The study looked at how the Chinese green bond market and government bond market are connected. They found that the two markets affect each other, with information and risk spreading between them. The green bond market reacts more strongly to new information than the government bond market. There is a long-term relationship between the two markets, and they influence each other's movements. Risk can flow both ways between the markets, but it is stronger in one direction. Overall, the connection between the green bond market and government bond market in China is getting stronger over time.