Notice of the PBOC, NFRA and CSRC on Issuing the Green Finance Endorsed Project Catalogue (2025 Edition)
Published: July 26, 2026
Sources & Verification
Primary Source
People's Bank of China, National Financial Regulatory Administration, China Securities Regulatory Commission — Official document ↗
CPG Analysis
AI-assisted summary of the official source linked above, pending human review.
Verification
AI-assisted summary · generated Aug 26, 2026 · pending human review
This summary was generated by AI from the linked official source. It has not been reviewed line-by-line by a human editor.
⚡ Impact at a Glance
Who is affected
Banks and financial institutions offering green loans or bonds, green bond issuers, asset managers handling green financial products, and companies in green industries seeking project financing.
Cities / Agencies
Nationwide · People's Bank of China, National Financial Regulatory Administration, China Securities Regulatory Commission
What to do now
Monitor for implementation details. No action required until official implementation documents are published.
Source & verification
PBOC · AI-assisted summary · generated Aug 26, 2026 · pending human review
Executive Summary
The PBOC, NFRA, and CSRC have jointly issued a unified Green Finance Endorsed Project Catalogue (2025 Edition), which standardizes how green projects are identified across green financial products such as green loans and green bonds. The new catalogue aims to improve market efficiency, reduce project identification costs, and better support China's green transition and Beautiful China Initiative. It takes effect on October 1, 2025, with transition rules for existing financial products.
Key Points
The Catalogue sets a uniform standard for green project identification across all green financial products, helping to streamline market operations and reduce compliance costs.
It does not currently apply to stock listings or issuances on the Shanghai, Shenzhen, or Beijing Stock Exchanges, nor to the National Equities Exchange and Quotations (New Third Board).
Green loans approved before the Catalogue but not yet issued will continue to follow historical standards, as will bonds already issued or approved within their maturity or registration period.
For bond applications submitted before the Catalogue's release but not yet approved, issuers may choose between historical standards or the new Catalogue for green project identification.
The Catalogue will be revised periodically based on national ecological civilization tasks, carbon peak and neutrality progress, pollution control priorities, and international green finance cooperation.
It comes into effect on October 1, 2025, and the PBOC, NFRA, and CSRC encourage adoption of the Catalogue for information disclosure and related practices.
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📝 Update History
August 4, 2026
Policy content updated; see official source for details.
August 10, 2026
Policy content updated; see official source for details.
August 15, 2026
Policy content updated; see official source for details.
August 24, 2026
Policy content updated; see official source for details.