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Beijing issues action plan to support green finance

Updated: 2022-09-14

The Beijing Municipal Bureau of Financial Supervision, the China Banking and Insurance Regulatory Commission and other departments recently issued an action plan to promote the reform and opening up of green finance in the construction of the "Two Zones".

The plan proposes 22 tasks in four areas: Improving the functions of the green financial market, supporting the development of green industries and the construction of green cities, deepening international cooperation in green finance, and completing green financial infrastructure.

Beijing's green finance development is taking the lead in China. 

As of the end of June 2022, the green credit balance of major Chinese-funded banks in Beijing reached 1.58 trillion yuan ($226.88 billion), a year-on-year increase of 24.54 percent, and was 17.98 percent higher than the growth rate of various loans in the same period. 

In the first half year of 2022, non-financial enterprises in Beijing issued green bonds exceeding 100 billion yuan, accounting for nearly 40 percent of the country's total issuance, ranking first in China.

By the end of June 2022, a total of 93.94 million tons of carbon emission trading products had been traded. The average transaction price of pilot carbon allowances ranks first in the country.