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Moody’s forecasts green, social, sustainable and sustainability-linked bond issuance to stage a tentative recovery this year following a decline in volumes in 2022, with structural tailwinds offsetting prolonged macroeconomic risks and elevated market concerns over greenwashing.

The number of onshore corporate defaults in China during 2015 has already exceeded the total for last year. The recent trend has broken the myth of the “automatic bailout” in China’s onshore market which had led some investors to ignore credit fundamentals in the expectation that all debts would ultimately be underwritten by the state.