Research On The Improvement Of China’s Green Bond Regulatory Legal System

Environmental and human social sustainability issues tend to be serious,and countries realize that the development of green bonds can reap both economic and social benefits with positive outward orientation.In recent years,the Chinese government has supported the transition to a green economy through different financial instruments,green policies and incentives,and green bonds are an important part of the green financial system.However,as green bonds continue to grow,their legal issues are becoming increasingly prominent.On the one hand,as a new product of the capital market,the legislators has left many legal gaps at the beginning of the establishment of the legal system in this field,in order to accumulate enough practical experience to wait for the improvement of the subsequent top-level system.On the other hand,the rapidly developing market situation and complex market structure have made more detailed and comprehensive requirements for financial supervision,and the legal regulatory system of green bonds in China seems to lack advanced and operable.If China’s green bonds are to achieve substantial development,a sound legal and regulatory system will be indispensable.The analysis of China’s green bond regulatory legal system in this thesis will start from three main aspects: The first level is to explain the theory underlying the legal system of green bond regulation.The main focus is on the legal fundamentals such as the origin,characteristics and functions of green bonds,further exploring the legal regulatory concepts and practical needs,and conducting a comparative analysis of relevant legal practices in foreign countries.The second level is to analyze the current legal system of green bond regulation in China.In the framework system,the existing legal norms have a low level of effectiveness,the effectiveness of the regulatory coordination mechanism is poor.In the specific system,there are problems such as strong principles and low operability,such as the lack of homogeneity and authority of the identification criteria,imperfect information disclosure system and third-party certification system,and unsound legal liability,which cannot meet the market demand.At the third level,based on the analysis of the above problems,suggestions for system improvement are made.On the one hand,we should improve the legislative framework system.The financial law should be "greened" by introducing a single law on green finance or amending the existing financial sector law as the first level,administrative regulations as the second level,local regulations,local government regulations and departmental regulations as the third level,policy regulations and other soft law norms as the fourth level,and environmental laws as the auxiliary and supplementary,to build a complete structure and internally coordinated legal system for green bond regulation,and establish a stable inter-departmental and cross-regional coordination mechanism in the legal system and attach importance to the participation of social forces.On the other hand,improve the specific regulatory system.First,the criteria for defining green bonds should be unified in the regulatory documents above the regulations.Second,the information disclosure system should be improved,information disclosure principles should be clarified,unified information disclosure norms and standards should be formed,and requirements for disclosure of environmental benefits of the whole process of green bonds should be strengthened.Independent third-party assessment agencies should be cultivated and improved,and their regulation and supervision should be strengthened,and rigid regulations should be gradually added to the third-party certification system to unify the quality requirements for assessment and certification.Thirdly,legal responsibilities should be strictly and clearly designed,and existing financial sector laws should be amended in a timely manner or a single law should be enacted and connected with legal responsibilities such as civil law,criminal law and administrative law.This thesis is problem-oriented,based on the realistic background of China’s green transformation,analyzes the existing legislation and basic theories according to the idea of "conceptual principle-system framework-specific system",mainly discusses the specific problems of China’s green bond regulatory legal system framework and internal system under the background of double carbon,taps the relevant legal experience from overseas,and systematically demonstrates the path and measures for green bonds to be implemented into China’s financial legal system,aiming to make a modest contribution to China’s green bond practice with rules to follow and justifications to follow.