Banks to adopt new lending rules

China's Industrial Bank has become the first Chinese bank to adopt the Equator Principles, a set of guidelines that require signatory banks to take into account environmental and social issues when financing development projects.

The Chinese authorities will encourage more banks to adopt the principles to promote the country's "green" credit program, said Yang Chaofei, head of the policy, law and regulations department at the Ministry of Environmental Protection.

The ministry will, together with other relevant ministries, devise preferential policies to mobilize more banks to adopt the new rules, he said on Friday.