New national development fund to promote green finance
PBOC creating trial zones for green finance reform and innovation as more efforts are being made to promote the rapidly expanding sector
The Finance Ministry is working on a scheme to set up a national development fund for green finance, said Yang Weimin, deputy director of the Leading Group for Financial and Economic Affairs, Xinhua news agency reported.
The People’s Bank of China is creating trial zones for green finance reform and innovation in some regions, as more efforts are being made to promote the rapidly expanding sector.
Also, there is growing international cooperation on green finance between China and the United Kingdom, as well as China and France, Yang added.
Meanwhile, the development of green finance has achieved some positive initial results.
As of September, China issued a total value of 134 billion yuan (US$20.18 billion) in green bonds, accounting for 24% of the global amount.