China to create pilot zones to promote “green” finance

Almaty. June 27. Silkroadnews – China plans creating “green” finance pilot zones to support industrial modernization and fight pollution, Xinhua news agency reported.
According to the plan published by the People’s Bank of China and six other institutions, the pilot zones will be located in the provinces of Guangdong, Guizhou, Jiangxi and Zhejiang, as well as in the Xinjiang Uygur Autonomous Region.
To expand green financing, financial institutions will be encouraged in various ways, including facilitating market access, rendering financial support and preferential land policies.
Within next five years China plans creating a multi-stage green financial system in these zones.
More active crediting of “green” projects should be encouraged, with this though it is necessary to take measures to restrain a share of “green” projects’ bad loans at the lower level for small businesses.