IFC has helped put the Chinese government in touch with a wide array of international experts on sustainable finance, advancing the country's effort to implement the Green Credit Policy it adopted last year.
High-level Chinese officials met last month with representatives of IFC, the U.S. government, big international banks, leading consulting firms, think tanks and nongovernmental organizations. The meetings, held over four days in Washington and New York, marked the first time China has held such discussions overseas since it announced the new credit policy.
That policy, launched by China's Ministry of Environmental Protection, banking regulator and central bank, curtails commercial credit to Chinese companies that do not adhere to new environmental regulations. To help implement the policy, the Chinese government asked IFC to help set up meetings with a broad spectrum of international experts.
The discussions allowed Chinese government agencies and the banks to draft priorities for the next phase of its policy implementation.
Chao-Fei Yang, Director-General of the Ministry of Environmental Protection, said he was happy with the results. The meetings, he said, “not only deepened our partnership with international stakeholders, but also strengthened the collaboration among Chinese government agencies and banks.”
IFC is the first international organization to assist the Chinese government in developing and strengthening the Green Credit Policy. The success of that policy could lead to broader cooperation as Chinese policymakers develop a comprehensive Green Policy Framework that would also cover securities, insurance, and taxation.
For more information contact:
Rong Zhang
Policy Officer
Phone: + (202) 458-9601
E-mail: rzhang@ifc.org
Published on July 8, 2008
