Industry News | Eight departments including the Beijing Municipal Financial Supervision Bureau jointly issued a document to promote the reform and opening up of the "two districts" to build green finance

The vitality and driving force of green development lies in the transformation of the economic structure and the transformation of development momentum.

A few days ago, the Beijing Municipal Bureau of Financial Supervision, the Business Management Department of the People's Bank of China, the Beijing Banking and Insurance Regulatory Bureau, the Beijing Securities Regulatory Bureau, the Beijing Municipal Development and Reform Commission, the Municipal Bureau of Economy and Information Technology, the Municipal Finance Bureau, and the Municipal Bureau of Ecology and Environment jointly issued the The “Two Districts” Construction of Green Finance Reform and Opening-up Development Action Plan” (referred to as the “Action Plan”).

On September 2, at the 2022 China International Finance Annual Forum, Wang Ying, deputy director of the Beijing Local Financial Supervision Bureau, introduced that Beijing's green finance development has always been at the forefront of the country. On this basis, the Plan proposes a total of 22 measures in four areas, focusing on improving the functions of the green financial market, supporting the development of green industries and building green cities, deepening international cooperation in green finance, and improving the infrastructure of green finance. A green financial system driven by reform and opening up, featuring innovation leadership, low-carbon sustainability as the guide, and security as the bottom line, will gradually build a global green finance and sustainable financial center with full-service research, decision-making and market operation.

The construction of "two districts" is a major strategic opportunity for Beijing's opening-up development. The "two zones" refer to the comprehensive demonstration zone for the expansion and opening of the national service industry and the China (Beijing) Pilot Free Trade Zone. The Action Plan closely integrates the development of green finance with the construction of Beijing's "two districts". It aims to further promote the reform and opening up of the green finance sector in the “two districts”, and accelerate the construction of a global green finance and sustainable financial center with full-service research, decision-making and market operation.

Strengthen the layout of green financial resources in urban sub-centers

Driven by the "dual carbon" goal, various industries have launched carbon reduction actions in an all-round way. On the one hand, cities need to provide good policy support and a favorable market environment for the development of green finance, and on the other hand, they need to better combine the decisive role of the promising government and the market in specific areas.

The "Implementation Plan" clearly proposes to strengthen the layout of green financial resources in urban sub-centers. Encourage banking financial institutions to set up specialized green finance institutions in urban sub-centers, and accelerate the establishment of international green investment groups. Take the lead in building green financial institutions, international green financial organizations, and green financial infrastructure in the city's sub-center canal business district and transportation hubs. In addition, promote the Beijing Green Exchange to upgrade to a national-level green exchange facing the world on the basis of undertaking the functions of a national carbon trading center such as voluntary emission reduction.

As the main carrying area of green financial functions and a demonstration area for pilot testing, Beijing Sub-City Center carries the new urban forms of green city, forest city, sponge city, livable city, humanistic city, and smart city that will be initially built in 2025. important work goals. It is understood that the carbon quota and environmental rights trading market based on the Beijing Green Exchange has been set up in the sub-center of Beijing to serve the construction of a low-carbon city in Beijing. The industries in the sub-center of Beijing have developed rapidly in the direction of green and low-carbon.

In this Action Plan, it is clearly proposed to leverage social capital to better support green transformation and development through a series of measures such as improving the functions of green financial markets, promoting green financial product innovation, and actively playing the role of financial institutions. Establish and improve the market-based pricing and trading mechanism for natural resources and green assets, promote the construction of green project libraries, deepen the pilot carbon emission trading, promote the pilot trading of energy use rights, explore and carry out environmental rights and green asset trading and mortgage financing services, improve Reflect the carbon emission accounting and evaluation system of enterprises (projects), accelerate the construction of the carbon market, and continuously improve the green trading ecosystem.

Beijing is the national financial management center and the forefront of China's financial reform and opening up. The development of green finance is at the leading level in the country. As of the end of June 2022, the green credit balance of major Chinese banks in Beijing was 1.58 trillion yuan, a year-on-year increase of 24.54%, which was 17.98% higher than the growth rate of various loans over the same period; in the first half of 2022, non-financial enterprises in Beijing issued green bonds Over 100 billion yuan, accounting for nearly 40% of the country's total issuance, ranking first in the country; as of the end of June 2022, a total of 93.9364 million tons of various carbon emission trading products have been traded in the carbon market, with a turnover of 3.037 billion yuan. The price ranks first in the country. There are 12 listed companies in the national "ecological protection and environmental governance industry" registered in Beijing, ranking first in the country.

The Action Plan gives full play to the advantages of Beijing's green industry agglomeration, moderately tilts the key areas of Beijing's green financial development such as new energy vehicles, green energy, energy conservation and environmental protection, green buildings, green transportation and other industrial fields, highlights financial support for the development of green industries, and actively promotes Green city construction and green lifestyle changes.

22 measures to build a green financial system in the capital

Green finance guides the flow of resources to green and low-carbon fields, which is a new direction and trend for the development of the financial industry. To achieve the "dual carbon" goal, there is a huge demand for financial services. The traditional financial service model can no longer meet the demand. More effective and systematic financial tools, products and services need to be provided.

The Action Plan includes 22 measures in four areas:

The first is to improve the functions of the green financial market. Including promoting the green transformation of financial institutions, improving the credit service capabilities of green projects, supporting green bond financing, promoting the development of green investment, promoting the development of green insurance, enhancing the innovation capacity of green financial products, guiding green enterprises to go public and financing and refinancing, and promoting orderly green transactions Develop and strengthen the layout of green financial resources in urban sub-centers.

The second is to support the development of green industries and the construction of green cities. Including promoting financial precision support for industrial upgrading, strengthening financial support for green buildings and green transportation, increasing financial support for agricultural and rural modernization and ecological environment collaborative governance, actively participating in national climate investment and financing pilots, and promoting green lifestyle changes.

The third is to deepen international cooperation in green finance. Including promoting international investment and financing of green industries, building international green think tanks, deeply participating in global green finance governance, and holding high-level green finance forums.

Fourth, improve green financial infrastructure. Including accelerating the construction of a green project library, promoting the empowerment of green service chains by financial technology, exploring the establishment of a green financial standard system that is in line with international standards, and establishing and improving a green financial risk prevention and resolution mechanism.

In addition, the "Action Plan" also proposes to "explore the pilot application of digital renminbi in the field of green finance", "strengthen the integration of government environmental credit information and the application of blockchain technology, and explore the establishment of an intelligent evaluation system for green finance that serves the whole country and faces the world", "encourages financial Institutions actively use big data, blockchain, artificial intelligence and other scientific and technological means to improve the level of green financial management according to their own actual situation, and strive to reduce the information asymmetry between financial institutions and green entities, and provide precise support for financial policies, Implementing regulatory evaluation provides an important basis for decision-making and improves the quality and efficiency of green financial services.