Foreign Issuers' Share of Panda Bond Fundraising Surpasses Chinese Counterpart for First Time in First Half

According to the '2026 First Half China International Balance of Payments Report' released recently by the State Administration of Foreign Exchange, foreign issuer fundraising in panda bonds rose in the first half of the year. Foreign issuers accounted for 54% of total panda bond market fundraising, marking the first time their share exceeded that of Chinese-backed issuers. In recent years, the structure of panda bond issuers has gradually evolved from early pilot programs by international institutions and dominance by overseas Chinese institutions to joint participation by both overseas Chinese and foreign entities. Regarding the use of raised funds domestically and abroad, foreign issuers plan to use 58.7 billion yuan (68% of their fundraising) outside China.