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Top officials of the People's Bank of China vowed to boost green growth in the world's second largest economy via credit support and by introducing environmentally-friendly financial products.
Speaking at the Annual Conference of Financial Street Forum on Thursday, PBOC Governor Yi Gang said the Bank will improve the carbon emission pricing system and launch a new facility to offer cheap funds for emission reduction and clean energy usage. Outstanding green loans reached CNY14 trillion as of the end of June, increasing 26% year-on-year, while the stock of green bonds exceeded CNY1.1 trillion by September, rising an annual 35%, he noted.
Vice Governor Chen Yulu said the PBOC will ask the financial sector to improve green services and initiate products to help the energy transition of high carbon-emission sectors. In addition, the central bank will encourage big banks to set "carbon neutral" roadmaps, while also ensuring that the transition does not affect economic stability.