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China to establish green finance reform and innovation experimental zones

BEIJING, Jun. 14 (Xinhua)-Premier Li Keqiang chaired State Council executive meeting on Jun. 14 which decided to cancel and delegate a batch of production licensing protocols and simple approval protocols of industrial products, in order to promote innovation and better quality in the manufacturing industry; and to establish green finance reform and innovation experimental zones in some provinces (autonomous regions), in order to boost the green transformation and upgrading of the economy.

The meeting decided to establish green finance reform and innovation experimental zones in selected places of Zhejiang, Jiangxi, Guangdong, Guizhou, and Xinjiang, in order to explore replicable experience in relevant institutions and mechanisms.

The main tasks are as below: a. support financial institutions to set up green finance departments or green branches, and give incentives to petty loan lenders and financial rental service providers to provide green financing services; support venture investors, private funds, and other overseas and domestic capitals to take part in green investment; b. give incentives to the development of green credits, and explore the possibility of using franchise rights, project income rights, emission rights, and other environmental rights and interests for pledge financing; accelerate the development of green insurance, and develop creative eco-environmental liability insurance products; give incentives to the green enterprises to raise funds through issuing bonds and going public, and support the SMEs to issue green collective bonds; raise the share of the green finance in funding the green buildings and infrastructure development in small-and medium-sized cities and feature towns; c. explore the possibility to set up the emission right, water right, energy use right, and other environmental rights and interests trading markets, establish a platform to share the information on the businesses’ pollution discharge and environmental incompliance and irregularity records, and build green credit system; spread the use of electronic bill of exchange, mobile payment, and other green payment instruments, and facilitate the development of green rating, green index, and other financial infrastructures; d. strengthen the support of fiscal and taxation, land use, and human resources policies, and set up government service channels that prioritize the green industries and projects; increase the share of local government bonds in supporting public-benefit green projects; loosen the market access conditions and the public service pricing policies and improve the benefit, cost, and risk sharing mechanisms; e. establish green finance risk prevention mechanisms, improve the accountability system, and introduce green project investment and financing risk compensation mechanisms; promote the creation of healthy development patterns of green finance.

(This English version is for your reference only.In case any discrepancy exists between the Chinese and English context, the Chinese version shall prevail.)

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