We estimate that China needs to invest at least RMB2tn per year in the green sectors the next five years. Due to fiscal constraints, at least 85% of the green investment should be financed by the private sector, so a green financial system is critical in mobilizing private capital for green investment. If properly designed, a green financial system can use limited fiscal resources to leverage a few times or even more than ten times of private capital. Such a system should not only help greening the economy，but also create new growth engines. This report proposes a framework for building China’s green financial system and 14 specific recommendations.

Full report ：Building China’s Green Financial System