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On October 31, 2024, “How Global Changes Affect Broad Asset Class Allocation” forum, co-hosted by the Greater Bay Area Financiers Association and HashKey Exchange, was held on the 14th floor of Phase 3 of Exchange Square in Central. The forum invited a number of experts, scholars and industry elites in the field of finance and digital currency, who will analyze the strategy and direction of broad asset allocation under the global changes from different perspectives.    Figure 1: Group photo of participants   The forum was attended by a number of distinguished guests, including Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers Association, Mr. Li Zhenqiang, Justice of the Peace, Member of the Legislative Council of Hong Kong and Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Mr. Hao-wen Ma, Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Standing Committee Member of the CPPCC of Chongqing Municipality, Mr. Tong Wang, General Manager of Bond Connect, Dr. Xiao Feng, Chairman and CEO of HashKey Group, Mr. Wang Long, President of the Greater Bay Area Financiers Association and Visiting Professor of South China University of Technology. Association and Visiting Professor of South China University of Technology, Mr. Wang Long, COO of HashKey Group and CEO of HashKey Exchange, Mr. Weng Xiaoqi, Deputy Chief Executive Officer of Puyin International, Dr. Yu Xiaodong, Chief Executive Officer of China Prudential Green Gold International and Vice Chairman of Greater Bay Area Financier's Association, Mr. David Yang, and Vice General Manager of China Life Overseas Hong Kong, Mr. Yin Jianbin.      I. Opening Remarks   The Forum kicked off with opening speeches by Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers' Association, Mr. Wang Long, President of the Greater Bay Area Financiers' Association and Visiting Professor of the South China University of Technology, Dr. Xiao Feng, Chairman and CEO of HashKey Group, and Mr. Weng Xiaoqi, COO of HashKey Group and CEO of the HashKey Exchange.   Figure 2: Speech by Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers' Association   Figure 3: Speech by Mr. Wang Long, President of the Greater Bay Area Financiers Association and Visiting Professor of South China University of Technology     Ms. Hung Man first shared her work philosophy in the Legislative Council, namely, to build an olive-shaped society where the middle class becomes the mainstream of society and upward mobility is needed. She also mentioned the important role of finance in promoting the structural transformation of the economy and how to utilize financial tools to assist Hong Kong's development, and expressed her interest in areas such as technology finance, impact investment and green investment. Dr. Xiao Feng opined that the risk-adjusted returns of crypto assets could significantly reduce risks and enhance returns. Mr. Wang Long emphasized the importance of the policy level, as well as communication and sharing among financial peers and cross-border sectors, and the original intention of setting up the Greater Bay Area Financiers Association. And Mr. Weng Xiaoqi emphasized the relationship between traditional finance and blockchain finance, arguing that they are not competition but complementary. Blockchain finance can reduce transaction costs, improve information transparency, and realize self-regulation and individual free market.   Figure 4: Speech by Dr. Xiao Feng, Chairman and CEO of HashKey Group   Figure 5: Speech by Mr. Xiaoqi Weng, COO of HashKey Group, CEO of HashKey Exchange     II. Macro Theme Seminar: Outlook of China-US Macroeconomics and US Bond Interest Rates   In the Macro Theme Seminar, Mr. Tam Wai Man, Chief Economist of Huaxia Fund (Hong Kong), Mr. Qu Tian Shi, Senior Economist of Bloomberg and Vice President of the Greater Bay Area Financiers Association, and Mr. Zhou Hao, Chief Economist of Guojun International and Vice President of the Greater Bay Area Financiers Association, respectively, conducted in-depth discussions on the U.S. economic recession, fiscal policy, and industrial policy, and other aspects.   Figure 6: Macro Theme Discussion: Outlook for U.S.-China Macroeconomics, U.S. Bond Rates   Tan Weimin believes that the U.S. economy is still solid, with employment and consumption data exceeding expectations, there is no clear signal of recession, and inflation may pull up further in the next year. The current determination and strength of China's policies are also strong, and although the implementation of policies is a process, overall confidence has been greatly restored. Qu Tianshi analyzed the potential impact of Harris and Trump's election on the financial markets, and if Trump comes to power, the policy and the market will have more variables. Zhou Hao prompted the risk of the current non-linearity of U.S. inflation, the need to establish a more complex model to analyze and simulate.   III. the broad asset allocation seminar: the Fed's interest rate reduction cycle, how the global asset allocation   In the broad asset allocation seminar, Mr. Yu Xiaodong, Chief Investment Officer of Puyin International, Mr. Li Yu, Chief Investment Officer of Gauteng International, Mr. Hu Congli, Head of Fixed Income of Taikang Asset Management Hong Kong, Director of the Greater Bay Area Financiers' Association, and Ms. Zhao Hongmei, Head of Investment and Research Department of Mistletoe Capital, Member of the Greater Bay Area Financiers' Association, discussed with everyone the idea of global broad asset allocation under the Fed's interest rate reduction cycle. Figure 7: Broad Asset Class Allocation Discussion: How Global Broad Asset Classes Are Allocated in a Fed Rate Cut Cycle   Yu argues that the results of the US election have an important impact on the global economy and political stability, and also discusses the role of race and gender in society and how to maintain a more balanced and stable development. Li Yu, on the other hand, analyzed the results of the election in terms of U.S. votes and betting data. Mr. Hu Congli said that the results of the U.S. Senate and House of Representatives elections, on the other hand, may have a greater impact on the market. Zhao Hongmei discussed the problems of the ballot system and the impact of fiscal policy, emphasized the great direction of the development of artificial intelligence products, but also mentioned inflation, environmental protection channel and other issues.   IV. Digital Asset Theme Seminar: Application and Investment Prospects of Virtual Assets under the Fed's Interest Rate Reduction   Mr. Yang Junhao, Chief Executive Officer of China Chengxin Green Gold International and Vice President of Greater Bay Area Financiers Association, Mr. Ding Zhaofei, Chief Analyst of HashKey Group, Mr. Xie Xiaotian, CEO of 4Alpha, Mr. Zhu Qi, Member of Web3 Committee of Greater Bay Area Financiers Association, and Mr. Zhu Zhenyu, Vice President of Sales of HashKey Exchange, respectively, provided us with digital asset perspectives. configuration perspectives.   Figure 8: Digital Assets Keynote Seminar: Application and Investment Outlook of Virtual Assets under the Fed's Interest Rate Cuts   Xie Xiaotian shared the difference between quantitative and traditional strategies, as well as the tips for investors when choosing quantitative strategies, suggesting that investors should consider the cyclicality when investing and avoid following the trend blindly. Yang Junhao shared his views on traditional rating agencies, arguing that virtual assets have developed rapidly over the past two years, especially in international trade settlements, where they offer more convenience and cost-effectiveness. Mr. Ding Zhaofei, on the other hand, discussed the application and value of virtual currencies in the real world from the perspective of virtual currencies. Zhu Qi, on the other hand, looked forward to the recent hot RWA sector, believing that the virtual asset market will become more mature in the future and the laws and regulations will be gradually improved.   Figure 9: Scene of the forum activities   (Source of article: Greater Bay Area Financiers Association)

  On May 17, 2024, the Climate Bonds Initiative (CBI) held the Asia-Pacific Regional Seminar of the Climate Bonds Global Annual Conference at Lujiazui Financial Plaza in Shanghai, China. The event was strongly supported by Lujiazui Financial City Global Asset Management Association, Shanghai Financial Industry Association, China Central Depository and Clearing Co., Ltd., Asian Infrastructure Investment Bank, China Chengxin Green Finance and other institutions. Zhang Yingjie, Vice President of China Chengxin Green Finance, was invited to attend and participate in the roundtable discussion on the theme of "The Role of Transition Finance and Transformation Plans".     In the theme sharing session, Zhang Yingjie introduced that the transformation of finance is achieved through capital markets and financial instruments, and this process requires social consensus and resource mobilization. In recent years, the innovation of financial instruments and the introduction of supporting policies have experienced a stage of rapid development. As a service agency for credit rating and green finance, China Chengxin currently maintains a leading market position in the domestic market. It has basically participated in the pilot evaluation and certification of all innovative ESG bond varieties, and has witnessed the development of China's green finance and ESG markets all the way. On the other hand, China Chengxin Green Finance has currently independently developed an ESG service platform, which can reveal the ESG disclosure performance and related data analysis of listed companies and bond issuers to investors and related parties, and improve the domestic ESG ecosystem from a third-party perspective. Combined with the 2023 China Sustainable Debt Market Development Report released by CBI on the same day, the long-term development of the market is still stable, optimistic and promising from the perspective of infrastructure, incentive mechanisms and international exchanges.     In recent years, global green and sustainable finance has become increasingly mainstream , and financial regulation and market development in the Asia-Pacific region are at the forefront of the world. China's green finance has achieved remarkable growth in the past few years ; clean energy, low-carbon transportation and other related fields are leading the global low-carbon transformation process . The continuous improvement of China's green finance policies and tools has promoted investment in various assets and helped China become the world's largest green bond market. The rapidly developing transition finance market will hopefully guide a large amount of additional climate funds to promote the low-carbon transformation of the global economy.     This seminar is the first time that the Climate Bonds Initiative has held the Climate Bonds Annual Conference in mainland China. It is open only to offline invited institutions and individuals, and brings together industry leaders from government departments, regulators, investors, enterprises, industry associations, think tanks and other fields to discuss the challenges and opportunities related to climate investment and transition finance faced by the public and private sectors in China and Asia under the background of climate change. This event has been one of the most important events in the field of international climate finance for many years.

On August 10, 2024, the "Walking towards the New" and "Seeking Changes with Quality" - the 2024 China Asset Securitization High-Quality Development Forum and the first "Dang Jin Cup" 2023 China Asset Securitization Industry Selection and Awards Ceremony sponsored by Contemporary Finance were held in Beijing. CCXI was awarded the "Comprehensive Strength Award".   CCXI was awarded the "Comprehensive Strength Award"   In addition, 20 products rated by CCXI won the "Dang Jin Cup" 2023 Best Asset Securitization Project Award, accounting for more than 55% of all award-winning projects.   Double Carbon Target Service Award CCCC-Taixing Economic Development Zone Wastewater Treatment and Ecological Environment Improvement PPP Project Green Asset Support Special Plan CITIC Construction Investment-Beijing Qinghai Financial Building Green Asset Support Special Plan (Carbon Neutrality) State Power Investment Corporation Limited's 2023 New Energy No. 4 First Phase Green Directional Asset-backed Commercial Paper (Carbon Neutral Bond) Belt and Road Construction Service Award Sichuan Port and Shipping Investment Group Co., Ltd. 2023 No. 2 First Phase Directional Asset-backed Commercial Paper Sichuan Port and Shipping Investment Group Co., Ltd. 2023 No. 2 Second Phase Directional Asset-backed Commercial Paper Huaxia-Ping An-Dongzao Port Port Fee Revenue Rights First Phase Asset Support Special Plan (Belt and Road Initiative-Yangtze River Economic Belt) Rural Revitalization Service Award Wuchan Zhongda Finance Leasing Group Co., Ltd. 2023 No.1 Directional Asset-backed Commercial Paper (Rural Revitalization) Beijing Haidian District State-owned Assets Investment Group Co., Ltd. 2023 No.1 Directional Asset-backed Support Bond (Rural Revitalization) CITIC Securities-Xinxiwang Factoring Inclusive No.1 Asset Support Special Plan (Rural Revitalization) Regional Economic Development Service Award Changxingye 2023 Fourth Phase Micro Enterprise Loan Asset-backed Securities Beijing Greenbase - Chang'an Xingrong Center Asset Support Special Plan Haifabaocheng Finance Leasing Yunhang No.3 Fifth Phase Yangtze River Economic Belt Asset Support Special Plan Science and Technology Innovation Enterprise Service Award Shouchuang-Wuhan Leasing Intellectual Property 1st Phase Asset Support Special Plan (Specialized, Refined, Unique, and Innovative) ESG Concept Implementation Award Huaxi-Zigong Public Transportation Operating Fee Revenue Rights Green Asset Support Special Plan Intelligent Risk Control Application Award Anyihua 2023 No.1 Personal Consumption Loan Asset-backed Securities Digital Transformation Promotion Award Guolian Manyang 3rd Phase Asset Support Special Plan Innovative Feature Service Award Tonghui Shuke 2023 No.1 Luqiao Group Supply Chain Bill Directional Asset-backed Commercial Paper supported by Lugao Expressway China Railway Capital Gongxin 21st Phase Asset Support Special Plan Xinhua Factoring - Xinjiangsu Red Inheritance No.2 Factoring Receivables Asset Support Special Plan Xugong Group Construction Machinery Co., Ltd. 2023 No.1 Directional Asset-backed Bond   On the day of the forum, Lv Bo, a senior analyst at CCXI's Structured Finance Department, was invited to participate in a roundtable discussion titled "Transformation · Innovation - Focusing on the New Features and Trends of Credit Asset Securitization". Lv Bo pointed out that looking back at the development process of the credit asset securitization market in China in the past decade, after experiencing a period of rapid development and mature explosion, the market has entered a phase of adjustment, presenting new characteristics of declining demand for issuance and changes in product structure due to multiple factors. From the market perspective, credit asset securitization products have always maintained excellent credit performance with relatively strict admission standards, standardized structural design, and relatively complete risk mitigation arrangements. The credit asset securitization market has a good institutional and environmental foundation. With the gradual implementation of relevant measures such as deepening reforms, and the continuous manifestation of the stabilizing growth policy effects, the credit asset securitization market may usher in stabilization and growth.   CCXI is the first company in China to participate in asset securitization rating business. It has been engaged in credit rating business for more than 30 years, with strong technical strength and extensive market influence, and has been unanimously recognized by regulatory agencies and market participants. CCXI has always been committed to providing professional, high-quality, and efficient rating services for asset securitization business, adhering to the strategy of service capacity preposition, and actively participating in the research and development of various innovative businesses. The award of the "Comprehensive Strength Award" and the fact that 20 products won the Best Project Award once again verified CCXI's outstanding innovation ability and good market reputation, and also inspired us to continue to contribute to the high-quality development of the Chinese asset securitization market.    

  EST November 5, the United States held the 60th presidential election, at the same time all 435 seats in the House of Representatives and 34 seats in the Senate will also be re-elected. The current U.S. presidential election is the most anxious election in recent years, according to a number of U.S. media the latest published calculations, the U.S. Republican presidential candidate Donald Trump locked in this U.S. presidential election victory, Trump has been declared the winner of the presidential election in 2024. In the congressional elections, the Republican Party will gain at least 51 Senate seats, enough to gain control of the Senate, the House of Representatives election Republican Party is temporarily ahead, but the result is variable. Trump's policy path is more unpredictable than Harris's, making him an important economic, political, and geopolitical variable for the U.S. and globally.     Figure 1 Map of the 2024 U.S. Election Data source: Associated Press           Trump's election becomes a new variable in the U.S. economy as economic uncertainty rises   Trump advocates dovish policies or a short-term boost to the economy, but part of the effect may be offset by trade protection and restrictive immigration policies, inflation risk re-emergence or lead to interest rate levels in the longer term to remain high, increasing the uncertainty of the U.S. economy. Since the beginning of the year, the U.S. economy has shown strong resilience, and inflationary pressures have eased under persistently high interest rates, providing some cushion for the Fed to cut interest rates. the U.S. Consumer Price Index CPI rose 2.4% year-on-year in September, the smallest increase since February 2021. Although the volatility of employment data for the market to form a certain disturbance, but the overall view of the labor market shows a moderate slowdown trend, the U.S. unemployment rate has risen from 3.7% in early 2024 to 4.1% in September. According to the Federal Reserve's October forecast, the median forecast for the unemployment rate at the end of this year is 4.4%, higher than the 4.0% forecast in June. In the context of increasing downward pressure on the U.S. economy, in September 2024, the Federal Reserve lowered the target range for the federal funds rate by 50 basis points [1] to start a new cycle with aggressive rate cuts, and it is expected that the probability of the Federal Reserve lowering interest rates by 25 basis points in November and December, respectively, is higher. Prolonged high interest rates pose extensive risks to fiscal debt, the banking sector, etc., and inhibit the economy, and U.S. economic growth is expected to slow slightly to 2.7% in 2024.   Trump advocates dovish policies, including large-scale tax cuts [2], the commitment to increase domestic oil and natural gas production by easing restrictions on fossil fuels, while increasing investment in infrastructure and defense, or the short-term economic boost, but in this context the risk of U.S. inflation or the re-emergence of the rise in tariffs triggered by the trade protection policy will further push up inflation, which may result in the Federal Reserve's follow-up monetary policy The path of the Fed's subsequent monetary policy will be more variable. Superimposed on rising global geopolitical risks, intensifying trade frictions and restrictive immigration policies, the U.S. economy is facing high uncertainty, and the economic slowdown trend may be difficult to reverse, and economic growth is expected to slow down to less than 2.5% in 2025, and the subsequent trend will still depend mainly on the evolution of economic policies, Federal Reserve resolutions and geopolitical risks.   Figure 2 U.S. Quarterly Economic Trend (%) Source: Bureau of Economic Analysis, U.S. Department of Commerce           U.S. Debt Sustainability Risks Rise as Tax Cuts Weaken Fiscal Base   The tax cut policy advocated by Trump may further push up the debt, and under the expectation of high inflation, the downward speed of interest rates may slow down, and the high cost of debt increases the long-term fiscal risk of the U.S. The weakening of the fiscal strength has become a key factor in restricting the improvement of the U.S. sovereign credit level. The U.S. debt level is at the highest level among countries in the same class, and before the outbreak of the new crown epidemic, the U.S. fiscal deficit and debt level were already on an upward path. the U.S. government's fiscal deficit rate exceeded 7% in FY2023, and the government debt ratio[3] was about 109%, which is at a very high level. As of November 1, 2024, the stock of federal government debt has exceeded $35.8 trillion and is on an accelerated upward path since the suspension of the debt ceiling constraint. The fiscal policy advocated by Trump, which consists of lowering the corporate and personal income tax rates and setting higher spending levels, including increased infrastructure and defense spending, may lead to a further upward trend in government deficits and indebtedness, and, in the absence of substantive reforms, the fiscal deficit rate is expected to remain at a high level of more than 7% over the medium term, and the government's indebtedness may rise to more than 110%. According to the Federal Budget Accountability Board, an independent U.S. research organization, Trump's plan will lead to an increase in government debt of $7.5 trillion over 10 years, or $15.15 trillion in the worst-case scenario, based on medium-cost estimates.   At the same time, high interest rates have led to a significant rise in the cost of government debt and a steady decline in debt sustainability against a backdrop of a lack of credible fiscal consolidation by the government. a prolonged period of high interest rates since 2022 has dramatically raised the cost of U.S. government debt, with interest payments on the U.S. government's public debt reaching $1.1 trillion in FY2024, a 29 percent year-over-year increase from FY2023. Trump's advocacy of stimulative policies or push up inflation expectations, resulting in a slower pace of interest rates downward, and due to the cost of the national debt there is a certain lag, it is expected that the proportion of interest payments in fiscal year 2025 ~ 2026 will remain high, negatively affecting the sustainability of the debt. Against the backdrop of an economic slowdown, rising debt costs overlaid on an excessive debt burden will drive refinancing risk to the upside. When the debt ceiling negotiations restart in 2025, the federal government's total debt could reach $40 trillion, when the bipartisan game will face greater challenges.   Figure 3 Total U.S. Federal Government Debt (Trillions of Dollars) Source: U.S. Department of the Treasury           Political party games escalate, social divisions intensify in post-election period   The escalation of the complexity of bipartisan tug-of-war in the United States poses a negative impact on the effectiveness and continuity of policies. Trump's governing style has intensified conflicts between different social groups and expanded partisan rivalries, and the potential for post-election popular protests and conflicts may result in increased divisions in American society. In recent years, political differences between the two parties in the United States have led to reduced legislative efficiency, weakening the ability of U.S. policymakers to plan substantive changes in policy, and the two-party game has repeatedly resulted in government shutdowns.2024 U.S. presidential election is the closest election in history in terms of candidate polls, and the campaign for this election involves a large amount of financial investment, increasing the influence of capital in politics, and due to the U.S. federal-state election system that resulted in an unbalanced distribution of resources and attention, both Democrats and Republicans filed a large number of lawsuits in swing states over voting eligibility, rules, and other details in the final stretch of the campaign. In terms of immigration policy, politicians from both parties have continued to polarize and antagonize the issue of immigration for electoral gain, with the laying of barbed wire at the border and the transshipment of immigrants epitomizing partisan bickering in the United States.   From the Capitol Hill riots to the attack on Trump, the intensification of political violence in the United States in recent years has shown that politicians of both parties and the public have serious differences on numerous issues [4], and the results of the general election in recent years have often been accompanied by controversy, which further deepens the public's skepticism about the fairness and transparency of the election. In this context, the potential for post-election public protests and violent conflict will not only affect social stability, but may also exacerbate political polarization in the U.S. and shake the public's trust in the government's ability to govern. In addition, political differences between the two parties have increased the difficulty of the U.S. government in resolving the debt ceiling issue, leading to increased uncertainty in policymaking and the legislature. The debt ceiling issue has deviated from the original intention of limiting the debt of the United States federal Government, and the debt ceiling negotiations have become a political showcase for the two parties to compete for votes and seek partisan interests.         Foreign Policy Emphasis on “America First” May Rewrite Global Geopolitical Direction   Trump's rise to power will intensify the unilateralist strategy of “America First”, reshaping the global geopolitical and economic order and increasing the unpredictability of foreign policy. The United States foreign policy differences between the two parties, the Democratic Party is committed to repairing and strengthening relations with traditional allies, the importance of multilateral alliances such as NATO, and support for the maintenance of international order through international organizations and multilateral agreements; while Trump seeks to return to the policy of “America First” to accelerate the flow of global capital and industry back to reshape the international geopolitical and trade patterns. Trump also advocates the return of “America First” policies. At the same time, Trump advocates reducing U.S. military involvement in international conflicts, asking allies to increase defense spending, and ensuring that other NATO members increase defense spending to at least 2% of GDP. The U.S. election is a key variable affecting the global geopolitical direction, especially the Russian-Ukrainian and Palestinian-Israeli situations. Trump has promised to end the Russia-Ukraine war and the Israeli-Palestinian conflict after his election, but if Trump adheres to the previous Middle East policy line, the implementation of the “Israel first” policy, including the comprehensive containment of Iran and the continuation of the creation of the civil unrest in Syria, it may aggravate tensions in the Palestinian region and further complicate the geopolitical situation in the Middle East. Trump on the U.S. aid to Ukraine is questionable, that should be left to Europe, and plans to “freeze” the Russia-Ukraine conflict before January 2025 through negotiations with Russia. If Trump is elected, Russia's existing control over Ukrainian territory will probably be recognized, Russia and Ukraine may be the fact that the occupied land as the border and achieve a ceasefire. In terms of China policy, the two parties in the United States have formed a high degree of consensus on the issue of China, and the results of the election will not reverse the U.S. competition-oriented policy tone. There is a high probability that Trump will restart the trade war with China after taking office, containing China through high tariffs and precise technological blockades. Compared to the Democrats, Trump advocates a more confrontational and unpredictable policy toward China. Overall, Trump's foreign policy emphasizes U.S. interests, weakens traditional alliances and multilateral cooperation mechanisms, and increases global geopolitical uncertainty and risk.         Short-term or support dollar strength, long-term strong dollar unsustainable   The deterioration of the financial strength of the United States and the continuous breakthrough in the upward movement of debt is eroding the credit base of the dollar, and the strong dollar may be difficult to sustain. In the short term, Trump's rise to power will support a strong dollar, but in the context of accelerating reverse globalization, slowing U.S. economic growth, and intensifying domestic political divisions, the accelerating upward movement of debt as well as rising costs have led to a steady decline in U.S. debt sustainability, which has had a certain impact on the status of the U.S. dollar and U.S. debt as a safe asset. Currently, benefiting from the current stage of the U.S. dollar and U.S. debt in the global financial system is at the heart of the U.S. government's debt sustainability is relatively high, the U.S. dollar as the world's most widely held reserve currency, the short term has not been replaced by the possibility of the leading position has been somewhat down [5]. Accompanied by the opening of the Federal Reserve's interest rate reduction cycle in September 2024, the dollar index has declined from a high level to the level of early 2022, and expansionary fiscal policy will push up U.S. bond yields, and the attractiveness of U.S. bonds may decline in the medium term. In addition, after Trump came to power, the trend of “anti-globalization” will further intensify, or lead to a decline in the demand for the dollar in the world. In the longer term, the deterioration of the U.S. fiscal strength, the debt ceiling will continue to break through the erosion of the dollar's credit base, along with the relative weakening of the U.S. geopolitical position and the increase in demand for non-dollar currencies in other economies, the dollar's international status will be weakened.   [1] The Federal Reserve has maintained the target range for the federal funds rate between 5.25% and 5.5% since July 2023, and on September 18, 2024, the Federal Reserve lowered the target range for the federal funds rate by 50 basis points to a range of 4.75% to 5% for the first rate cut by the Federal Reserve since March 2020, a rate cut that exceeded the general expectations of institutions. [2] Trump proposes to further reduce the corporate tax rate from 21% to 15% and plans to extend and expand the 2017 personal income tax cut to increase disposable income for residents. [3] The U.S. general government debt ratio is the combined public debt of the U.S. federal and local governments as a percentage of GDP. [4] Democrats and Republican support groups have clearly divergent positions on issues such as race, immigration, climate policy, health care, and gun control. [5] Over the past 20 years, the United States dollar's share of global reserve currencies has declined from 72% to less than 60%.

The Central Financial Work Conference emphasized that "we should strive to President Zeng pointed out that in recent years, China's credit rating agencies have achieved remarkable results in going global, actively exploring international exchanges and cooperation, innovatively developing diversified investor services and sustainable financial businesses, and their international influence is increasing day by day. In the context of an increasingly complex external environment, credit ratings help maintain the stability of my country's sovereign ratings and are of great significance to ensuring my country's continued high-level opening up to the outside world. In order to better support high-quality development and serve the goal of high-level financial opening up, in the next step, China's credit rating industry should embark on the development path of the credit rating industry with Chinese characteristics, with the goal of assisting the construction of a financial power, focusing on serving the real economy and preventing Financial risks, continuously improve the quality and competitiveness of credit ratings, strengthen the construction of rating method systems, improve corporate governance and internal control mechanisms, and support the high-quality development of China's financial market with high-quality development of the industry.   In recent years, with the strong support of the People's Bank of China and other regulatory authorities, China Chengxin International, as China's leading credit rating agency, has actively seized the development opportunities of the country's opening up and the internationalization of ratings, vigorously explored the layout of the international market, and helped serve the new pattern of two-way opening. Since 2012, China Chengxin International has taken the lead in establishing CCXAP in Hong Kong to engage in overseas bond rating business, publish a global sequence of sovereign ratings, and actively apply for rating qualification recognition from Hong Kong and overseas market regulators; with the opening and expansion of China's capital market, it has actively expanded the rating business of panda bonds and overseas bonds. At the same time, it has carried out extensive international cooperation and exchanges , explored cooperation with BRICS countries and rating agencies along the "Belt and Road" in multiple dimensions, and innovatively carried out diversified investor services and sustainable financial business, enhancing the international influence and voice of Chinese ratings.   1. Release sovereign ratings and enhance the international voice of Chinese rating agencies   China Chengxin International released its sovereign credit rating system in 2012, and has been continuously developing and improving in the process of internationalization of the domestic capital market. So far, China Chengxin's global rating system has covered 72 countries (regions), including 50 countries and regions along the "Belt and Road". At the same time, relying on its panda bond business, China Chengxin International has successively undertaken entrusted sovereign rating business for South Korea, Poland, Turkey, Belarus and other countries. In recent years, China Chengxin International's sovereign rating actions on the credit of the United States, Greece and other countries have attracted market attention. On May 25, 2023, Fitch, a leading international rating agency, downgraded the US sovereign credit rating from AAA g to AA + g , and continued to include it in the watch list for possible downgrades (click to view) , earlier than Fitch's downgrade of the United States on August 2, and many well-known media at home and abroad reported on this extensively. On October 27, 2023, China Chengxin International raised Greece's sovereign credit rating to BB + g , with a stable rating outlook. Greek Prime Minister Mitsotakis subsequently said that this adjustment has practical significance for both China and Greece.   II. Establishing a window in Hong Kong to expand Chinese offshore debt rating and sustainable finance business   In 2012, China Chengxin (Asia Pacific) Credit Rating Co., Ltd. (hereinafter referred to as "CCXAP"), a Chinese rating agency, was the first to obtain the tenth category license from the Hong Kong Securities Regulatory Commission, and was the first Chinese credit rating agency to obtain overseas market rating business qualifications. Three other Chinese rating agencies have successively obtained licenses. On March 31, 2023, CCXAP was recognized by the Hong Kong Mandatory Provident Fund Schemes Authority as the first Chinese credit rating agency approved by it (click to view) . The five rating agencies approved before were all foreign institutions. After obtaining the qualification approval of the MPF Authority , the application scenarios of CCXAP's international bond ratings will be further expanded to the MPF scheme.   List of Credit Rating Agencies Approved by the Mandatory Provident Fund Schemes Authority and Amendment Notes   With the booming development of the Chinese overseas bond market, CCX Asia Pacific has achieved rapid growth in recent years, with nearly 200 principal ratings and 39 debt ratings. As of December 31, 2023, CCX Asia Pacific has publicly rated 187 principals, ranking first among Chinese international rating agencies. It has undertaken 14 debt ratings with a total issuance amount of approximately US$1.39 billion. In addition to traditional US dollar bonds, Chinese rating agencies are actively expanding the rating business of emerging bond varieties, such as free trade zone bonds and dim sum bonds. In November 2022, Shanghai Lingang Economic Development (Group) Co., Ltd. successfully issued Reg S, 3-year and 366-day senior unsecured free trade zone green bonds denominated in RMB and euros. Among them, the RMB fundraising scale is 1 billion yuan, with a term of 3 years and a coupon rate of 2.98%; the euro fundraising scale is 50 million yuan, with a term of 366 days and a coupon rate of 3%. The above bonds have all been awarded Ag+ senior unsecured debt ratings by CCX Asia Pacific, and are the first free trade zone bonds rated by Chinese overseas rating agencies.   Since June 2023, CCXGF International, a subsidiary of China Chengxin Group, has officially entered the list of external review agencies recognized by the Hong Kong Monetary Authority's "Green and Sustainable Finance Funding Scheme", becoming the first Chinese rating agency to obtain this qualification . Since its establishment, CCXGF International has provided assessment and certification services for more than ten green and sustainable bonds and loans. On October 30, 2023, the Hong Kong Securities and Futures Commission (HK SFC) announced its support and advocacy for the development of a set of codes of conduct for environmental, social and governance (ESG) rating and data product providers that provide products and services in Hong Kong for voluntary compliance. The voluntary code of conduct will be developed by an industry-led working group, namely the Hong Kong ESG Rating and Data Product Provider Voluntary Code of Conduct Working Group. As the only subsidiary of a Chinese credit rating agency , CCXGF serves as a member of the Hong Kong ESG Rating and Data Provider Voluntary Code of Conduct Working Group .   3. Expand the panda bond market and actively seize the opportunities of opening up to the outside world   As a pilot for the opening up of China's bond market, panda bonds have witnessed the process of China's connection with the international market from friction to continuous integration, and have accumulated valuable experience for the international development of China's bond market. China Chengxin International is a pioneer and leader in the panda bond rating market. Since the panda bond market entered a period of rapid development in 2015, China Chengxin has relied on its reputation and sample advantages accumulated in the local rating market to undertake the rating of most publicly issued panda bonds in the interbank bond market and exchanges. From 2015 to 2022, the public market share has always remained above 60%, ranking first in the market. In 2023, there were a total of 90 publicly issued panda bonds in the market, of which China Chengxin International undertook 49, with a comprehensive market share of 54%. At the same time, China Chengxin International's panda bond clients cover diversified industries and regions, and also undertook most of the first panda bonds and many innovative panda bond varieties, including the first non-financial enterprise panda bond, the first sovereign state panda bond, and the first multilateral agency green panda bond.     4. Carry out international exchanges and cooperation in multiple dimensions to expand the international influence of Chinese rating agencies   1. Innovating the BRICS rating cooperation mechanism   In recent years, Chinese rating agencies have actively carried out various forms of international exchanges and cooperation under the framework of BRICS cooperation, and explored the establishment of a BRICS credit rating alliance. China Chengxin International was invited to join the Financial Group of the BRICS Business Council in October 2022. On October 27, it was invited to participate in the "BRICS Credit Rating Cooperation Seminar" hosted by the Financial Services Working Group of the BRICS Business Council and hosted by the Industrial and Commercial Bank of China. On behalf of the Chinese rating industry, it made a keynote speech on innovating the BRICS credit rating cooperation model and participated in the roundtable discussion. China Chengxin International proposed that the BRICS countries should explore the establishment of a "1+1+N" credit rating cooperation mechanism in the direction of cooperation, and in terms of cooperation models, it can simultaneously promote bilateral/multilateral cooperation and the establishment of a rating alliance in parallel: on the one hand, it should give priority to promoting bilateral cooperation with rating agencies with rich rating experience and certain market influence; on the other hand, it should explore the establishment of a BRICS credit rating alliance. In the future, China Chengxin International will continue to strengthen discussions and cooperation with BRICS rating agencies on issues such as BRICS credit rating alliance cooperation and ESG finance.   (II) Strengthen exchanges with international industry organizations such as the Asian Credit Rating Association   China Chengxin International was invited to become a formal member of the Asian Credit Rating Association in 2007. On November 1, 2021, in the election of the new board of directors held by the Asian Credit Rating Association, Yan Yan, chairman of China Chengxin International, was elected as a director of the Asian Credit Rating Association. On September 8, 2022, the "China-Asia Credit Rating Industry Summit Forum-30 Years of China's Rating Industry: Ongoing Transformation and Reform" jointly organized by the Asian Credit Rating Association and China Chengxin International was successfully held through online live broadcast, inviting rating industry representatives from various Asian countries and Europe to exchange and share industry development experience and discuss the future of the Asian credit rating industry. On December 1, 2023, China Chengxin International was invited to attend the annual meeting of the Asian Credit Rating Association (ACRAA) held in Bangkok, Thailand. In the new round of election of directors of the Asian Credit Rating Association, China Chengxin International was successfully re-elected with a high vote and continued to serve as a director of the Asian Credit Rating Association for 2024-2025, while further strengthening in-depth exchanges with rating agencies in various regions in Asia.   2023 Asian Credit Rating Association (ACRAA) Annual Conference   (III) Carry out multi-level and multi-field exchanges and cooperation with Russian rating agencies   China Chengxin International has been communicating and cooperating with Russian rating agencies since 2018. In June 2018, China Chengxin International signed a memorandum of cooperation with Russian Expert RA Rating Company. The two sides carried out extensive cooperation in research cooperation, information technology sharing, joint development of products and services, and joint expansion of business along the "Belt and Road". On June 14, 2023, China Chengxin International and Expert RA signed a new strategic cooperation agreement again to jointly strengthen cooperation in the fields of green finance assessment, ESG rating and sustainable finance, and provide services for the "Belt and Road" and green projects in China, Russia and BRICS countries.   Through its strategic partnership with Expert RA, China Chengxin International continues to conduct potential customer negotiations and promote business implementation, and has provided rating services to Rusal, Gazprombank, etc. In terms of ESG and sustainable finance, in November 2023, CCXGF provided evaluation and certification services for the first green bond in 2023 that Gazprombank plans to issue in the Russian domestic market. Gazprombank became the first Russian green bond issuer to receive services from a Chinese evaluation and certification agency. In 2023, CCXGF was entrusted to provide ESG rating services to Rusal United Company, becoming the first Russian company to receive services from a Chinese ESG rating agency.   China Chengxin International and Expert RA have once again signed a new strategic cooperation agreement to jointly strengthen cooperation in the fields of green finance assessment, ESG rating and sustainable finance, and provide services for the "Belt and Road" and green projects in China, Russia and BRICS countries.   (IV) Deepening strategic cooperation with Middle Eastern and Islamic rating agencies   Since 2017, China Chengxin International has signed bilateral or multilateral strategic cooperation agreements with Islamic rating agency IIRA Rating Company and Pakistan VIS Group, and has continued to exchange and cooperate in the fields of rating technology and methods, joint credit rating, etc. In February 2023, China Chengxin International, CCXAP signed a new round of technical cooperation agreements with VIS Group and IIRA Rating Company. In December 2023, China Chengxin International and CCXAP were officially approved to become international rating agencies recognized by the Securities and Exchange Commission of Pakistan (click to view) . In January 2024, CCXGF International and VIS officially jointly launched green Islamic bond business, providing external review services for green financing for issuers in the steel industry in Pakistan, which is expected to become the first green bond business in the Pakistani market. In the future, China Chengxin will work with all parties to jointly promote high-quality issuers in Pakistan, the Middle East and the Islamic world to issue cross-border RMB or Islamic bonds in the Chinese bond market, and explore localized diversified financing solutions for Chinese companies going out of the China-Pakistan Economic Corridor, help potential issuers in related markets raise international funds, deepen the development of cross-border RMB and Islamic bond markets, and promote the internationalization of RMB.   China Chengxin International and CCXAP are approved as international rating agencies recognized by the Securities and Exchange Commission of Pakistan   (V) Carry out diversified investor services and sustainable financial business along the Belt and Road   China Chengxin International is also actively trying to "go global" to expand the markets along the Belt and Road, and to carry out diversified investor services and sustainable financial business in countries along the Belt and Road. China Chengxin International has cooperated with rating agencies in countries along the Belt and Road, such as Pakistan, Kazakhstan, and the Philippines, and released a variety of investment and financing assessment products. At the same time, CCXGF provides sustainable financial services such as green panda bonds, social responsibility panda bonds, and overseas green bonds to enterprises and institutions along the Belt and Road. In terms of investment and financing environment assessment and research, China Chengxin International has worked with rating agencies along the Belt and Road to publish the "Belt and Road" Country Risk Report for seven consecutive years, covering 60 countries along the route.     Looking into the future, China Chengxin International will actively respond to the national call, take helping to build a financial power as its goal, continuously enhance the strength of credit rating agencies and improve international competitiveness; improve the rating methodology system, continue to explore business diversification transformation, and follow the path of development of the credit rating industry with Chinese characteristics; continue to exert the influence of leading institutions to promote the construction of a global credit rating system and the construction of capital financing along the "Belt and Road", and strive to become an internationally leading credit rating and analysis service provider.

  Bryan Pascoe , CEO of the International Capital Market Association ( hereinafter referred to as "ICMA") , and Zhang Shunrong, Senior Director of the Asia Pacific Region, came to China Chengxin International for a visit and exchange . Yan Yan, Chairman of CCXI, Xue Dongyang, Chief Compliance Officer of CCXI , Shen Shuangbo, President of CCXI Green Gold, Zhang Tingting, Director of Sovereign and International Business Ratings of CCXI, Liu Tianzhong, Brand and Public Relations Director of CCXI, Green Gold Brand Director Cui Zixiao and other relevant leaders and personnel participated in the exchange activities.   Yan Yan, Chairman of China Chengxin International   Yan Yan extended a warm welcome to Brian Pascoe and his delegation. Yan Yan pointed out that in recent years, China's capital market has continued to open up to the outside world at a high level, and the process of RMB internationalization has repeatedly set new highs, providing strong impetus and broad market space for the internationalization of the rating industry . As China's leading credit rating and risk assessment service provider, China Chengxin International has been actively expanding its international business and striving to improve the company's internationalization level. Yan Yan said that China Chengxin International and ICMA have a good cooperation foundation in the fields of cross-border bond markets, green finance, ESG services, etc., and look forward to the two sides further increasing the breadth and depth of cooperation in the future and contributing to the high-quality and healthy development of the capital market.   ICMA CEO Bryan Pascoe   Bryan Pascoe expressed his gratitude for the warm hospitality of China Chengxin International. Bryan Pascoe said that ICMA is committed to promoting the development of a resilient and well-functioning global consistent cross-border bond market. As a member of ICMA, China Chengxin International has strongly supported a series of forums and activities held by ICMA, and hopes that the two sides will further deepen cooperation in the fields of bond rule promotion and exchange, green finance, ESG services, etc.   Group photo   In recent years, China Chengxin International has always attached great importance to international development. On June 28, 2012, CCXAP, a subsidiary of China Chengxin International, obtained the Type 10 license (providing credit rating services) from the Hong Kong Securities Regulatory Commission, becoming China's first Chinese credit rating agency licensed to operate outside mainland China. On March 31, 2023, CCXAP was recognized by the Hong Kong Mandatory Provident Fund Schemes Authority as the first Chinese credit rating agency approved by it, and the application scenarios of CCXAP's international bond ratings were further expanded to the Mandatory Provident Fund Scheme. On June 26, 2023, CCXGF International, a subsidiary of China Chengxin International, officially entered the list of external review agencies recognized by the Hong Kong Monetary Authority's "Green and Sustainable Finance Funding Scheme", becoming the first Chinese rating agency to obtain this qualification. On October 31, 2023, CCXGF, a subsidiary of China Chengxin International, was invited to serve as a member of the Hong Kong ESG Rating and Data Supplier Voluntary Code of Conduct Working Group.   In the future, China Chengxin International will continue to respond to policy calls, actively promote international development, and better serve the opening up of my country's capital market and the internationalization of the RMB.

  On November 8, 2023, the Asia Pacific Loan Market Association (APLMA ) held its annual China Syndicated Loan Market Seminar in Lujiazui, Pudong, Shanghai. CCX Green Finance International was invited to participate in the annual seminar and share the key points of the green and sustainable loan market development and business analysis.   The China Syndicated Loan Market Seminar focused on the development of China's domestic and overseas loan markets. Many experts from law firms, banks, consulting companies and other industries conducted in-depth analysis and discussions on topics such as legal supervision of cross-border business, overseas mergers and acquisitions financing of Chinese enterprises, bankruptcy and restructuring, etc. Nearly 300 industry representatives from international financial organizations, Chinese and foreign banks, law firms, and professional service providers participated in the seminar. Green and sustainable finance was one of the core topics of this seminar, and China Chengxin Green Finance International was invited to make a keynote speech.   Asia Pacific Loan Market Association, delivered an opening speech   In his speech, Wang Teze, International Marketing Director of China Chengxin Green Finance, pointed out that green and sustainable finance has developed rapidly in the Chinese market in recent years, especially green loan business and sustainable development-linked loan business have received continuous attention from the industry. Many borrowers use sustainable development-linked loans to achieve the preset key performance indicators and put the concept of sustainable development into practice, which has received good market feedback. China Chengxin Green Finance expects that sustainable development-linked loans, as a key product of sustainable finance, will continue to grow rapidly. At the same time, more types of indicators will emerge in the market, and professional green financial service providers will be required to provide strict evaluation and certification. As China's leading green and sustainable financial service provider, China Chengxin Green Finance has always benchmarked against international first-class standards and the latest development trends in the industry, actively guiding customers to practice "best market practices", and has accumulated rich project experience in many project practice cases, especially in the design of key performance indicators for sustainable development-linked loans and the verification of sustainable development performance goals.   Wang Teze, International Marketing Director of CCX Green Finance, delivered a speech   As the latest bridgehead for China Chengxin Group to implement its internationalization strategy, China Chengxin Green Finance International has obtained the qualification of an external review agency for green and sustainable finance recognized by the Hong Kong Monetary Authority and joined the Hong Kong Securities and Futures Commission's Voluntary Code of Conduct for ESG Ratings and Data Providers. China Chengxin Green Finance will actively connect with domestic and overseas markets in China to provide customers with first-class green and sustainable financial services.   Event site   This year marks the 25th anniversary of the establishment of the Asia Pacific Loan Market Association. The Asia Pacific Loan Market Association actively advocates best market practices, continuously promotes the growth and liquidity of loan business in the Asia Pacific region, actively promotes relevant important issues and industry standards in the field of green and sustainable finance, and has become one of the important organizations leading the development of green and sustainable finance.

On March 5, 2024, CCXGF International is pleased to announce that it has officially joined the Asia Pacific Loan Market Association (APLMA) and became the first Chinese rating agency member to join APLMA.     Wang Qian, President of CCX Green Finance International, said: "We are very pleased to join APLMA and look forward to contributing our expertise to the development of the syndicated loan market with more than 400 institutional members in the Asia Pacific region. Through this professional network, we will maintain linkage and cooperation with all market participants and give full play to the unique value of APLMA."     APLMA CEO James Hogan hosts the Global Loam Market Summit in February 2024   As a leading green and sustainable financial services institution in Hong Kong, in November 2023, China Chengxin Green Finance International was invited to attend the APLMA China Syndicated Loan Market Seminar and conduct green syndicated loan market analysis. The related sharing and discussions received good feedback from the participants.   CCX Green Finance International will attend the APLMA China Syndicated Loan Market Seminar in November 2023   CCX Green Finance International has provided external review services for syndicated loans linked to sustainable development to borrowers in multiple markets, demonstrating good professionalism and brand influence. Through comprehensive indicators and structural design, it conducts in-depth assessments of borrowers' sustainable development performance and capabilities, helping borrowers to successfully issue sustainable development-linked loans and winning positive market response.   Asia Pacific Loan Market Association has a wide influence in promoting the development of the syndicated loan market, continuously promoting market growth and liquidity and advocating best practices. Since its establishment 25 years ago, the Asia Pacific Loan Market Association has a membership of more than 400 institutions, including banks, non-bank financial institutions, law firms, insurance institutions, governments, rating agencies and other data or service providers. In the field of green and sustainable finance, APLMA actively promotes important issues and reference standards for syndicated loan products. The Green Loan Principal, Sustainability-Linked Loan Principal and Social Loan Principal it has formulated have become important guiding standards in the loan field.

On April 23, 2024, China Chengxin International and Saigon Phatthinh Ratings JSC (hereinafter referred to as SGR or Saigon Rating), the largest rating agency in Vietnam, signed a strategic cooperation memorandum in Ho Chi Minh City. Both parties are committed to jointly carry out rating technology exchanges and research cooperation, expand cross-border financing business between China and Vietnam, and carry out extensive cooperation in green finance and ESG rating. The strategic cooperation memorandum signed this time mainly focuses on China-Vietnam rating business cooperation, rating technology exchanges, green bond evaluation and ESG rating, and bond market investor services.   CXI and SGR signed a strategic cooperation memorandum   During their stay in Ho Chi Minh City, Yan Yan, Chairman of China Chengxin International, met with SGR management and analyst team. Yan Yan, Chairman of China Chengxin International, said that based on the growth potential of Vietnam's economy and bond market, as well as the deepening of bilateral relations and economic and trade exchanges between China and Vietnam, there is huge room for rating cooperation between the two sides. Feng Chunmin, Chairman of Saigon Rating, said that Vietnam's bond market is in a stage of rapid growth. At the same time, based on Vietnam's 2050 carbon neutrality plan, Vietnam's green finance assessment and ESG rating development potential is huge. Both parties expressed their positive intention to cooperate, and will carry out multi-level cooperation in the fields of rating technology, rating business, analyst exchanges and training in the future. Previously, the two sides had held many exchanges on topics such as the development history of the China-Vietnam bond market, the development of the rating market, the regulatory environment, and company operations.   A delegation from China Chengxin International communicated with SGR management and analyst team   In recent years, China Chengxin International has continuously deepened its cooperation in Southeast Asia, strengthened exchanges with the Asian Credit Rating Association, and actively expanded rating cooperation in Southeast Asia. On December 1, 2023, China Chengxin International was invited to attend the 2023 Annual Meeting of the Asian Credit Rating Association (ACRAA) held in Bangkok, Thailand (click to view) . In the 2024-2025 Board of Directors election, Yan Yan, Chairman of China Chengxin International, was re-elected as a director of the Asian Credit Rating Association. At the same time, China Chengxin International has conducted multiple in-depth exchanges with rating agencies in Thailand, Vietnam, Malaysia, Indonesia and other countries, actively explored bilateral cooperation around rating and green finance business, rating technology exchanges and research, and assisted Chinese companies in investment, financing and risk assessment activities in the Southeast Asian market.

On January 31, 2024, the workshop "Strengthening the Role of Local Green Bond Certification Agencies: Emerging Trends in Sustainable Finance" was held at the Stock Exchange of Thailand in Bangkok, Thailand, supported by the China Poverty Reduction and Regional Cooperation Fund and organized by the Asian Development Bank. Representatives from the Asian Development Bank, the Stock Exchange of Thailand, and green bond certification agencies in ASEAN countries participated in the event. Cui Zixiao, Director of Green Gold Market at China Chengxin, was invited to attend and give a keynote speech.     As an extension of the 39th ASEAN+3 Bond Market Forum, this workshop focuses on the theme of "Sustainable Finance" at the main forum and aims to provide a platform for multilateral communication and knowledge sharing for green bond certification policy makers, external review agencies, and other relevant parties in the ASEAN+3 region, enhance capacity building, and promote regional exchanges and development.     Cui Zixiao first introduced the top-down driving characteristics of China's green financial system construction, as well as the domestic green bond incentives and the rapid development of green bonds by reviewing the history of China's green bond policy development. Subsequently, Cui Zixiao introduced in detail the rapid innovation of ESG bonds in recent years and the implementation of relevant regulatory measures. On behalf of China's green bond certification agency, he shared the cutting-edge progress in the field of ESG bond assessment and certification, as well as the experience and case sharing of related business development.     During the post-meeting exchanges, Cui Zixiao had in-depth exchanges and discussions with experts and institutional representatives from the Asian Development Bank, Thailand, Vietnam, and Japan on the market research and third-party assessment and certification of green bonds.