Beijing and Chongqing Obtain Approval for China’s First Green Finance Pilot Zones

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Two of China’s biggest urban centres have reportedly just nabbed the green light from central government regulators for the launch of their own green finance pilot zones.

Sources said to 21st Century Business Herald that Beijing will establish a green finance reform trial zone in Beijing’s eastern district of Tongzhou, that will be positioned as a “Green Finance International Centre.”

The central Chinese mega-city of Chongqing will establish its own green finance trial zone that will focus on carbon neutral economic development.

According to sources Chongqing’s green finance pilot zone will see the creation of a 30 year “carbon neutral economy plan,” outlining what technologies to adopt, what projects to invest in and what financial demand will be like over the upcoming three decades.

Beijing financial official Huo Xuewen (霍学文) said that Beijing’s green finance pilot zone will create a raft of “green finance exchange platforms,” as well as “attempt to create a global green finance demonstration zone.”

“We have already drafted the plans, and will issue by-laws and accompanying policies,” said Huo on 24 July at the Global Wealth Management Summit.

“Beijing will strengthen international and domestic cooperation, and work with major financial institutions and state authorities to drive standards, assessment and auditing work for green finance.”

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