Green finance in China is complex, with various government and private actors influencing and shaping the system application. This chapter analyzes China’s green finance system development and how Chinese actors apply various green finance instruments such as green bonds and credit, and evaluates China’s international role in contributing to global green finance standard development and practices green finance in its overseas engagement, particularly through the Belt and Road Initiative. While China’s green finance application is possibly the largest in the world, it also continues to be the largest sponsor of coal investments - which we call the “Panda-Dragon paradox.”.