China to Develop Green Finance Standards, Boosts Eco-Friendly Financial Services

Financials Author: Mingmin Zhang Sep 05, 2023 01:21 PM (GMT+8)

On 3 September, at the China International Finance Annual Forum, Zhou Liang, Deputy Director of the China National Financial Regulatory Administration, stated that China's socio-economic development has entered a high-quality phase focusing on greening and decarbonization. The banking and insurance industries must resolutely implement new development concepts, accelerate the development of green finance, and manage the relationships between development and emissions reduction, the overall and the specific, and the present and the future. The aim is to provide high-quality financial services to accelerate the transition to green, low-carbon development.

Zhou pointed out several key areas, including improving rules and standards, innovating products and services, strengthening risk management, enhancing daily supervision, promoting International Cooperation. 

In conclusion, Zhou remarked that Beijing is at the forefront of green finance development in China, boasting a well-established policy system, solid industrial foundation, strong professional capabilities, and noticeable agglomeration effects. 

The China National Financial Regulatory Administration will continue to support the construction of Beijing's sub-center for national green development demonstration and the Beijing Green Exchange, aiding the capital's ascent to a new level of green, low-carbon, high-quality development.