According to the “China Balance of Payments Report for the First Half of 2026” recently released by the State Administration of Foreign Exchange, the scale of capital raised by foreign issuers of panda bonds increased in the first half of the year. Foreign issuers accounted for 54% of the total fund-raising scale of the panda bond market, surpassing the fund-raising scale of issuers with Chinese backgrounds for the first time. In recent years, the structure of panda bond issuers has gradually changed, from early pilot projects by international institutions and dominated by overseas Chinese institutions to the participation of overseas Chinese investors and foreign investors. Looking at the use of raised capital at home and abroad, the amount of funds raised by foreign issuers is 58.7 billion yuan to be used overseas, accounting for 68% of the scale of foreign capital raised.

According to the “China Balance of Payments Report for the First Half of 2026” recently released by the State Administration of Foreign Exchange, the scale of capital raised by foreign issuers of panda bonds increased in the first half of the year. Foreign issuers accounted for 54% of the total fund-raising scale of the panda bond market, surpassing the fund-raising scale of issuers with Chinese backgrounds for the first time. In recent years, the structure of panda bond issuers has gradually changed, from early pilot projects by international institutions and dominated by overseas Chinese institutions to the participation of overseas Chinese investors and foreign investors. Looking at the use of raised capital at home and abroad, the amount of funds raised by foreign issuers is 58.7 billion yuan to be used overseas, accounting for 68% of the scale of foreign capital raised.