Interpretation of key policies
1. "Notice of the People's Government of Jiangxi Province on Several Measures to Accelerate the Establishment of a Sound Economic System for Green, Low-Carbon and Circular Development" July 2021- The People's Government of Jiangxi Province
The Circular aims to implement the State Council's "Guiding Opinions on Accelerating the Establishment of a Sound Economic System for Green, Low-Carbon and Circular Development" (Guo Fa [2021] No. 4) and promote the construction and upgrading of green development in Jiangxi Province in all aspects. The Circular proposes to vigorously develop green finance and puts forward a series of initiatives, including: I. Organizing the evaluation and assessment of green finance performance of financial institutions, deepening green finance reform and innovation in Ganjiang New Area and replicating and promoting successful experiences in green finance practice; II. Strengthening the green finance information sharing mechanism, improving the green project database, and promoting the support of financial institutions for clean energy, environmental protection and other fields; III. Accelerating the construction of a supporting system for green notes (form of commercial financing instrument), accelerating the launch of the information management system for green note recognition, establishing a pool of green note issuers, and encouraging financial institutions to increase their support for green notes; IV. Increasing direct financing in accordance with the law, issuing green bonds and setting up green funds, and supporting eligible green enterprises to go public (listing); V. Boosting climate investment and financing, promoting the construction of a pool of climate investment and financing projects, and innovating carbon neutral and carbon financial products such as carbon funds, climate bonds and climate loans; VI. Encouraging financial institutions to carry out innovation in green loans and green insurance.
2. "Implementing Opinions on Green Finance Supporting the High-Quality Development of the Clean Energy Industry” July 2021- Ningxia Hui Autonomous Region Local Financial Supervision Authority and five other ministries
The Implementation Opinions is a special policy on green finance, which aims to use green finance instruments to provide financial support to enterprises upstream and downstream of the clean energy industry chain and promote the high-quality development of the clean energy industry. The Implementation Opinions include: Vigorously promoting insurance innovation and application, further improving the level of security, innovating green insurance products, promoting fee reductions and concessions to extend security, and actively guiding insurance capital to invest directly in the clean energy sector; Vigorously developing green credit, rewarding financial institutions with significant performance with 0.3% of newly added credit amount, moderately increasing the interest subsidy for major projects, and encouraging banks to innovate green loan products; Further broadening the financing channels for enterprises, providing a one-off subsidy of 2% issuance scale to green bond-issuing enterprises, and a reward of RMB10 million to green enterprises for listing; Using various comprehensive financial products and policies to encourage financial institutions to discount interest charge at a rate of 10-20%; Increasing financial leasing and encouraging financial leasing companies to provide clean energy enterprises with a preferential interest quote which is based on the current LPR guiding quotation and floating in accordance with the market situation, and with a mid-to-long term of at least three years, and the autonomous region's fiscal office is to give subsidies of up to RMB3 million per year to clean energy enterprises that purchase advanced equipment through financial leasing.
3. “Action Plan of Zhejiang Banking and Insurance Industry to Support the "6+1" 1 Key Areas and Facilitate Carbon Peaking & Carbon Neutral Target” July 2021- Zhejiang Banking and Insurance Supervision Bureau and ten other ministries
The Plan is a special green financial policy aimed at further promoting the banking and insurance sectors to support the goal of carbon neutrality and to help Zhejiang's overall green and low-carbon economic and social development. In particular, the Plan refers to promoting green industry and exploring the establishment of a green and low-carbon project list system. It also argues to set supporting special credit lines in place, promote credit resources to tilted to green and low-carbon projects, and mobilize insurance funds to invest more vigorously in green and low-carbon projects. All efforts should be made to channel the financing needs for the development of low-carbon and high-efficiency industries and support the transition of high-emitting industries. At the same time, financial services should be deepened to support key areas, such as renewable energy, green manufacturing, green construction, green transportation and others. Green financing channels should be diversified to expand the coverage and reduce financing costs. To improve the mechanism of green financial services, the Plan includes promoting the incorporation of low-carbon performance into the credit management process; exploring the establishment of a third-party evaluation mechanism for the whole process of green buildings and energy-saving green renovation of existing buildings; implementing a differentiated green loan and green insurance system; encouraging the establishment of a franchise mechanism, encouraging innovation in green financial products, and exploring products such as carbon efficiency loans, energy efficiency loans, climate bonds and green loan asset-backed securitization; enhancing the green finance performance assessment and management mechanism, and setting up mechanisms for fault tolerance, error correction and due diligence for green credit, etc. The Plan also emphasizes the need to strengthen information sharing in multiple cross-collaborative scenarios and green financial services, guided by digital reform.
4. “Action Plan for Further Improving the Financial Services Institutional Mechanism for Private and Small-to-Micro Enterprises in Beijing (2021-2023)” July 2021- Twelve ministries and commissions, including the Department of Business Administration of the People's Bank of China
The Action Plan aims to deepen the spirit of improving financial services for private and small-to-micro enterprises, further construct the "two districts" in Beijing, and optimize the financial business environment. The Action Plan calls for establishing a comprehensive green financial services system. It is necessary to innovate and develop green financial instruments, actively introduce green investors, encourage financial institutions to invest more in green industries, and drive social capital to invest in green enterprises. A directory of enterprises in green and related industries in Beijing will be compiled and updated regularly to continuously improve the accuracy of financial services industries.
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.
|
Jurisdiction
|
Title |
Actor
|
Purpose
|
Publication Date
|
Link
|
|---|---|---|---|---|---|
|
Jiangsu Province
|
“Jiangsu Province “Green Island”2 Project Management Measures (Trial)”
|
Jiangsu Provincial Department of Ecology and Environment
|
Green finance supporting projects eligible for the “Green Island” projects.
|
30 June 2021
|
|
|
Longyan City, Fujian Province
|
“The 14th Five-Year Plan for Green Finance Work in the Banking and Insurance Industry in Longyan”
|
Longyan Banking and Insurance Regulatory Bureau
|
Build-up Green Financial System in Banking and Insurance Sector
|
6 July 2021
|
|
|
Jiangxi Province
|
“Notice of the People's Government of Jiangxi Province on Several Measures to Accelerate the Establishment of a Sound Economic System for Green, Low-Carbon and Circular Development”
|
The People's Government of Jiangxi Province
|
Establishing an economic system for green, low-carbon and circular development
|
8 July 2021
|
|
|
Zhejiang Province
|
“Action Plan of Zhejiang Banking and Insurance Industry to Support the "6+1" Key Areas and Facilitate Carbon Peaking & Carbon Neutral Target”
|
Zhejiang Banking and Insurance Supervision Bureau; Zhejiang Provincial Development and Reform Commission; Zhejiang Provincial Department of Economy and Information Technology; Zhejiang Provincial Department of Science and Technology; Zhejiang Provincial Department of Ecology and Environment; Zhejiang Provincial Department of Construction; Zhejiang Provincial Department of Transport; Zhejiang Provincial Department of Agriculture and Rural Development; Zhejiang Provincial Bureau of Market Supervision; Zhejiang Provincial Local Financial Supervision Bureau
|
Green finance supporting identified key sectors in the real economy
|
20 July 2021
|
|
|
Beijing City
|
“Action Plan for Further Improving the Financial Services Institutional Mechanism for Private and Small-to-Micro Enterprises in Beijing (2021-2023)”
|
Business Administration Department of the People's Bank of China; Beijing Supervision Bureau of China Banking and Insurance Regulatory Commission; Beijing Regulatory Bureau of China Securities Regulatory Commission; Beijing Local Financial Supervision Administration; Beijing Municipal Development and Reform Commission; Beijing Municipal Bureau of Finance; Beijing Municipal Bureau of Economy and Informatization; Beijing Municipal Administration of Government Services; Zhongguancun Science and Technology Park Management Committee of Beijing Municipal Science and Technology Commission; State-owned Assets Supervision and Administration Commission of Beijing Municipal People's Government; Beijing Municipal Bureau of Human Resources and Social Security; Beijing State-owned Cultural Assets Management Centre |
Improving green financial services for private and small-to-micro enterprises
|
28 July 2021
|
|
|
Shijiazhuang City, Hebei Province
|
“Several Measures to Accelerate the Promotion of a Green, Low-Carbon and Circular Economic System”
|
Shijiazhuang Municipal People’s Government
|
Green finance as a tool to promote green, low-carbon and circular economic development
|
28 July 2021
|
|
|
Ningxia Hui Autonomous Region
|
“Implementing Opinions on Green Finance Supporting the High-Quality Development of the Clean Energy Industry”
|
Local Financial Supervision Administration of Ningxia Hui Autonomous Region; Development and Reform Commission of Ningxia Hui Autonomous Region; Department of Industry and Information Technology of Ningxia Hui Autonomous Region; Yinchuan Central Sub-Branch of the People's Bank of China; Ningxia Regulatory Bureau of China Banking and Insurance Regulatory Commission
|
Subsidize green projects
|
30 July 2021
|
|