In recent years, China has continued to promote a high level of openness in the financial market. Coupled with the prominent cost advantage of RMB financing, the attractiveness of the panda bond market to overseas entities has increased, the number of overseas issuers has grown steadily, and the currency function of RMB financing has been further enhanced. From 2023 to 2025, the annual financing scale of the panda bond market remained above 100 billion yuan, an average annual increase of 1.1 times over the previous three years. In the first half of 2026, a total of 42 entities issued 89 issues of panda bonds, raising 160 billion yuan, an increase of 69% over the previous year, reaching 87% of the issuance scale for the full year of 2025. 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. In the first half of 2026, the fund-raising scale of 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. Looking at the use of funds raised 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.

In recent years, China has continued to promote a high level of openness in the financial market. Coupled with the prominent cost advantage of RMB financing, the attractiveness of the panda bond market to overseas entities has increased, the number of overseas issuers has grown steadily, and the currency function of RMB financing has been further enhanced. From 2023 to 2025, the annual financing scale of the panda bond market remained above 100 billion yuan, an average annual increase of 1.1 times over the previous three years. In the first half of 2026, a total of 42 entities issued 89 issues of panda bonds, raising 160 billion yuan, an increase of 69% over the previous year, reaching 87% of the issuance scale for the full year of 2025. 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. In the first half of 2026, the fund-raising scale of 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. Looking at the use of funds raised 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.