Chinese Version

China's Financial Industry's "Green Revolution"

Time:2017-09-18 From: Author:


On March 25, a sub-forum of the BFA will be packed. The topic of "green finance", which was included in the communiqué at the G20 Hangzhou Summit and has drawn much attention, once again becomes a major focus of this year's Boao Forum.


At the sub-forum entitled "Green Revolution" in the financial industry, Fang Xinghai, vice chairman of China Securities Regulatory Commission, Jenny Shipley, former New Zealand prime minister, chief economist of the People's Bank of China and director of the Green Finance Committee of the China Financial Institute Jun, Wu Weixiong, former director of Hainan Rural Credit Cooperatives Association and Yu Lei, chairman of Tianfeng Securities, attended the meeting to discuss the direction, path and goal of green finance development.


The essential

In 2016, the green finance in China laid a solid foundation in the economic and social development and reform in China. The key year of 2017 for the development of green finance in China is "How can green finance benefit all parties involved in the long-term vitality?" "What policies do the government support?" "Green Project Standards?" And "How to Support Green The development of financial institutions and green businesses? "Became a hot topic for discussion among guests.


Ma Jun, Chief Economist of the People's Bank of China and Director of the Green Finance Committee of the China Finance Institute, pointed out the four major obstacles in developing "green finance": First, there is a lack of a strong policy of supporting "green finance"; second, "green finance" Of the return on investment or not so attractive; Third, the market lacks the right financial products; Fourth, investors and demand-side information asymmetry, listed companies, debt-issuing enterprises did not disclose environmental information, investors who can not identify who is green Not green.


In response to such issues as information asymmetry, Fang Xinghai responded that the SFC is studying mandatory disclosure requirements for all listed companies in terms of emissions. At the same time, the Commission also encourages the issuance of green financial product indices, such as the green stock index and the green bond index, which will further facilitate the development of green finance.


In addition, Yu Lei believes that the infrastructure construction of the green finance system needs to be improved, mainly in three aspects: first, the threshold and standards are not yet completely clear, which will lead to implementation problems; secondly, infrastructure construction And matching, including the implementation of specific support measures of local governments, is a specific challenge. Thirdly, the compound talents in the field of green finance are extremely scarce, which is why Tianfeng Securities and the Central University of Finance and Economics jointly organized the Green Finance Institute. Fourthly, there are still some specific difficulties in how securities can work better with banks and jointly promote the development of China's green finance.



Although green finance still faces various obstacles and challenges in its development, developing green finance has become the dominant trend and has gradually become the consensus of the financial community. Wu Weixiong, former director of Hainan Rural Credit Cooperative Federation, said Hainan Rural Credit Cooperative was originally an enterprise on the verge of bankruptcy. After a decade of leapfrog development, it has grown into a Hainan 100 billion-level carrier with a non-performing rate 88% of the initial drop to 2.39% today, which proves that green finance can do a lot, but also be able to maintain long-term vitality. Wu Wei Xiong believes that providing financial services for green agriculture is part of the green finance revolution. In the course of practicing green finance, "missing the right opportunity means waiting to die."


Former New Zealand Prime Minister Jenny Shipley believes that Hainan Rural Credit Cooperatives' small model of financial support for agriculture is a good interpretation of green finance. "They not only finance farmers, but also collaborate with farmers and farmers to improve planting techniques. This is a collaborative work between knowledge and capital and a socially responsible investment."


The above guest dialogue marks the bottom-up "practice" of green finance has started. According to the statement by Vice Chairman Fang Xinghai of the CSRC, how to create a social atmosphere in which everyone can move toward green finance so that those enterprises that really start green finance, such as those that raise funds for green industries, can get Better to benefit, if you create such an atmosphere, green finance will be carried out relatively quickly.


"In this regard, the SFC has also carried out a series of tasks and will continue its efforts." Fang Xinghai said that the SFC issued a document in December last year, starting from this year's annual report, those in the key emission areas , MEP has a corresponding list, the annual report must disclose his last year's emissions. Now it is only required to disclose the annual reports of enterprises listed in the key emission sectors. We are also studying whether it is possible to have a compulsory disclosure requirement for all listed companies on the emissions side. If this can be done it will be more conducive to the development of green finance.



When talking about the necessity of developing "green finance", Fang Xinghai started the media with the remark that "the earth we live in is indeed very fragile and needs us to take all measures to reduce emissions."


 "When I was a university student in Beijing 30 years ago, I had a great winter wind and a strong wind in spring." Why is Beijing now small? Some scientific studies show that there is a great relationship between the melting of the two polar glaciers. It affects the quality of life of all people in the north, and its harm may be long-term, "Fang Xinghai said.


As an early representative of the green finance into the company's strategy broker, Tian Lei, chairman of Securities also said that to promote green finance development "duty-bound." "This is not only an important measure for implementing the national development strategy but also an important way for the wind to practice corporate social responsibility." However, Yu Lei also pointed out: "During the process of promoting green financial products, we often asked such a question: What are the costs? What can we bring? ... How to balance long-term goals with various financial instruments and policies is a challenge we face. "


Along with innovation and development, coordinated development, open development and shared development, green development is a scientific concept of development and mode of development that is guided by the Fifth Plenary Session of the 18th CPC Central Committee to guide our country's development in the "13th Five-Year Plan" period and even more long-term development . On August 31, 2016, General Secretary Xi Jinping presided over the deliberation and approval of the Central Commission for Reform and Development and the seven ministries jointly issued the Guiding Opinion on Building a Green Financial System, marking China as the first country to have a relatively complete green finance policy system s country. In the government work report of the Fifth Session of the Twelfth National People's Congress, the "vigorous development of green finance" was also emphasized. Under these strong policy signals, the future of green finance deserves our expectation.