Pilot zones will boost green finance

The central bank announced measures on Friday to support the establishment of five green finance pilot zones, a move to help upgrade the industrial structure and honor commitments under the framework of the Paris climate accord.

Incentives will be established to boost the development of green finance, especially interest discounts and tax incentives, from the central and local governments, Chen Yulu, vice-governor of the People's Bank of China, said during a policy briefing.

The central bank will support the zones through preferential loans and low-cost capital from green development funds, which will reduce financing costs in the field, he said. Chen added that the central bank will closely work with local governments to promote the project. He also urged innovation in green finance products and services and increasing transparency of the market.