Interpretation of key policies
1. “Environmental Information Disclosure System Reform Plan” May 2021- The Ministry of Ecology and Environment
The Plan sets the goal of achieving the basic formation of a system of mandatory disclosure of environmental information in 2025, ensuring enterprises make truthful and timely disclosures of environmental information, facilitated by multi-party collaboration and co-management mechanisms. The Plan proposes to strengthen the management of mandatory environmental information disclosure in industries. Industry and information technology departments should incorporate mandatory environmental disclosure requirements into the green factory and green manufacturing evaluation system, and encourage major enterprises to prepare green and low-carbon development reports. Supervisors and managers of state-owned assets should set industry benchmarks and enable enterprises under their supervision to follow the requirements. The People’s Bank of China and securities management departments should implement environmental disclosures in financial risk management and green finance reforms and pilot schemes. Industry associations are encouraged to guide their members to follow the requirements. The plan also proposes to build an environmental information sharing mechanism, and to set up a mandatory disclosure platform for companies’ environmental information, to which shared information and law enforcement data can be uploaded, alongside basic financial information.
2. “Fujian Banking and Insurance Regulatory Bureau’s Guidance on the Banking and Insurance Industry to Promote Green Finance” May 2021- Fujian Banking and Insurance Regulatory Bureau
The Guidance is a special purpose policy to promote green finance, issued by Fujian Bureau of China Banking and Insurance Regulatory Commission, which sets action plans for all categories of green finance instruments, including green loans, green bonds, green equity, green insurance, and so on. The Guidance implements Xi Jinping's ecological civilization principle, putting forward three major work objectives during the 14th five-year-plan, which are, to form a professional and efficient green finance service system, to continuously improve the innovation capacity of green financial products and services, and to significantly improve the total amount and structure of green financing. It also promotes four major tasks, which are, to establish a sound green financial governance framework, to make efforts meeting demands for green finance in key sectors, to stimulate innovation potential of green products and services, and to promote the healthy ecosystem for green development. In the meantime, it proposes to strengthen Communist Party’s leadership to ensure the organizational support.
3. “Several Fiscal Measures from Autonomous Region to Accelerate the Development of Nine Key Industries (provisional)” April 2021- General Office of the People’s Government of Ningxia Hui 1 Autonomous Region
The Measures apply to Ningxia Hui Autonomous Region and encourage all types of financial institutions to increase green loans in key industries (i.e., electronic information, new materials, green food, clean energy, cultural tourism, Chinese wolfberry, wine, dairy industry, beef cattle and sheep, etc.). Financial institutions are rewarded for increasing green lending, with a payment of 0.003% of the increased green loans from the autonomous region’s finance bureau, and preferential policies in Treasury Cash Deposits. The Measures also support key listed enterprises to issue bonds, with the finance bureau subsidizing 2% of the bond. The finance bureau awards RMB10 million to enterprises making IPOs. The Measures also propose supporting these key industries to purchase equipment through financial leasing, and leaseback plant or machinery, and the finance bureau’s subsidies to a single enterprise will not exceed RMB3 million per year.
4. “Several Measures on Finance Supporting the High-quality Development of the Real Economy” May 2021- General Office of Gansu Provincial People’s Government
The Measures propose vigorous development of green finance, revolving around the requirements of low-carbon development and "carbon peak, carbon neutral" targets, encouraging financial institutions to tilt resources to green areas; strengthen support for clean energy, energy conservation and environmental protection, ecological environment, green infrastructure upgrades etc.; apply and innovate green loans, green bonds, green insurance and other green financial products and services; and make good use of green ecological industry development funds to promote green industries. The Measures support Lanzhou New District to accelerate the green financial reform and innovation pilot zone; to explore mortgage financing model based on rights to green project operation, to revenue, to environment and lands, etc.; and to promote FinTech. The successful experience of Lanzhou could be promoted to the whole province. Finally, it proposes to broaden financing channels for Yellow River Basin ecological protection.
5. “Implementation Opinions of The People’s Government of Hebei Province on the Establishment of a Sound Green, Low-carbon and Cyclical Economic System” April 2021- The People’s Government of Hebei Province
The Opinions propose vigorous development of green finance, carrying out green loan performance evaluation of legal entities in the province, and improving incentive and restraint mechanisms of green finance. The Opinions support insurance institutions to establish a sound green insurance business and claims service system; encourage eligible enterprises and institutions to issue green bonds; and encourage eligible enterprises in green industries to go public and raise funds, and refinance through instruments such as additional issuance, corporate bonds and interbank debt financing tools.
Summary of recent policies
This summary of policies covers: 1) Policies issued by four-level government agencies: state, provinces and ministries, prefectures and cities, and counties in Mainland China. 2) Policies involving green bonds, green credit, green equity, green insurance, environmental finance and monetary policy. 3) Policies released publicly by governments and mainstream media through internet.
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Jurisdiction
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Title
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Actor
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Purpose
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Publication Date
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Link
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Nationwide
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“Environmental Information Disclosure System Reform Plan”
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The Ministry of Ecology and Environment
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Mandatory Environmental Information Disclosure
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24 May 2021
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Fujian Province
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“Fujian Banking and Insurance Regulatory Bureau’s Guidance on the Banking and Insurance Industry to Promote Green Finance”
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Fujian Bureau of China Banking and Insurance Regulatory Commission
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Greening Banking and Insurance Industry
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7 May 2021
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Gansu Province
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“Several Measures on Finance Supporting the High-quality Development of the Real Economy”
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General Office of Gansu Provincial People’s Government
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Tilting Financial Resources to Green Areas
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12 May 2021
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Hebei Province
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“Implementation Opinions of The People’s Government of Hebei Province on the Establishment of a Sound Green, Low-carbon and Cyclical Economic System”
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The People’s Government of Hebei Province
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Greening the Economy in Hebei Province
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29 April 2021
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Ningxia Hui Autonomous Region
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“Several Fiscal Measures from Autonomous Region to Accelerate the Development of Nine Key Industries (provisional)”
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General Office of the People’s Government of Ningxia Hui Autonomous Region
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Encourage Green Loans; Subsidising Green Finance
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27 April 2021
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Shaanxi Province
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“Implementation Plan of Shaanxi Province to Accelerate Green Transition of Express Packaging”
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Shaanxi Provincial Development and Reform Commission, Shaanxi Provincial Postal Administration, Shaanxi Provincial Department of Industry and Information Technology, Shaanxi Provincial Department of Justice, Shaanxi Provincial Department of Housing and Urban-Rural Development, Shaanxi Provincial Department of Ecology and Environment, Shaanxi Provincial Department of Commerce
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Recycle the Express Packaging
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12 May 2021
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Zhejiang Province
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“Special Purpose Policy from Zhejiang Provincial Department of Ecology and Environment on Supporting Leapfrogging and High-Quality Development of Ecological and Environmental Protection in 26 Counties in Mountainous Areas”
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Zhejiang Provincial Department of Ecology and Environment
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Tilt Fiscal Resources to Ecological and Environmental Protection
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14 May 2021
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Zhejiang Province
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“Guiding Opinions on Finance Supporting Carbon Peaking & Carbon Neutrality”
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Hangzhou Central Branch of People's Bank of China, Zhejiang Banking and Insurance Regulatory Bureau, Zhejiang Provincial Development and Reform Commission, Zhejiang Provincial Department of Ecology and Environment, Zhejiang Provincial Fiscal Bureau
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Increase the scale of green loans and green bonds
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25 May 2021
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Shanghai City
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“Several Opinions on Accelerating the Development of Shanghai as a Global Asset Management Centre”
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General Office of Shanghai Municipal People’s Government
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Guide Asset Managers to include green assets in portfolios
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17 May 2021
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Tianjin City
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“Overall Plan for the Linkage Innovation Zone2 in China (Tianjin) Pilot Free Trade Zone Binhai High-tech Zone and Overall Plan for the Linkage Innovation Zone in China (Tianjin) Pilot Free Trade Zone Sino-Singapore Eco-City”
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Tianjin Municipal Bureau of Commerce
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Encourage Green Finance Innovation in Linkage Innovation Zone
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25 May 2021
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Sanming City, Fujian Province
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“The Forest Carbon Ticket3 Management Method (Trial) in Sanming City”
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Sanming Natural Resources Bureau
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Increase the carbon sink of forest ecosystem
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11 May 2021
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Qingdao City, Shandong Province
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“Implementation Opinions on Accelerating the Development of Green City Pilot Project”
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Qingdao Municipal People’s Government
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Establishment of Green Financial System in Qingdao City
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17 May 2021
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Hanzhong City, Shanxi Province
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“Three-Year Action Plan for Accelerating the High-Quality Development of Financial Industry in Hanzhong City”
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Hanzhong Municipal People’s Government
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Tilt Financial Resources to Green Areas
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21 May 2021
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Ningbo City, Zhejiang Province
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“Implementation Opinions on 18 Measures to Promote Green Finance”
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Ningbo Financial Supervision Bureau
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Promote Green Finance
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18 May 2021
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