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This study empirically investigates the relationship between banks' green lending and their credit risk, and how Chinese green finance regulations contribute to the solvency of individual banks and the resilience of the financial system. Analysing a sample of 41 Chinese banks from 2007 to 2018, we find that the association between a bank's (relative) green lending as a proportion of its overall loan portfolio, and its credit risk, depends critically on the size and structure of state ownership. While the implementation of China's Green Credit Policy reduces credit risk for the major state‐controlled banks, it increases credit risk for the city and regional commercial banks. This performance difference appears largely due to information and expertise asymmetries, with the city and regional commercial banks having less access to information and expertise necessary to evaluate the credit risk of green lending. Understanding this phenomenon can help policymakers tailor green finance policies according to banks' characteristics. It also suggests that mechanisms and platforms for the city/regional commercial banks to learn from the major state‐controlled banks could be beneficial.

Protected areas (PAs) are the main strategy to conserve natural values and reduce biodiversity loss. However, with increasing global food requirements, using land for protecting landscapes and species is becoming increasingly difficult to justify. Here, we argue that framing PAs as spatial assets provides an ideal platform for generating investment and increasing their political/cultural resilience. Specifically, we define and characterize PAs in terms of their biophysical, human, infrastructure, institutional and cultural assets, making explicit the forms of value they create and for whom, and identifying types of investment needed to generate value in the medium and long term. These assets can be protected, managed and/or invested in to generate (monetizable and non-monetizable) forms of value. They can also be at risk from a variety of factors. Building on contemporary conservation policy, our asset framework provides an innovative approach to the development and management of PAs in the 21 st Century.