Robotic arms assemble engines on an assembly line at a workshop of the Weichai Power Co., Ltd. in Weifang City, east China's Shandong province, April 22, 2021. (Xinhua/Guo Xulei)
BEIJING, Feb. 23 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC) released earlier this week guidelines to enhance financial supports to support the green and low-carbon development of Shandong Province, reported Xinhua Finance on February 20.
The guiding opinions, dedicated to facilitating the east China-located province to shift from old growth driving engines to new ones and seeking green and low carbon development of higher quality, require optimization of financial services to key industries such as advanced manufacturing and strategic emerging industries in the province.
For instance, banks are encouraged to upsize their mid- and long-term loans and unsecured loans to finance in particular high-tech industries, smart manufacturing industry and strategic emerging industries to help the province to craft nationally advanced manufacturing clusters in Shandong.
Insurance capital will be guided to provide long-term and stable fund for local advanced manufacturing industry and strategic emerging industries via equity investment, bonds, privately-offered funds, insurance asset management products, etc.
The guidelines also require further improvement in foreign trade-related financial service. Banks and insurers are encouraged to focus on construction of China-SCO local economic and trade cooperation demonstration zone, upgrading of China (Shandong) Pilot Free Trade Zone, and construction of RCEP-related economic and trade cooperation demonstration zones in Shandong and provide financial products, services and integrated solutions such as payment and settlement, financing and credit, financial planning, risk management, tariff guarantee insurance, and export credit insurance to boost local foreign trade.
Apart from these, the file proposes to advance green upgrading of traditional industries. Banks and insurers will be guided to fund over the mid- and long run equipment upgrading, technological renovation and green transformation in Shandong. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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