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China steps up support for debt financing in green projects

China will support the issuance of debt financing instruments in the pilot zones for green finance to facilitate green projects, the central bank has said.

Non-financial firms in the green finance pilot zones will be encouraged to issue a variety of debt financing instruments including asset-backed securities to raise funds for energy conservation, environmental protection, pollution control and other green projects, the People's Bank of China (PBOC) said in an online statement Monday.

Local governments are encouraged to introduce preferential policies to support the issuance of green debt financing instruments and provide financial incentives for issuers, the PBOC said.

The central bank also noted that the credit risk of enterprises should be strictly evaluated and the solvency of green projects should be closely monitored to further improve the green finance early warning mechanism.

China announced plans in 2017 to set up pilot zones for green finance, in a bid to support its industrial upgrades and anti-pollution campaign.

The pilot zones are in Guangdong, Guizhou, Jiangxi and Zhejiang provinces as well as Xinjiang Uygur autonomous region, according to plans issued by the PBOC and six other agencies.

Source:Xinhua

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