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Improve System Construction, Develop Green Finance

Date: Aug 11, 2010      Source: IEEPA      
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Zhang Qiong, Deputy Chief of the Committee for Social and Legal Affairs of CPPCC

To develop green finance, and further promote environmental protection through finance, we shall consider improving green financial system, establishing standard, stable and green financial legal system, further standardizing activities of market player.

Legal system plays a crucial role in promoting and guaranteeing the development of green finance, we shall establish multi-sector coordination mechanism, especially for formulating some specific provision, making clear duties and work division, achieving multi-sector participation and cooperation. We shall offer definite classification and guidance in finance support and restrictive industries, enhance system's scientific basis, validity and workability, shape up green finance, and promote the joint force of environmental protection management. At the same time, in consideration of green credit as main manifestation in China's current green finance, and monotonous finance support to green industry, we shall uphold and expand green finance concept to insurance, securities, fund fields in the process of system construction, achieving abundance and diversification in green finance development.

In the last few years, relevant departments have formulated a set of specific provisions on green finance on the basis of wide researches and practices. However, some aspects to further improve are shown as following:

1. Make clear system guidance to green finance

We shall guarantee finance players to perform social responsibility on environmental protection through legal means. Concerning green credit and green financing, legal systems are currently being formulated, and have formed steady social anticipation and fixed behavior pattern. In the course of establishment and amendment of financial and environmental protection laws, we shall make clear the measures of implementing green financial system, and intensifying the stimulation and restraint functions.

2. We shall further improve the system of information sharing.

Enterprise environmental information is an important precondition for green finance, and sound and interactive bridge between finance and environmental protection. Through system construction especially for laws and regulations of the State Council, we shall make clear the responsibilities of environmental protection and financial departments, and establish information communication mechanism on enterprise environment, as well as set up sharing platform.

3. We shall form joint force on green financial management

We shall establish multi-sector coordination mechanism, especially for formulating jointly detailed and special provision. We shall make clear our duties and work division, achieving common participation and effective cooperation of different sectors. Aside from that, we shall implement definite guidance in finance support and restrictive industries, enhance scientific nature, validity and workability of system, enhance the joint force on environmental protection management. 

4. We shall improve the green financial innovation.

We shall incorporate some innovative systems into legal environment. As an emerging field, green finance upholds innovation is its vitality. The system construction is to improve innovation of green financial mechanism, introduce green financial management means, advance the optimization of environmental management system.

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