[2023]Y.B.H No.35
People’s Governments at or Above Prefectural-Level Cities, Departments of and Organizations Directly under the Provincial People’s Government, Relevant Resident Units Directly Under the Central Government,
The 2023 Action Plan on Financial Support for High Quality Economic Development in Guangdong has been approved by the Provincial People’s Government and is hereby issued to you for your implementation. Any problem encountered in the process of implementation shall be directly reported to the Guangdong Financial Supervisory Authority.
The General Office of the People’s Government of Guangdong Province
February 28, 2023
2023 Action Plan on Financial Support for High Quality Economic Development in Guangdong
In line with the spirit of the 20th CPC National Congress and the Central Economic Work Conference, this action plan has been formulated according to the deployments of the Second Plenary Session of the 13th Provincial Party Committee, Economic Work Conference of the Provincial Party Committee, the provincial “Two Sessions” and High-Quality Development Conference of Guangdong Province, as well as the arrangements for implementing the 14th Five-Year Plan for Financial Reform and Development in Guangdong Province, for the purpose of promoting high-quality development of the financial sector, giving better play to its driving role, guaranteeing financial factors for key areas, and continuing to advance financial reform at a higher level.
I. Development Goals
In 2023, we will strive to increase social financing by four trillion yuan, and add local currency deposits, foreign currency deposits, securities trading and insurance premiums by more than 10%, 12%, 15% and 6% respectively to drive an 8% added-value growth in the financial sector. We will work hard to guide financial resources toward better sustaining high-quality growth of the real economy. To be specific, the financial industry is expected to provide more than one trillion yuan of financing to manufacturing and S&T innovation, and drive the listing of more than 70 enterprises in China this year; the industry is also expected to provide about 1.5-trillion yuan of financing to infrastructure, major project construction and the real estate sector for its steady and healthy development, and about one trillion yuan of financing to county revitalization and ecological enhancement in the province.
II. Key Tasks
(I) Building an international financial hub in the GBA with focus on financial opening and innovation in Hengqin, Qianhai and Nansha.
1. Accelerating high-quality development of the financial sector. We will move faster to implement Guangdong’s “123+Double Ten” plan for the financial industry during the 14th Five-Year Plan period, and build a modern financial system characterized by sound organization, strong markets and vibrant talents. We will expand existing corporate financial institutions, and advance the establishment of the GBA International Commercial Bank and International Maritime Development Bank. We will also discuss to set up provincial large-scale industrial investment funds and financial holdings companies, and introduce functional headquarters of large Chinese and foreign financial groups, such as financial management subsidiary, financial technology and financial leasing. Eligible corporate financial institutions will be encouraged to go public and conduct mergers and acquisitions. Market-based allocation of financial factors will be improved. We will deepen market-wide registration system reform of Shenzhen Stock Exchange and drive innovative development of Guangzhou Futures Exchange. The futures industrial chain will be improved; commodities, data and other factor trading markets will be standardized. Guangdong’s Regional Equity Trading Market will be improved to better serve the real economy. We will raise the digital level of finance, push forward pilot programs of digital RMB application innovation across the province, and deepen pilot programs of fintech application innovation in the capital market. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Finance, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Shenzhen Stock Exchange, Guangzhou Futures Exchange, People’s Governments at or above prefectural-level cities)
2. Promoting financial opening and innovation in Hengqin, Qianhai and Nansha from a higher standard. We will implement the opinions on financial support to the construction of Hengqin Guangdong-Macao In-depth Cooperation Zone (“Hengqin Cooperation Zone”) and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. We will pace up the establishment of an electronic fence system for cross-border capital in Hengqin Cooperation Zone, and explore free cross-border capital flows and convertibility of capital accounts. Banking and insurance sectors in Macao will be supported in setting up subsidiaries in Hengqin Cooperation Zone and exploring new financial service models for the wellbeing of Macao people. We will expedite the construction of Qianhai Shenzhen-Hong Kong International Financial City, and carry out foreign exchange management reform and RMB internationalization in Qianhai on a trial basis. Qianhai Qualified Foreign Limited Partner (QFLP) pilot will be optimized, and its rules and mechanism will be aligned with that of Hong Kong Limited Partnership Fund (LPF). Special measures of financial support to Nansha’s development will be studied and promulgated. We will facilitate pilot projects to facilitate trade, investment, financing as well as climate investment and financing in Nansha, and explore to expand two-way financial opening and cooperation with Hong Kong and Macao in areas including capital market, fintech innovation, cross-border insurance, and green finance. (Responsible departments/institutions: The GBA Development Office, Provincial Department of Ecology and Environment, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Hengqin Office of the Provincial People’s Government, People’s Government of Guangzhou, Shenzhen and Zhuhai)
3. Enhancing financial market connectivity in the GBA. We will scale up the business of Shen Gang Tong (the Shenzhen-Hong Kong stock market connectivity mechanism) and Zhai Quan Tong (the Mainland-Hong Kong bond market connectivity mechanism), and push for the early implementation of Hu Huan Tong to ensure connectivity of the interest rate swap market between Hong Kong and the Mainland. We will expand the pilot program of “Cross-border Wealth Management”, and accelerate the construction of the GBA Insurance Service Center. The coverage of “equivalent pre-recognition” cross-border vehicle insurance policy will be expanded. We will continue to apply to the Ministry of Finance for issuing offshore RMB local government bonds in Hong Kong and Macao. Guangdong enterprises will be supported to list in Hong Kong, issue bonds in Hong Kong and Macao for financing, and issue global depository receipts (GDR) overseas. (Responsible departments/institutions: Provincial Department of Finance, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Shenzhen Stock Exchange, People’s Governments at or above prefectural-level cities)
4. Launching a new round of regional financial reform and innovation in Guangdong. We will strive to build the Guangzhou Demonstration Zone of Green Finance Reform and Guangzhou-Shenzhen Pilot Zone of Fintech Innovation Reform. We will construct Guangdong Financial High-Tech Zone and Guangdong Digital Finance Industrial Park from a high standard. We will support Shantou Special Economic Zone in exploring overseas Chinese financial innovation, and guide the capital of overseas Chinese toward setting up corporate financial institutions and regional headquarters for financial management and services. We will support Zhanjiang and Shanwei to develop marine finance and promote the development of marine industry, port-centered industry and green chemical industry. We will support Maoming in applying to become a national pilot area for the reform of inclusive finance serving rural revitalization. We will support Meizhou in green finance reform and innovation, and organize the selection of the Guangdong Financial Innovation Award. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Finance, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
(II) Implementing the three “Finance+” programsto improve financial services for the real economy with focus on manufacturing and transforming Guangdong into a leader in S&T innovation.
5. Implementingthe “Finance+Manufacturing” program to support high-quality development of the manufacturing sector. We will adopt the new service model of a “leading bank” and provide strategic industrial clusters and future industrial clusters with diversified financial services. We will establish manufacturing service centers at banks and increase support to major industries such as energy storage, integrated circuit, silicon energy and ultra HD video display. Credit for technological transformation will be expanded as well. We will continue to strengthen financing support to micro, small and medium enterprises (MSMEs) in the manufacturing sector. For government financing guarantee agencies in Jiangmen, Huizhou and Zhaoqing, as well as in Eastern, Western and Northern Guangdong, each new micro and small business financing guarantee will be subsidized at 0.5% of the actual loan amount if the single-borrower guarantee amount is less than 10 million yuan and the average annualized guarantee rate is 1.5% or less. For micro and small businesses financing guarantees included by the Provincial Financing Re-guarantee Institution in the scope of national financing guarantee fund, 50% of the actual repayment will be compensated and an appropriate proportion of the re-guarantee fee will be subsidized. We will seize the opportunity of the registration system reform for stock issuance, and intensify the work of manufacturing enterprise counseling, restructuring and listing. We will issue the policy document on developing financial leasing to support and prioritize manufacturing. Full-process online receivables financing and government procurement contracts-based financing services will be promoted through the Credit Reference Center’s Receivables Financing Service Platform. Certain interest subsidies will be provided to eligible loans of micro, small and medium enterprises (MSMEs) in the manufacturing industry issued via the Guangdong Provincial Small and Medium Enterprise Financing Platform. (Responsible departments/institutions: Provincial Department of Science and Technology, Provincial Department of Industry and Information Technology, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
6. Implementing the “Finance+S&T Innovation” program to drive high-quality circular development of finance, technology and the industry. We will strengthen cooperation with Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange and other national securities market sectors. We will speed up construction of the top-notch, specialized and innovation-driven sector, as well as the scientific & technological innovation sector, and give play to the function of Guangzhou and other cities as a service base for fintech innovation. We will implement the “Whole-Chain Incubation Plan” for technology enterprises and provide good services to ensure shareholding restructuring and listing application. All cities will be encouraged to set up government guidance funds and improve the management mechanisms of incentives & restraints, fault tolerance & liability exemption, and performance evaluation. We will vigorously develop angle investment funds and private equity investment funds, and formulate special policies to promote the high-quality development of private equity and S&T innovation investment funds. The Scientific & Technological Achievements and Intellectual Property Trading Center of Shenzhen Stock Exchange will be supported to conduct technology transfer, technology transaction and other capital-related business and provide services for the transfer and commercialization of S&T achievements. Vigorous actions will be taken to promote science and technology insurance and boost innovation of financial instruments and products such as IP mortgage, “loan+external direct investment”. We will expand equity, bonds and other financing channels, and pool resources to support innovative development in chips, new energy, bio-medicine and other key areas. (Responsible departments/institutions: Provincial Department of Science and Technology, Provincial Department of Industry and Information Technology, Provincial Administration for Market Regulation, Guangdong Financial Supervisory Authority, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Shenzhen Stock Exchange, People’s Governments at or above prefectural-level cities)
7. Advancing the “Finance+Maritime” program to create “marine ranching” and other new sources of growth. We will support banking institutions in setting up special business divisions and branches to serve the development of the marine economy, and increasing middle and long-term credit support to major projects for marine economic development. Through industrial investment funds and other methods, foreign capital, insurance capital, pension fund and social capital shall be attracted to develop the marine economy. Marine equipment financial leasing and supply chain financing will be developed as well. Insurance institutions will be guided to create new agricultural and fishery insurance products with local characteristics and expand insurance coverage. (Responsible departments/institutions: Provincial Department of Agriculture and Rural Affairs, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission)
(III) Implementing various financial policies for supporting sound and stable development of the real estate market to form begin interaction between real estate and finance.
8. Supporting sound and stable development of the real estate market. We will adopt a differentiated housing credit policy to meet local conditions, and determine a reasonable minimum down payment ratio and minimum loan interest rate for commercial individual housing loans to support people in buying their first homes or improving their housing situation. Policy tools such as “Bao Jiao Lou” special loan and “Bao Jiao Lou” loan support program will be fully leveraged to keep development loans and bond financing stable. The practice of replacing pre-sale supervision fund with bank guarantee will be quickened to meet reasonable financing needs of projects. We will support trust companies and financial asset management companies to participate in the merger, acquisition and reorganization of real estate projects in accordance with laws and regulations. Financial institutions will be encouraged to prioritize support to real estate enterprises with sound governance, good qualifications and a focus on primary business. High-quality real estate enterprises will be encouraged to negotiate the extension of financing in stock with financial institutions. Through mergers and acquisitions in the capital market as well as equity financing, credit enhancement services will be provided to high-quality real estate enterprises issuing debt financing instruments. Financial institutions will be encouraged to improve credit services to construction enterprises and provide necessary loan support to ensure stable and continuous financing for construction enterprises. Financial support and services to key real estate enterprises engaging in project M&A for risk disposition will be guaranteed. M&A loans for merging with the project of a real estate enterprise at risk or in difficulty will not be included in real estate loan concentration management for the moment. (Responsible departments/institutions: Provincial Department of Housing and Urban-Rural Development, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
9. Supporting the new model of real estate development that encourages both housing purchase and renting. We will encourage financial institutions to provide diversified credit financing services to the affordable rental housing, public rental housing and long-term rental markets, and meet the reasonable credit needs of renting enterprises and real estate agencies. We will push forward the pilot programs of real estate private investment fund, and develop the business of rental housing REITs. Commercial banks will be encouraged to create new rental housing credit products and service models, and expand investment and financing channels for the rental housing market. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Housing and Urban-Rural Development, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
(IV) Strengthening financial services to support economic growth by focusing on stabilizing foreign trade and investment and bolstering consumption
10. Continuing to increase financial support for stabilizing foreign trade. We will raise the efficiency of credit service to foreign trade enterprises, popularize pledge financing of receivables and orders, and increase medium and long-term loan support to cross-border e-businesses and new types of foreign trade. More facilitation measures will be provided to enterprises on the white list of cross-border RMB settlement. We will guide insurance institutions to streamline the conditions for insurance acceptance and claims settlement, and improve risk management for micro, small and medium foreign trade firms. The risk sharing mechanism of foreign trade enterprises for future foreign exchange settlement will be enhanced. (Responsible departments/institutions: Provincial Department of Commerce, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission)
11. Supporting infrastructure investment in playing a major stabilizing role. We will make good use of policy-based, developmental financial instruments, as well as commercial supporting financing. Vigorous measures will be taken to support infrastructure development such as municipal supporting facilities, transportation and water conservancy, and to expand effective investment. We will strengthen financial support to functional state-owned enterprises, and provide suitable financing channels for the renovation of old and dilapidated urban neighborhoods and urban villages. We will actively develop infrastructure REIT, guide various types of institutions and long-term funds toward investing in the province, and revitalize the infrastructure assets in stock. We will fully leverage structural monetary policy tools, such as the carbon reduction support tool, special reloan for supporting clean and efficient use of coals, and the special reloan for transportation and logistics. Financial investment in key areas and weak links will also be increased. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Housing and Urban-Rural Development, Provincial Department of Transport, Provincial Water Resources Department, Provincial State-owned Assets Supervision and Administration Commission, Guangdong Financial Supervisory Authority, Provincial Energy Bureau, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
12. Strengthening financial support to boost consumption and expand domestic demand. The policy of allowing small and medium enterprises in difficulty to defer principal and interest repayments on their loans will be implemented. Financial reliefs and assistances will be provided to micro, small enterprises and self-employed individuals. We will increase support to first-time loans, loan renewals and credit loans. Financial institutions and small-loan companies will be encouraged to reasonably reduce the cost of personal consumer credit, and improve financial services to new urban residents. In this way, we aim to promote the steady recovery of effective consumer credit demands, with focus on such areas as housing improvement, new energy vehicles, elderly care services, education and medical care. (Responsible departments/institutions: Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission)
(V) Increasing financial support to the “100 Counties, 1,000 Towns and 10,000 Villages High-Quality Development”program and coordinated urban-rural development to revitalize counties and towns.
13. Leveraging the advantages of policy-based finance to support project construction in counties. We will strengthen strategic cooperation with the Agricultural Development Bank and China Development Bank to provide more long-term and low-cost loans in accordance with national laws, regulations and the credit policy to develop county infrastructure. The model of ecology-oriented development model (EOD) will be pushed forward. We will quicken infrastructure construction in key areas, including water, power, road, gas, communication and pollution control. Policy-oriented development financial institutions will be encouraged to give full play to their advantages in raising funds and polling talents, and get involved in the planning of major projects beforehand. They will be encouraged to assist local governments in integrating resources and factors, formulate overall or integrated financial service schemes, and vigorously promote project financing in an orderly way. (Responsible departments/institutions: Provincial Development and Reform Commission, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Governments at or above prefectural-level cities)
14. Implementing the “FinancialMultiplication Program” in Eastern, Western and Northern Guangdong to increase financial support for gradient industrial transfer in an orderly way. Policy-based lending, asset securitization products, as well as industry funds will be utilized to increase financial support for the construction of industrial transfer parks. The practice of promoting project introduction and production with investment will be adopted to assist orderly and gradient transfer of industries. We will intensify the cultivation of listed company resources in Eastern, Western and Northern Guangdong and continue to enhance the quality of listed companies. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Industry and Information Technology, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, People’s Governments at or above prefectural-level cities)
15. Mobilizing rural finance to play a major role in driving high-quality development of agriculture and the rural area. We will strengthen financial matchmaking between agriculture-related financial institutions (such as the rural credit system and the Agricultural Bank of China) and major agricultural counties, strong agricultural towns, central towns, specialized towns, characteristic towns, agriculture-featured villages, as well as agricultural industrial parks, leading agricultural enterprises and new types of agricultural businesses. Financial support will be increased to projects involving rural domestic sewage disposal, rural transport, rural greenway, community facilities, rural power grid upgrade, and upgrade of farmer’s markets in villages. The financial guarantee system for whole-chain development of modern agriculture will be put in place. Credit support to agriculture products of geographical indication and Guangdong-brand modern agricultural enterprises will also be increased. We will expand the subject matters of mortgage and pledge by agricultural enterprises and new types of agricultural businesses. We will explore the trial programs of mortgage loan based on homestead lots and rural housing property right to generate replicable models. The “insurance+futures” model will be developed to support agriculture-related business entities in conducting hedging operations. (Responsible departments/institutions: Provincial Department of Agriculture and Rural Affairs, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, Guangdong Rural Credit Union, People’s Governments at or above prefectural-level cities)
16. Improving the assessment, evaluation, incentive and risk-sharing mechanisms to attract financial resources to the rural area. We will expand policy-based agricultural insurance while improving the agricultural insurance coordinator system. We will reinforce the competitiveness of government financing guarantee institutions, and expand their business scale and coverage in countries. All localities and departments will be supported in improving the loan risk compensation fund, streamlining the methods and procedures of risk compensation, and better motivating financial institutions to increase loan inputs. The assessment results of the financial management department on financial institutions’ services to rural revitalization, as well as the application of monetary policy tool and funds by corporate financial institutions will be used as the basis for relevant evaluations, rewards and subsidies. Incentives for and constraints on financial institutions will be strengthened as well. (Responsible departments/institutions: Provincial Department of Finance, Provincial Department of Agriculture and Rural Affairs, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Governments at or above prefectural-level cities)
(VI) Vigorously developing green finance to support ecological enhancement in the province.
17. Building a nationally leading green finance service system. We will encourage corporate financial institutions to accelerate green transformation, set up “zero carbon” (low carbon) outlets, and improve the level of environmental information disclosure. We will encourage qualified corporate financial institutions to establish special green finance divisions and featured branches, and put in place a sound environmental, social & governance (ESG) evaluation system. Local financial institutions including small loan companies, financing guarantee companies and financial leasing companies will be promoted to launch innovative green finance products. We will develop green intermediary services such as carbon accounting & verification, green certification, environmental consulting, green assets evaluation, and data services. We will establish a sound system for identification and evaluation of green, low-carbon projects and enterprises and related risk management. (Responsible departments/institutions: Provincial Department of Ecology and Environment, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission)
18. Supporting the development of green projects and green industries. We will establish a list of green projects and promote financing matchmaking on a regular basis. Third-party green project evaluation and certification will be implemented for major construction projects. Through green loans, green bonds, green funds, and green insurance, we will support the development of new, clean and low-carbon energy industries, such as offshore wind power, photovoltaic power, nuclear power and gas power. We will promote better application of policy-based developmental finance on the construction of national reserve forests, popularize green financial products such as “Guan Fu Dai” (loan for PV power generation projects), “Lin Lian Dai” (forestry supply chain loans), and promote the listing and reorganization of leading green enterprises. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Ecology and Environment, Guangdong Financial Supervisory Authority, Provincial Energy Bureau, Forestry Administration of Guangdong, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission)
19. Supporting high-carbon industries in realizing green and low-carbon transformation. We will effectively link green finance with transformation finance, and support financial institutions in offering loans to high energy consumption and high emission enterprises meeting policy requirements for reducing consumption and achieving green transformation. Cyclic and green transformation of industrial parks will receive main credit support. Environmental performance information of enterprises, including carbon emission data, third-party environment assessment results, and results of enterprise environmental credit assessment by the competent industry authority will be incorporated into the process of credit approval management. Differential pricing and credit extension will be practiced. The constraint and incentive mechanism for carbon reduction will be applied on high energy-consuming enterprises. We will expand the pilot programs of compulsory environmental pollution liability insurance, and steadily improve the coverage of environmental pollution liability insurance in high-risk areas including heavy metals, dangerous chemicals and hazardous waste disposal. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Industry and Information Technology, Provincial Department of Ecology and Environment, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission)
20. Enriching financing models based on environmental rights and interests to tap the economic value of green ecology. Guangzhou Futures Exchange will be encouraged to study the listing of carbon emission rights and launch futures targeting the Guangdong electricity market. Carbon financial products will be developed on the basis of the spot market for carbon emissions; carbon pricing and risk management of carbon markets will be strengthened. We will conduct all types of mortgage, pledge and repurchase operations based on the assets of carbon emission rights, and support financial institutions in issuing carbon funds, carbon bonds and other investment and financial products. We will conduct carbon leasing, carbon assets securitization and other new operations, and explore the development and application of carbon index. Transaction of environmental rights and interests, including emission rights, amount of energy saving (energy use rights) and water rights, will be developed. We will improve the supporting systems of evaluation, pricing, mortgage and registration, and develop financing tools based on environmental rights and interests. (Responsible departments/institutions: Provincial Development and Reform Commission, Provincial Department of Ecology and Environment, Guangdong Financial Supervisory Authority, People’s Bank of China Guangzhou Branch, Guangdong Office of China Banking and Insurance Regulatory Commission, Guangdong Office of China Securities Regulatory Commission, People’s Bank of China Shenzhen City Center Subbranch, Shenzhen Office of China Banking and Insurance Regulatory Commission, Shenzhen Office of China Securities Regulatory Commission, Guangzhou Futures Exchange)
III. Supporting Measures
21. Ensuring the Party’s leadership over financial affairs. We will strictly comply with the central government’s requirements, ensure Party’s leadership in every process and aspect of our financial work, and resolutely and efficiently implement all major financial decisions and arrangements. We will tighten Party discipline to effectively keep people and money in check and secure the institutional firewall.
22. Effectively preventing and diffusing financial risks. Upholding the bottom-line and holistic thinking, we will leverage the coordinative role of the Financial Risk Mitigation Committee, and improve the mechanism for addressing financial risks. We will ensure local Party committees and local people’s governments fulfill their responsibilities, coordinate development and security, and strengthen prevention and control of finical risks. We will steadily promote the handling of financial risks in key areas, crack down on illegal financial activities, and investigate and punish illegal financial acts. We will improve the financial ecology and provide financial guarantee for high-quality development of the economy.
23. Clarifying the division of labor andstrengthening policy publicity and guidance. All localities and departments concerned shall complete their respective assignments through division of work, and regularly study and judge the situation to ensure early implementation of all tasks. They shall increase public communications on the policy of financial support for high-quality development, hold regular press conferences of the Guangdong financial system, and launch success sessions of the GBA Financial Development Forum, International Financial Forum (IFF), and China (Shenzhen) International Futures Conference to create a favorable atmosphere for high-quality development of the local financial sector.
