State Council Flags Support for Financial Reform and Innovation Trials in Beijing, Shanghai, Jiangsu and Zhejiang

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China’s top government authority has committed to support for the launch of financial reform and innovation trials across a slew of the country’s leading regional economies, including the cities of Beijing and Shanghai.

An official government website announced on 9 June that the State Council had given its approval to support for local financial reform and innovation trials in province-tier administrative units including Beijing, Shanghai, Jiangsu, Zhejiang and Shandong.

The trials will focus on the financial sector servicing the real economy, the prevention and dissolution of financial risk, and the maintenance of sound financial order, as well as support for innovative and green enterprises.

“[The Chinese government] will encourage qualified nationwide joint-stock banks and insurers in the financial reform and trial districts to establish branch organisations, and support qualified enterprises to issue innovative financial products, including “Shuang chuang” (双创) (entrepreneurship and employment) bonds and green enterprise credit bonds,” said an official document issued by the State Council.