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China's Onshore ESG Bond Issuance Declines 21% in Q1, Fitch Says

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China's onshore ESG bond issuance dropped 21% year on year in the first quarter, a reversal from a 70% rise in 2025, Sustainable Fitch said in a recent release.

Offshore issuance continued to be muted, with sovereign activity driving early second-quarter trends, the ESG data provider said.

ESG-labeled panda bond issuance doubled in the first quarter, due to competitive renminbi funding rates and enhanced panda bond systems, Sustainable Fitch said.

However, ESG-labeled bonds still have a small share in total panda bond issuance, driven by sovereign and supranational issuers and with limited corporate participation, the data provider said.

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