Cleaning up China’s poisoned air, water and soil and transforming its industry-dependent economy is a vast task, one that may need an investment of up to 620 billion per year—and government can only directly fund 10-15%. To achieve its ambitions, the government needs to attract investment from the financial sector, private companies, households and international investors. Green finance offers the opportunity and China has rapidly established itself as one of the biggest players in the global green finance movement. But how green are China’s green bonds? Many analysts argue that if you scratch under the Chinese system’s green veneer, it reveals a different color entirely.