bond market
Table 2: The scale of the green bond market within China
Data source: Wind database,China Academy of Financial Research Green Finance Ins titute
Chart 2: The market size of green bonds withi n China
From the above charts,it can be seen that the total issuance of green bonds within and outside our country amounts to 251.14 billion yuan. It can be said that in 2017,our country remained the largest issuer of green bonds glo bally.According to CBI data,the global issuance of green bonds in 2017 was $120.2 billion,with China’s green bonds accounting for 32. 16% of the global green bond issuance.Compared to l ast year,there has been a decrease,mainly due to the active issuance of green bonds abroad. Table 3: Scale of Green Bonds Issued Overseas by China
Data source: Wind database,China Academy of Financial Green Research Institute
Data source: Wind database,China Academy of Financial Green Research Institute
Chart 3: The scale of green bond issuance out side China
From the above charts,it can be seen that in 2017,Chinese issuers issued 5 green bonds overseas,totaling 3.95 billion euros denominated in euros and 1.85 billion dollars denominated in US dollars,which altogether amounted to a pproximately 428.34 billion yuan,representing a year-on-year increase of 63.57%.
（II）The current status of green credit d evelopment
Green credit,also known as sustainable fin ancing or environmental financing,refers to ban king financial institutions adhering to relevant i ndustry policies,utilizing interest rate leverage t o regulate the flow of credit funds,aiming to a chieve green allocation of funds. Industries can implement credit control,restrict development t hrough project access and high interest rates,a nd further transform into ‘dual high’ by imple menting preferential credit policies,issuing green credit products,and increasing support for envi ronmentally friendly and renewable industries t o maximize the ecological benefits of energy c onservation and environmental protection indus tries.This,to some extent,has a feedback effect on financial institutions,thereby achieving the b est state of ecological and financial industry’s benign cycle.
1.Green credit of policy banks
The business of China’s policy banks mainl y focuses on the country’s overall interests and social benefits,supporting key industries and hi gh-tech industries by implementing national fisc al and economic policies.Policy banks have implemented financial and economic policies,playin g a promoting role through continuous develop ment in business areas and constant improvem ent in service quality.By continuously advancing green credit policies,policy banks fully leverage their policy advantages,playing a significant rol e in the financial market.Additionally,policy ban ks can consider various environmental factors during the credit approval and issuance process, thereby bringing new vitality to China’s green credit.
（1）National Development Bank
Through the establishment of systems,the National Development Bank has continuously i mproved its environmental risk management an d control framework.It aims to include corporat e environmental safety accident risks as a core component of credit access evaluation during project development assessment,incorporating t he environmental performance and major accid ents of credit enterprises into significant revie w matters.During post-loan management,measur es such as downgrading the asset quality grad e and halting loans will be implemented for e nterprises or projects that violate environmenta l regulations or experience major accidents. By proposing relevant standards for environmental and social risk assessments of loan projects,it s eeks to bring about long-term impacts on envi ronmental improvement and employment.
（2）Import and Export Bank
Under the guidance of the national green credit policy,the Export-Import Bank of China actively implements national energy conservation and emission reduction policies,adhering to th e concept of ‘green credit.’ It imposes strict e nvironmental requirements on projects,continuo usly strengthens environmental risk managemen t,frequently exchanges environmental assessmen ts with the World Bank,the International Financ e Corporation,and other institutions,establishes specific exit mechanisms for environmental risk s,leverages the role of green credit funds,and promotes a series of green credit policy systems to enhance its internal control management and supervision.
（3）Agricultural Development Bank of C hina
After the implementation of green credit policies,significant breakthroughs have been ach ieved by the China Agriculture Development Ba nk in the field of agricultural economic develo pment.The application of green economic mode ls has made great contributions to agricultural development.The bank adopts a ‘veto’ system f or credit to non-compliant enterprises and issu es corresponding regulations to guide the devel opment of green credit within the bank. It also develops a coverage list for the green credit i ndustry,using an enterprise grading managemen t system.Enterprises are given relevant preferen tial policies to improve their ratings.The focus of the rating is on key indicators such as pollu tion levels and production technology,ensuring they meet relevant regulations and whether th ey have made corresponding adjustments according to green production requirements. Based o n this,the bank decides whether to support orwithdraw from subsequent credit. For enterpris es rated poorly,the bank withdraws credit,strictl y prohibiting new financing and related service s.
2.Green credit of commercial banks
China’s major commercial banks have succ essively introduced green credit policies.In term s of implementing measures: major commercial banks have implemented a ‘veto system’ to st rictly control loans to high-pollution,high-energy -consuming,and overcapacity industries,resulting in a downward trend in loan amounts across major banks,while also increasing the number of environmentally friendly and energy-saving c ustomers,with green customers accounting for more than 90%. In terms of product and servic e innovation: there are still areas where major commercial banks are lacking.Industrial Bank i ntroduced emission rights,financial services,’8+1′, financial services,and energy efficiency loans,wh ile China Merchants Bank launched energy-savi ng service loans and green equipment buyer’s credit and other green credit products.
（III）Current status of green funds devel opment
Green funds are a special type of investm ent fund primarily used for energy conservatio n and emission reduction strategies,promoting l ow-carbon economies and optimizing environm ental improvement projects.They have been wid ely applied in areas such as smog control,water environment management,soil remediation,pollution control,clean energy,sand control and afforestation,green transportation,and ecological protection. By the end of 2016,among the 265 green and energy-saving funds registered with the Asset Management Association of China,there
were 159 equity investment funds,accounting for 60%; 33 venture capital funds; 28 securities
investment funds; and 45 other types of fund s.Currently,the development of green funds in China exhibits the following characteristics and trends:The green industry has a vast market sp ace and a promising future for green funds.Acc ording to the China Securities Regulatory Com mission,during the ’13th Five-Year Plan’ period,i f the existing environmental plans and ‘low sce nario’ are followed,China’s demand for green fi nancing in five major areas,including sustainabl e energy,would be 14.6 trillion yuan; under th e ‘high scenario,’ the funding requirement woul d be 30 trillion yuan.However,as part of the gr een financial system,green funds have a broad range of funding sources,capable of aggregating
various funds from the government,public insti tutions,and the private sector.This indicates that
the prospects for green funds in the green in dustry market are highly promising.Various levels of government are promotin g green development funds. Nowadays,cities suc h as Guangdong and Zhejiang have established green development funds and environmental protection funds,and even green financial tradi ng platforms.At the same time,the city is also
vigorously developing green funds. For example,t he city and Zhangjiakou have established green economic development funds to promote gree n financing,help raise funds,and promote green
urbanization and local government financing a nd investment reform.
The company has established a venture ca pital fund and a green private equity investme nt fund.Currently,most venture capital funds an d private equity funds place great emphasis on energy conservation,emission reduction,and ec ological protection.Since 2010,some large enter prises have actively participated in the establis hment and operation of environmental protecti on funds. For example: China United Bank,indust rial enterprises have set up green funds excee ding 5 billion yuan for energy conservation an d environmental protection group; CCB Internat ional jointly established an environmental prote ction fund with Shanghai Municipal Constructio n Investment and Development Corporation; Jin Cheng Lili Road Base Green Silk Panhai Group, Yili Resources Group jointly launched the const ruction and development,dedicated to the ecol ogical economy belt of photovoltaic energy alo ng the Belt and Road.
Green funds are an indispensable carrier f or global green financial cooperation.Under the impetus of economic globalization,the focus of green development cooperation is to strength en international cooperation in green finance,a nd through such cooperation,establish various t ypes of private green investment funds.
（IV）Current status of green insurance develo pment
Green insurance addresses environmental p ollution incidents through green insurance mea sures.On one hand,it helps enterprises determi ne pollution responsibilities and enhance their awareness of disaster prevention and loss mitig ation.On the other hand,victims can receive co mpensation,and the government can alleviate it s compensation pressure.With the advancement of reform and opening up and rapid economi c development,environmental pollution issues h ave become prominent.China has started to ex plore the establishment of corporate environme ntal pollution liability insurance,marking the be ginning of the development of green insurance.
Mandatory environmental pollution liability insurance has been gradually implemented. Env ironmental liability insurance was established in 1991,and a pilot project for environmental pol lution liability insurance was launched in 2007. The “guidance” jointly issued by the Ministry o f Environmental Protection and the China Insur ance Regulatory Commission aimed to guide th e implementation of the pilot project for envir onmental pollution liability insurance,particularly targeting industries with high environmental ri sks such as heavy metals and petrochemicals.C urrently,most provinces across the country have initiated pilot projects,covering areas such as heavy metals,hazardous waste treatment,and ha zardous chemicals. Insurance companies have pr ovided a total risk prevention service amount
exceeding 130 billion yuan.In 2016,there were 14,400 insurance companies nationwide,with pr emium income of 2.84 billion yuan.Insurance c ompanies collectively provided risk protection f unds amounting to 263.73 billion yuan.Compar ed to insurance premiums,the risk protection c apability of insured companies increased nearly
93 times,and they participated in the pilot ins urance products.In June 2017,the “Management
Measures for Mandatory Environmental Polluti on Liability Insurance” passed public consultatio n by the Ministry of Environmental Protection and the Insurance Regulatory Commission,marki ng the beginning of the legislative track for en vironmental pollution liability insurance.
Currently,on the basis of developing the af orementioned green insurance products,insuranc e companies are also actively exploring the de velopment of new green insurance products.For example,environmental protection technology a nd equipment insurance,product quality safety l iability insurance,marine pollution damage liabili ty insurance,and other green and environmenta lly friendly products and low-carbon eco-friendl y consumer goods are also being actively devel oped,with some already starting pilot programs. At the same time,insurance institutions leverag e their professional risk management advantage s by underwriting green insurance to actively c onduct risk monitoring and assessment for ent erprises,promptly alerting them to potential risk s,and promoting risk management knowledge t o the public.Green insurance is an important c
omponent of the green financial system and a
primary carrier for fulfilling social responsibiliti es and creating social value.
III 、The development status of green finan ce in Southeast Asian countries along the Belt and Road Initiative
（I）Current status of green finance devel opment in major Southeast Asian countries
This article selects Singapore and Malaysia as representative countries,and Thailand as a Southeast Asian country under the Belt and Ro ad Initiative.As the most developed country in Nanyang,Thailand is an economic powerhouse i n Nanyang.China and Malaysia are cooperating in the Guangxi Industrial Park.These three coun tries are also important components of the Pa n Beibu Gulf Economic Circle.
1.The current state of green finance devel opment in Singapore
In recent years,the development of green finance in Singapore has been relatively slow,a nd no green bonds have been issued.The gree n financial market is not very mature. It was n ot until June 2017 that the Monetary Authorit y of Singapore launched the ‘Green Bond Gran t Scheme’ to help companies reduce the cost of issuing green bonds,thereby promoting sustai nable investment in Singapore.The Singapore go vernment has also led in supporting the green bond market. In March 2018,Singapore issued a 7-year green bond worth 2.5 billion rupees (approximately 40 million USD),which was the f irst green bond internationally to comply with
both the Green Bond Principles and the ASEA N Green Bond Standards.The efficiency of the Singapore government in developing a green e conomy once again demonstrates Singapore’s a bility to lead society.The trend towards green d evelopment promotes the rapid development o f Singapore’s environmental protection industry
and circular economy industry.Sound governm ent decision-making and mechanisms can ensur e the smooth implementation of Singapore’s gr een plans and urban planning.
Singapore is a significant trade center and port in Southeast Asia,with a highly advantage ous geographical location and well-developed in frastructure.It has laid a solid foundation for th e development of the financial industry and pr ovided favorable conditions for its growth.To ra ise more funds to promote economic develop ment,Singapore can attract various external cap ital through its financial markets into the regio n.This not only promotes economic developmen t but also further deepens financial developme nt.Singapore leads in international finance,trade financing,maritime finance,insurance,and financi al services,and is also at the forefront in asset and wealth management.Additionally,Singapore is the world’s fourth-largest foreign exchange trading hub.The implementation of a series of i nternational competitive tax incentive policies a ccelerates the concentration of regional and gl obal headquarters,promoting the growth of tec h startups in Singapore.
2.Current state of green finance development in Malaysia
Malaysia’s geographical location is quite ad vantageous,and its political and economic condi tions are very stable,with relatively well-develo ped laws and systems.In 2017, Malaysia issued i ts first green Islamic bonds,valued at $58.5 mil lion,$236 million,and $461 million respectively.C oupled with government incentives,the country has gradually established its role as an innovat or in green Islamic finance.Green Islamic bonds are an innovative way to provide financing fo r the world,resulting from cooperation between the central bank,the Securities Commission of Malaysia,and the World Bank.They aim to pro mote the development of the green Islamic bo nd ecosystem and introduce new financial instr uments to address the global demand for gree n facilities.
On November 9,2017,as Malaysia was prep aring to issue the world’s first ‘green bonds’ t o promote the development of financing activit ies for environmental projects,the Asian Develo pment Bank (ADB) encouraged the popularity o f these new bonds through tax incentives.To cr eate a comprehensive green bond market,stron ger regulation is also needed,as regulatory fra meworks are crucial. Market regulation must co ver three aspects: the entire bond market,bond issuers,and investors. Malaysia has already esta blished the largest bond market in the region,a nd more importantly,its bond market is quite mature with no serious bond default incidents. The launch of green bonds by Malaysia is an
active development strategy that can effectively
promote green bonds by providing tax incenti ves,making these bonds more attractive.
As the investment and trade exchanges be tween China and Malaysia become increasingly frequent,continuous strengthening of cooperati on between enterprises from both countries,lev eraging their respective advantages,combining o r exchanging talent and technology,and jointly seeking more cooperation opportunities to expl ore larger markets,especially in areas with grea t development potential such as cultural touris m,green energy,healthcare,and traditional medici ne research. Malaysia’s favorable investment env ironment,combined with park preferential polici es,provides an excellent investment platform fo r domestic companies looking to ‘go global’.Ad hering to the combination of ‘going out’ and ‘ bringing in’,implementing a strategy of superior outbound and inbound investments,actively ex panding international markets,striving for greate r breakthroughs in trade,investment,and other c ooperation fields,achieving economic integration, development linkage,and shared benefits.At the same time,green bonds can be issued in Chin a or other regions for refinancing infrastructure. Chinese investors can also use the issuance of green bonds to leverage private capital to sup port the development of green infrastructure p rojects.Therefore, Bond Connect provides a good opportunity for Malaysia to enter China’s ons hore green bond market.
3.Current state of green finance development in Thailand
Thailand’s infrastructure is relatively good i n Southeast Asia,with a certain industrial found ation,especially a well-developed automotive in dustry and thriving tourism.Coupled with good security and active participation in the Belt an d Road Initiative,its development has been very rapid,and its prospects are also very promisin g.
The Economic and Social Development Boa rd of Thailand released the national accounts data for 2016 in February 2017.The data show ed that in 2016,Thailand’s economy grew stead ily.In real terms,calculated at constant prices,th e GDP growth rate increased by 3.2% compare d to the previous year,which was an increase of 0.3 percentage points from the previous yea r.According to statistics,in 2016,Thailand’s nomin al GDP,calculated at current prices,was 14.36 tr illion baht,growing by 5.0% year-on-year,with th e nominal growth rate accelerating by 1.4 perc entage points compared to the previous year. ①
Table 4: Annual Gross Domestic Product (GDP) and Growth Rate of Thailand
Data source: The Economic and Social Develop ment Board of Thailand
Figure 4: Annual Gross Domestic Product (GDP) and Growth Rate of Thailand
From the above chart,it can be seen that although Thailand’s economic development is o n an upward trend,combined with Thailand’s o wn economic location advantages,these factors can promote its national economic developmen t. However,Thailand’s green finance development is slow,awareness is weak,and it is still in the initial stage.Currently,the carbon market develo pment in ‘Belt and Road’ countries is slow,and Thailand’s carbon market is considering constr uction,which requires China to export carbon market experience,including information systems, industry technology,verification services,carbon fi nancial services,etc.,which has potential technic al trade value. In the long run,during the desig n phase of the carbon market,it can be consid ered to connect with China’s carbon market.Aft er the connection of carbon markets,internatio nal carbon trade based on carbon credits and denominated in RMB will become more freque nt,providing a broader development space for t he cross-border use of RMB,thus promoting th e internationalization of the RMB.
Chinese enterprises,in the construction of t he Belt and Road Initiative,have invested in cli mate change mitigation and adaptation projects in Belt and Road countries,actively participatin g in the development of carbon markets in ho st countries. By expanding the use of the RMB,t hey have created a significant influence in thes e carbon markets,which also paves the way for the internationalization of the RMB.Climate ch ange projects can cover various fields such as water conservancy,agriculture,forestry,and constr uction. Based on relevant experience,China can expand the international circulation of the RM B under current account transactions by purch asing related services and technologies domesti cally.This can also drive the development of gr een finance in Thailand,making Thailand aware that developing green finance not only promot es its own development but also facilitates tra de between countries,enhances exchanges,and k eeps pace with the times.
（II）The inadequacies in the developmen t of green finance in Southeast Asian countrie s along the Belt and Road Initiative.
1.The relevant laws and regulations are n
ot improving
The level of understanding of green financ e among Southeast Asian countries along the Belt and Road is generally low,and relevant law s and regulations are incomplete.There are wid espread issues such as unclear definitions of gr een projects,inconsistent transaction rules,etc.
2.The coverage of green finance is small.
Currently,green finance is still in its early s tages for most Southeast Asian countries along the Belt and Road Initiative.The volume of gr een finance transactions and the scope involve d are still relatively limited.
3.The relevant supervisory mechanisms ar e not improving
In the policies of Southeast Asian countrie s under the Belt and Road Initiative for green finance,the market environment has not reache d a mature stage.The environmental inspection system and environmental information disclosu re system need to be improved and enhanced. There is no unified standard for regulation,and the standards for work have not yet been int roduced,making it difficult for major financial e nterprises to adapt,thus leading to a decline in the effectiveness of the policies.Some measur es of green finance cannot be fully implement ed in practice,and local protectionism prevails. I n order to develop the economy,environmental issues are ignored,and green finance does not receive effective support,hindering its develop ment.
IV 、The geographical advantages and policy ad vantages of Beibu Gulf,Guangxi
（I）The locational advantages of Beibu G ulf,Guangxi
Data source: China map
Figure 5: Geographic map of the ten ASEA
N countries From the above chart,it can be seen that our country faces the ASEAN nations across th e sea,and there is frequent trade between us. I n recent years,with the deepening relationship and joint development of the China-ASEAN Fre e Trade Area,the cooperation mechanisms betw een us have been continuously improving and enhancing,resulting in fruitful practical cooperati on.In 2016,the bilateral trade volume between China and ASEAN reached $452.2 billion,making ASEAN China’s largest trading partner,while Ch ina is ASEAN’s third-largest trading partner. Bilat eral direct investment amounted to $15.8 billion.ASEAN has become the fourth largest destina tion for China’s outward direct investment and also a major source of such investment.China
is the largest source of outbound tourists to ASEAN,with mutual visits reaching 38 million p eople.The effective integration of the economy and finance between both sides facilitates the docking of green finance strategies at the nati onal level,promoting the healthy and rapid dev elopment of green finance in ASEAN countries. ②
Table 5: Statistics of Bilateral Trade between C hina and ASEAN
数据来源：国家统计局
数据来源：国家统计局
Table 6: Bilateral trade statistics between China and ASEAN
From the above chart,we can see that the bilateral trade volume between China and ASE
AN showed a declining trend from 2014 to 20 16.In 2015,there was a significant change in int
ernational industrial division of labor,with labor costs rising noticeably.The demographic dividend advantage of China was no longer prominent,while some countries in ASEAN stood out,replacing China’s labor-intensive industries.Therefore,the main reason for the decline was that China’s market advantage in low-end manufacturingwas no longer present,and its high-end markethad not yet been developed. By 2017,a rapid growth trend emerged,indicating that the complementary nature of China-ASEAN trade was continuously improving.This is also a result of thecontinuous advancement of the ‘Belt and Roa d’ initiative,further expanding the scope and sp ace for China-ASEAN cooperation.
Guangxi should actively integrate into the Belt and Road Initiative,enhance the China-ASE AN open platform,leverage the potential of the sea,and stimulate the vitality of the rivers.It s hould focus on the ‘edges’ of the article,truly i mplement the rights of the open strategy,and create a new development situation.Additionally, the Beibu Gulf Economic Zone in Guangxi is lo cated at the intersection of multiple regional c ooperation areas,including the China-ASEAN Fre e Trade Area and the Greater Beibu Gulf Econ omic Cooperation Zone,making it an important transportation hub for trade cooperation betwe en the two countries.
（II）The policy advantages of Beibu Gulf in Guangxi
The Beibu Gulf Economic Zone in Guangxi is the only region in China that enjoys openpolicies such as foreign openness. It is one of t he main development areas in the country’s pr incipal functional zoning plan and one of the r egions with the most concentrated domestic pr eferential policies.The state has increased its su pport for the Beibu Gulf Economic Zone and provided practical policy support to promote its open and healthy rapid development.
First,strongly support comprehensivere forms by boldly innovating and daring to exper iment,continuously advancing the market syste m and related land management systems to fa cilitate rapid transformation of government fun ctions,improve and enhance the management model of the Beibu Gulf Economic Zone,strengt hen investment and financing system reforms,a nd effectively integrate the port and related re sources.Second,increase support for the layout of key projects,attracting active participation fro m the eastern regions in the integrated constr uction of the Beibu Gulf Economic Zone.Third,e stablish a series of relevant bonded logistics su pport systems in areas within the Beibu Gulf E conomic Zone that meet specified criteria,there by expanding the role of bonded logistics in e xport processing zones.Fourth,increase support f or financial reform,establishing local banks in t he Beibu Gulf Economic Zone,and continuously exploring the establishment of investment ent erprises that can expand the scale of corporat e bond issuance,allowing more eligible enterpri ses to issue corporate bonds.Fifth,strengthen co operation in opening up,enhance cooperation with the Beibu Gulf Economic Zone,fully levera ge its exemplary role,and promote the Pan-Bei bu Gulf Economic Cooperation as a new sub-re gional cooperation,building a new sub-regional cooperation on the basis of cooperation betwe en China and ASEAN,continuously improving an d perfecting the mechanisms of opening up an
d cooperation,thus enabling cooperative project s to be implemented rapidly.
V．Guangxi supports the development of green finance for Southeast Asian countr ies along the Belt and Road Initiative .
（I）Establish a China-ASEAN Green Finance Tr ading Center in the Beibu Gulf Economic Zone
in Guangxi
Establish a China-ASEAN Green Finance Tra ding Center in the Beibu Gulf region,leveraging our country’s support for setting up a local g reen finance specialized bank in the Beibu Gulf area and implementing relevant preferential p olicies.This specialized bank will provide loans t o enterprises investing in environmental project s within China or the ASEAN region.At the sa me time,encourage investors to set up green f und companies in the Beibu Gulf of Guangxi,a ggregating more scattered social funds into gre en finance,thereby driving the development of green finance in Southeast Asian countries alon g the Belt and Road Initiative.
Establish a carbon trading market in Guan gxi that radiates throughout Southeast Asia.Chi na’s carbon trading market has accumulated ye ars of experience,based on our exploration of establishing a carbon emission trading market. F urther implementation has been carried out in China’s carbon emission trading market,with e xperimental carbon trading markets established in places like Guangdong and Shenzhen.Accord ing to the national notice on key work for the carbon emission trading market,a unified depl oyment for the national carbon market was m ade,and the national carbon market was launc hed in 2017.Guangxi should actively learn from national experiences and establish a carbon tr ading market in the Beibu Gulf Economic Zone, with the main measures as follows:
Firstly,diversify the products available for tr ading,including not only carbon emission quota s but also reductions from forestry carbon sink projects and energy-saving projects.
Secondly,implement offset management me thods,administrative penalty discretionary power, and related policies.Penalties of varying degrees will be imposed on emission units based on t he extent of their violations in reporting,verific ation,and compliance,enforced by the energy-sa ving inspection team; develop detailed market regulation operation plans,including two types of regulatory mechanisms—quota repurchase an d reserve quota auction—triggered by specific price thresholds,designed through open market operation management methods.
Thirdly,incorporating carbon trading credit management into the social credit management platform will effectively constrain entities invol ved in the carbon market,including emission control units,investors,verification institutions,and t rading institutions.
Fourth,combine the free allocation and pai d distribution of quotas,and establish a ‘Low-Ca rbon Industry Development Fund’ using the rev enue from carbon trading quota auctions.This f und will adopt a PPP model, leveraging govern ment investment to attract private capital,ampli fy effects,explore innovative green financing an d investment models,and promote low-carbon t ransformation and development.
Fifth,implement a quota adjustment mecha nism to avoid hindering companies that cannot increase their production,ultimately ensuring t he steady and rapid development of enterprise s.
Sixth,formulate relevant local regulations.To ensure that the carbon market operates stabl y and develops steadily,it is necessary to have a complete set of laws and regulations to safe guard it,strictly deal with violations,and protect investors’ legitimate rights.
（II）Strengthen green financial cooperatio n and exchanges with ASEAN countries by tak ing demonstration cooperation projects as a h andle.
1.Establish a branch for issuing green fina ncial bonds in Singapore.
Singapore is the only developed capitalist coun try in Southeast Asia,with a complete financial system,advanced concepts,and a well-regulated overseas bond issuance market. It encourages m ajor banks in our country to go global and set up branches for issuing green financial bonds in Singapore, providing convenience for environ mentally friendly and high-performance domesti c enterprises to issue bonds overseas for finan cing.It is also a good opportunity to strengthen
interaction between our country and Singapor e.China has already successfully issued bond s in Singapore,such as Tianjin Eco-City Investme nt & Development Co.,Ltd.successfully issuing 1 billion yuan bonds in Singapore.At the same t ime,Singapore supports other countries issuing their debts in Singapore to strengthen Singapor e’s position as a global bond hub in Asia.This year,Singapore launched a green bond funding program.Starting from June 1st,green bond issu ers who list and issue green bonds worth at l east 200 million Singapore dollars with a term of no less than three years in Singapore can receive up to 100,000 Singapore dollars in fun ding.China’s Three Gorges Corporation issued 6 50 million yuan in green bonds overseas this y ear,which received a positive response from Sin gaporean investors.This shows that setting up a green financial bond issuance service institutio n in Singapore could promote the further deve lopment of green finance in Southeast Asian c ountries along the Belt and Road Initiative.
2.Leverage the bridging and connecting ro le of existing cooperative zones.
Located in Qinzhou City,Guangxi,the China- Malaysia Qinzhou Industrial Park is a ‘three-in- one’ industrial new city and also a landmark project of economic and trade cooperation betw een the two countries.It plays a bridging and c onnecting role,attracting Malaysia’s green and e nvironmentally friendly enterprises to develop i n our country,promoting the development of gr een finance between China and Malaysia.To bet ter leverage the advantages of cooperation and exchanges between our country and Malaysia, the author puts forward several suggestions he re:
（1）Jointly establish industrial cooperatio n zones.To attract Chinese enterprises to fully utilize overseas park construction-related funds,t hey should go to Malaysia to set up overseas industrial parks,focusing on trade logistics,raw material processing,and production bases for tr aditional advantageous products,thereby expandi ng the industrial chain; guide Malaysian and C hinese enterprises to cooperate in establishing industrial zones,promoting the stable upgrading and transformation of industries.
(2)Strengthen international capacity cooper ation.The framework agreement on establishing the Committee for Promoting International Ca pacity and Equipment Manufacturing Cooperatio n by the National Development and Reform Co mmission should be further implemented,and t he joint conference system should be improved. Enhance cooperation with state-owned enterpri ses to jointly participate in the construction of key ports,railways,highways,and other infrastruc ture along the Maritime Silk Road.
(3)Expand two-way trade. Encourage Chines
e enterprises to invest in Southeast Asian coun tries and regions,establishing sales centers,sales centers,operation centers,and cross-border e-co mmerce distribution centers,and building an int ernational marketing network. Innovate trade m ethods,conducting mutual exchange trade in bu ilding materials,light textiles,electromechanical p roducts,and resource-based products. Promote th
e expansion of physical trading volume at the China-ASEAN Seafood Exchange,and set up bran ch centers in major countries and regions alon g the Maritime Silk Road.
（4）Promote two-way investment. Formula te and introduce supportive policies for Chines e enterprises in advantageous industries such a s shipbuilding and construction machinery to g o global. Encourage foreign companies to streng then cooperation with Chinese enterprises alon g the route,accelerate the implementation of o verseas investment projects,and speed up the l ocalization process.Attract foreign investment in modern services,leading industries,and environ mental protection and energy conservation,drivi ng the development of China’s industry toward s mid-to-high-end levels.
(5)Drawing on the experience of the Mal aysia-China Kuantan Industrial Park,build a hig h-level green park. By learning from the Malaysi a-China Kuantan Industrial Park,which already h as green forests,the Malaysia-China Qinzhou Ind ustrial Park can also be developed into a gree n park. Based on the current five major concep ts,formulate a distinctive development path suit
able for the country,adhering to green and env ironmental protection as the foundation,to achi eve low resource consumption and high produc tion efficiency.Ultimately,it aims to successfully create a high-level green park,thereby promotin g the development of green finance in the co untry.
3.Establish a new cooperative green finan ce demonstration special zone in Thailand.
Thailand is an industrialized country and a significant port for economic and trade excha nges in Southeast Asia,ranking as the second-la rgest economy,only behind Indonesia. Its econo mic volume is also second only to Indonesia. Fr ee economic policies have spurred Thailand’s d evelopment,making it one of the ‘Four Asian Ti gers.’ Thailand is at the core of ASEAN and ha s certain geostrategic advantages.The Thai econ omy maintains healthy and rapid growth.It is a key country in the ‘Belt and Road’ initiative a nd serves as a natural bridge between the ASE AN market and China.With the further impleme ntation of the ‘Belt and Road’ strategy,Chinese investment in Thailand has significantly increase d,leading to more complex infrastructure and s tronger economic development. In addition to b eing a member of the ASEAN Economic Comm unity,Thailand has signed free trade agreements with countries like ours,facilitating rapid and c onvenient expansion into overseas markets for industrial investors.By the end of 2016,the Thai government proposed the ‘Thailand 4.0’ strate gy and ten emerging industries,offering high in
centives to attract foreign investment and pro mote the development of Thailand’s green eco nomy.
After setting up a new cooperative green finance demonstration zone in Thailand,Chinese green finance-related companies can enjoy tax exemptions.Additionally,a certain proportion of Thai green finance companies are allowed to establish branches in the demonstration zone,al so benefiting from the green finance policy inc entives available to Chinese companies.Subsequ ently,using this demonstration zone as a model, this approach will gradually be extended to ot her countries.Overall,the Thai economy is steadi ly growing,with strong potential for developme nt under the Belt and Road Initiative.Coupled with Thailand’s well-established social systems and stable policy framework,this offers unlimite d growth opportunities for high-net-worth indiv iduals looking to increase their overseas assets. As a major economic power in Southeast Asia with abundant resources,our country can go gl obal,bringing our green financial services to Th ailand to provide benefits to its businesses.This encourages our banks and enterprises to expa nd internationally while also strengthening ties with the Belt and Road Initiative.
（III）Encourage innovation in green finan cial products (services)
1.Encourage the issuance of green bonds. The Belt and Road Southeast Asian countri
es handle projects or engineering works that have good social benefits but require substantial
funding by issuing ‘green’ bonds through banks.Relevant statistics show that the issuance of
green bonds has risen from about $1.3 billion in 2015 to over $33 billion in 2016,accounting
for more than one-third of the world’s total population.China’s green bond market has expe
rienced rapid growth,with large-scale issuances significantly promoting the progress of green d
evelopment in China. By leveraging China’s vast bond market,green bonds can be issued for inf
rastructure construction in Belt and Road Southeast Asian countries,thus raising funds to appl
y national and local debts to environmental protection infrastructure,and using green financial
bonds to promote the development of green environmental industries.
2.issue green securities products
If environmental quality assessment is incl uded as part of the evaluation for company lis tings,its market impact will be significant.During the IPO process or post-listing through additio nal financing,environmental compliance must be reviewed,and companies failing to meet stand ards will be rejected.Therefore,from both listing and environmental perspectives,it restricts all companies seeking to list or hoping to list.Sout heast Asian countries can reduce interest rates on high-energy loans such as solar energy an d general project loans by supporting compani es in issuing green corporate bonds and financ ial bonds,ultimately reducing corporate costs.Ad ditionally,along the Belt and Road in Southeast
Asia,asset securitization can be promoted for environmental enterprises,establishing a series o f environmental projects to diversify corporate financing channels.Of course,investors can also directly invest in green asset securitization pro ducts,enhancing liquidity,reducing investment ris ks,and finally attracting more investors to join the green industry.
China has already had many successful ex amples of green asset securitization,with rich e xperience. For instance,in August 2015,the ‘Long qiao Group Accounts Receivable Asset-backed S pecial Plan’ was successfully issued on the She nzhen Stock Exchange,with the underlying asset s being the repurchase rights of sewage treat ment facility construction,amounting to 1.05 bill ion yuan.On July 27,2016,Xinjiang Goldwind Tec hnology released ‘Agricultural Silver Husk,Goldw ind Technology Wind Power Revenue Rights,Gre en Asset-backed Securities’.Therefore,it can be s een that promoting green asset securitization c an advance the development of green finance in Southeast Asian countries along the Belt an d Road Initiative.
3.Promote environmental cooperation,expl ore the issuance of green funds
Through a series of ecological and environ mental cooperation initiatives,strengthen inform ation support for ecological and environmental protection,promote sustainable production and consumption,develop green trade,increase supp ort efforts,and integrate green funds. First,establi sh demonstration bases for environmental protection industries.The ‘Belt and Road’ initiative b rings development opportunities to environmen tal protection enterprises,including promoting th e construction of ecological industrial parks an d establishing green brands for high-quality pro duction capacity.Second,build cooperation betwe en parks and set up demonstration bases for environmental protection industries.Guide the d evelopment of industrial clusters with environm ental protection as their advantage,explore scie ntific and technological cooperation to jointly b uild green environmental protection industry de monstration bases and innovative cooperation models for these bases.Third,advance the const ruction of green infrastructure. Implement enviro nmental protection standards for infrastructure construction,promote the practice of green tran sportation and energy industries,and enhance t he level of green and low-carbon in infrastruct ure.At the same time,on the basis of ecologica l and environmental protection cooperation,furt her improve the construction of ecological and environmental protection cooperation platform
s,formulate and implement a series of supportive policies for ecological and environmental pr
otection cooperation,establish a number of cooperative demonstration bases for environmental
protection industries,and explore the issuance of a ‘Belt and Road’ Green Development Fund.
4.Develop green insurance products
The development of a green economy can drive the growth of green credit and bonds,at tracting more investors to the green finance sector.Following this trend,insurance institutions c an also develop insurance products in line wit h green development principles,using low-carbo n and environmental protection as a foundatio n.By leveraging the mechanisms and derivative functions of insurance,they can create a distinc tive green insurance industry path,developing a series of green insurance products to accelera te the rapid development of the green insuran ce sector.Utilizing a risk-sharing and compensati on mechanism involving insurance,banks,and go vernment credit,green credit guarantee insuranc e can provide credit functions for green indust ries,helping to solve loan issues.
Furthermore,we can promote innovative gr een insurance models,boldly innovate,and coura geously develop new green insurance products to drive the development of green and environ mental industries.We should also promote the development of pollution liability insurance,sup porting insurance institutions in developing poll ution liability insurance for high-risk environme ntal sectors.Chinese enterprises can invest in b uilding factories in Southeast Asia,and can rese arch and design highly operational mandatory pollution liability insurance products.This can co ntinuously expand the application scope of gre en insurance within heavy metal-related enterp rises and other high environmental risk enterpr ises in Southeast Asian countries along the Bel t and Road Initiative.
（IV）Establish a regular communication mechanism for green finance.
1.The China-ASEAN Green Finance Coopera tion and Development Forum is held regularly in Guangxi.
By holding annual forums on green financ e related to China and ASEAN countries,China and the ten ASEAN nations can learn from eac h other about green finance.This is not only b eneficial for the development of green finance in these countries but also provides an oppor tunity for each country to find strategic partne rs for green finance investments.
2.Establish a green bond interconnection mechanism between China and ASEAN countri
es.
Establish a mechanism for mutual access t o green bonds between China and ASEAN,allow ing enterprises from both China and ASEAN co untries to directly issue and purchase green bo nds from each other. It is necessary to formulat e entry criteria and reciprocal policies,as well a s relevant supervisory and penalty mechanisms, as follows: 1. Entry criteria: Enterprises that can directly issue or purchase green bonds within the China-ASEAN region through this channel must meet certain conditions,which can be join tly decided by both parties; 2. Reciprocal policie s: Allow eligible enterprises to issue green bon ds at lower costs compared to general circums tances,and provide tax exemptions on income f rom purchasing green bonds,attracting more inv estors to invest in green bonds,which is benefi cial for the development of green finance in t hese Belt and Road Initiative countries; 3.Supervisory and penalty mechanisms: China and ASE AN countries will jointly dispatch personnel to form a supervisory body responsible for overse eing the entire process of green bond issuance, including before,during,and after issuance,and i mpose corresponding penalties on enterprises t hat violate the rules.Regularly publish the issua nce and compliance status of green bonds bet ween the countries.
VI 、Conclusion
Research on green finance may have start ed earlier in Southeast Asian countries along t he Belt and Road Initiative,but the quantity an d quality of research outcomes remain limited. The depth of research is insufficient,and perspe ctives vary.Theoretical and practical aspects of green finance lag behind.Guangxi has a superio r geographical location,a good economic develo pment momentum,and strong national policy s upport,making it have great potential for the d evelopment of green finance in Southeast Asia n countries along the Belt and Road Initiative i n the future.This study suggests that Guangxi s hould leverage the advantages of the Beibu Gu lf to support the development of green financ e in Southeast Asian countries along the Belt and Road Initiative by doing the following: full y utilizing the advantages of Singapore as an i nternational financial center in Southeast Asia,e ncouraging mainland enterprises to list oversea s financial bonds and financial credits in Singa pore; leveraging the cooperative and exchange
advantages between China and Malaysia,using t he China-Malaysia Qinzhou Industrial Park as a starting point,to tailor green financial services and green credit,using this as a highlight to s pread to domestic Malaysian enterprises,attracti ng Malaysia to issue green bonds and green cr edit in mainland China,thereby encouraging Chi nese banks to go global; Thailand is a major e conomic power in Southeast Asia with abunda nt resources,so China can go out,bringing its gr een financial services to Thailand to provide se rvices,benefiting Thai industrial and commercial
enterprises,encouraging Chinese banks to go g lobal,and also strengthening ties with the Belt and Road Initiative. It is hoped that through th e above suggestions and the continuous impro vement of Guangxi and ASEAN countries’ atten tion to and practical capabilities in green finan ce in the future,the environmental construction in Southeast Asian countries along the Belt a nd Road Initiative will become increasingly com plete.We should not only aspire to gold and sil ver mountains but also pursue green waters a nd green mountains,ultimately achieving mutual harmony and win-win,healthy and rapid devel
opment.
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