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BEIJING (MNI)

The People Bank of China will create a benign financial environment for restructuring some indebted developers and push lenders to increase green finance initiatives, central bank officials told reporters on Thursday.

Zou Lan, head of the financial market department, said the central bank will encourage financial institutions to support mergers and acquisitions of real estate companies by facilitating relevant loan and bond issuance in a bid to prevent risks and promote the healthy development of the property market. Zou cited a circular jointly issued by the PBOC and China Banking And Insurance Regulatory Commission on the issue.

Sun Guofeng, head of the PBOC monetary policy department, said the central bank will provide CNY85.5 billion via its newly introduced carbon emission reduction tools to lenders for bolstering the use of new energy and funds to support the transformation of coal industry. Wang Xin, head of the PBOC research bureau, said the PBOC will enhance evaluation of lenders’ performance in green finance to lower lending cost.

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