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China's top regulators will adopt preferential tax and credit policies to support green funding and decarbonisation as the country moves toward net-zero carbon emissions by 2060, according to officials at Global Asset Management Forum 2021 in Beijing at the weekend.
Zou Jiayi, vice finance minister, said fiscal authorities will make good use of tax breaks and the government will support green technologies in procurement to encourage the use of clean energy.
According to Zou, by the end of this year, outstanding green loans in China will reach CNY12 trillion, the most in the world, while the issuance of green bonds has jumped to CNY813.2 billion, the second highest globally.
Fan Yifei, vice governor of People's Bank of China, said the central bank also provide incentives for financial institutions to add ESG (environment, society and government) principles into their investment schemes and enrich relevant financial products.
The People's Bank of China will launch specific facilities to boost low-carbon-emission investments and guide institutions to support key sectors including wind power and photovoltaic power, he said, adding that will improve the attractiveness of green loans and green bonds.
Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, said financial institutions should strike a balance between supporting green transformation and preventing risks, noting the traditional sectors should get help to transition.