Three core tasks to develop green finance

There are three core tasks to be done for the development of Green finance, Chen Yulu, deputy governor of the People's Bank of China (PBOC) said Tuesday at a press conference of the Chinese People's Political Consultative Conference in Beijing.

China will build a Green financial system with unified standards across the country, improve the institutional environment for Green finance development, and continue to promote the internationalization of Green finance, according to Chen.

Last year, the PBOC and the Bank of France, as well as other countries' central banks, launched a Green financial network of global central banks and regulators. The move is to build a normalized platform to promote the development of Green finance on a global scale, Chen said.

China has achieved remarkable results in the construction of a Green financial system so far. In 2016, China officially announced a guideline on building the Green financial system and became the first country in the world to promote such a system by the government, according to Chen.

The country's Green finance industry has developed rapidly. By the end of 2018, the balance of Green loans of the 21 main banks in the country has reached over 8 trillion U.S. dollars, with a year-on-year increase of 16 percent.

"The stock of Green bonds in our country is close to 600 billion, and this scale is already at the forefront of the world. The government's work report discussed this morning also clearly pointed out that we must accelerate the development of Green finance," Chen said.