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MNI BRIEF: China To Push Green Transition Despite Challenges

(MNI) LONDON

Despite global challenges triggered by the energy crisis, China will continue with the green transition of its economy, introducing environmental, social and governance (ESG) principles into financial institutions’ operations, officials and bankers told the China International Financial Annual Forum 2022 on Friday.

According to Zhou Liang, vice chairman of China Banking and Insurance Regulatory Commission, the country will coordinate energy security and green development, and look to meet credit demand for energy and electricity supply. Beijing will push green innovation and incentives for green finance projects, he said.

Zhou Yueqiu, chief economist of Industrial and Commercial Bank of China, warned the green innovation will likely be impacted by the inflation hit from current energy price, but Chinese institutions should still add new green tools to their traditional financial operations, while looking to increase investment in new energy. Institutions should also increase connections between domestic and oversea green markets.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Central Bank NewsPolicy NewsPBOCFiscalGovernment sectorAPACChinaBriefStoryRegion
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