Shanghai Aspires to Become International Green Finance Centre with Launch of New Legislation

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Shanghai hopes to burnish its lustres as an international centre for green finance with the release of a raft of new legislation.

On 22 June the Shanghai municipal government approved the “Several Provisions for Green Finance Development in the Shanghai Pudong New District” (上海市浦东新区绿色金融发展若干规定).

State-owned media said that the release of the new laws will help to direct more financial resources towards green development, as well as expedite the integrated development of green finance, financial inclusion and tech financing.

The move is hoped to transform Shanghai into an international green finance hub, and further raise its competitiveness as an international finance centre.

The laws place an especially strong focus on green finance standards, project catalogues, information disclosures and key infrastructure in areas including data.

“Improvements to infrastructure are one of the distinctive features of the Provisions, and will guide the green transformation of society and the economy,” said Lu Zhengwei (鲁政委), chief economist with Industrial Bank.