With the exponential development of an ecological and sustainable economy and society, the concept and practice of environmental, social, and governance (ESG) investments are being popularized in the capital market of China. ESG disclosure is an important supplement to financial disclosure and plays an increasingly significant role in asset pricing. In this paper, we selected corporate bond data in China’s secondary bond market from 2015 to 2020, and introduced the Nelson–Siegel model to study the influence of ESG disclosure on corporate bond credit spreads in the secondary market. This model passed robustness tests when we used alternative data fitted by the modified Nelson–Siegel model. Results show that ESG disclosure significantly reduces credit spreads on corporate bonds in the secondary market. State ownership and industry play significant roles in moderating the impact of ESG disclosure on corporate bond credit spreads. Specifically, the ESG disclosure of non-state-owned companies and companies in non-high-pollution and -energy-consumption industries has a greater impact on reducing corporate bond credit spreads. Therefore, we urge regulatory departments to establish a sound ESG disclosure evaluation system, and the issue companies to improve the quality of their ESG disclosure, especially non-state-owned companies, and those in non-high-pollution and -energy-consumption industries. Corporate bond investors would benefit from integrating ESG information into their investment decision-making process.

Background: China’s economy has been transitioning from a phase of rapid growth to high-quality development. The high-quality development of industry is the foundation of a sustainable and healthy growth of national economy, and is of great significance to improve people’s living standards, and to meet people’s needs for a better life. Methods: We develop an evaluation index system of high-quality development of industry from the perspectives of industrial benefit, innovation ability, coordination ability, green ability, opening ability and sharing ability. Based on a panel data of 30 provinces in China during 1999–2018, we evaluate the level of high-quality development of industry using the entropy-weight method and Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) method. Meanwhile we select six specific years and adopt the Natural Breaks method to classify the provinces according to their levels. At last, Moran’s I index is used to analyze the spatial correlation among the provinces. Results: Opening ability and innovation ability are found to have greater impacts on industrial high-quality development than other indices, and their influence has been increasing in recent years. There are large spatial and temporal differences among different provinces. Municipalities and coastal provinces are found to be at constantly high levels. The levels in the central region dropped first and then increased, however it was the opposite in the western region. In the northeast region, the levels fluctuated greatly. Overall, the high-quality development of industry among China’s provinces shows positive spatial correlation. Most provinces in China are in High-High and Low-Low clustering States. The High-High clustering type is mainly distributed in the eastern region and the Low-Low clustering type is mainly distributed in the western and central regions. Conclusion: (1) Innovation ability and open ability are the most important factors. (2) Green ability has not sufficiently contributed to China’s industrial development. (3) Regional and time evolution differences are significant. (4) There is a significant and stable spatial clustering effect in the high-quality development of industry among China’s provinces.