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Xinhua Silk Road
Policy

China unveils priorities for high-quality development of green finance

May 20, 2019


Abstract : China unveiled its priorities to push up the high-quality development of green finance at a forum on green finance held in Beijing on May 18.

BEIJING, May 20 (Xinhua) -- China unveiled its priorities to push up the high-quality development of green finance at a forum on green finance held in Beijing on May 18.

According to Chen Yulu, deputy governor with People's Bank of China, these priorities include enhancing theoretical study on green finance to achieve cutting-edge results and building related standard system to ensure regulated and healthy development of green finance.

Efforts will also be made to deepen innovation in green financial products and services, such as issuing green municipal bonds, improving regulatory policies concerning green bonds and mobilizing all types of capital with social capital in particular to take part in construction of green projects, in a bid to promote sustainable development of green finance.

Besides, China will also strengthen related international cooperation by leveraging its advantages like huge green financial market and mature policy system as well as bilateral and multilateral platforms such as G20, the China-UK Economic and Financial Dialogue and the China-France High-Level Economic and Financial Dialogue.

Chen also noted the achievements China has made in green finance at the forum, including expanding market, improved policy system and infrastructure, and the construction of pilot zones for green finance reform and innovation.

According to him, China issued more than 280 billion yuan of green bonds (including asset securitization) in 2018, with stock approaching to 600 billion yuan, ranking among the top globally.

Besides, China has also reaped fruitful results in related international cooperation. For example, the Central Banks and Supervisors Network for Greening the Financial System (NGFS) established by China and central banks and regulators form eight countries has already attracted 37 member institutions. (Edited by Gu Shanshan)

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Keyword: China development green-finance

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