By LI Linxu

As part of efforts to advance high-quality development, China has recently rolled out a guideline on further strengthening financial support for green and low-carbon development.

The guideline was jointly released by seven government bodies, including the People's Bank of China (PBOC), the National Development and Reform Commission, and the Ministry of Ecology and Environment.

In the next five years, a world-leading financial support system for green and low-carbon development is expected to be built, with continuously improving financial infrastructure, environmental information disclosure, risk management, policy support system, and green financial standards system, according to the guideline.

International cooperation will be enhanced, and different kinds of resources will be pooled towards the green and low-carbon sector in an orderly way.

A solar thermal power station in Qinghai. (PHOTO: XINHUA)

By 2035, support policies will be more coordinated, effective and mature, with better resource allocation, risk management and market pricing.

To achieve these goals, the guideline put forward a series of measures in optimizing green financial standards system, strengthening information disclosure mechanism, developing green financial market, and enhancing policy coordination.

 Work will be done to incorporate climate change-related risks into the macro-prudential policy framework, and to guide financial institutions to improve their risk control systems and corporate governance frameworks.

Efforts will be made to deepen international cooperation in green finance, and promote green and low-carbon investment in the Belt and Road Initiative partner countries and regions.

China will beef up credit support for green development and low-carbon transformation in energy, industry, transportation, construction and other fields, said an official from PBOC, adding that eligible enterprises will be supported to list at home and abroad for financing or refinancing.