Guangzhou sees marked achievements in green finance innovation

Guangzhou has taken innovative approaches to enhance financial risk prevention and control and the city has also achieved remarkable results in green finance reform and innovation, said Nie Linkun, deputy director of the Guangzhou Financial Affairs Bureau, at a press conference on June 28.

On May 15, the city released China's first three-year (2018-2020) plan of action on financial risk prevention and control. The city also established the country's first financial risk monitoring, prevention and control institution. Furthermore, it has begun testing a special Chief Risk Officer system, which establishes a risk management system that links government authorities, industry associations, and P2P companies to form a first line of defense against financial risk.

According to Nie, Guangzhou has seen three remarkable achievements in green finance reform and innovation. Firstly, it brought innovation to financial systems and mechanisms and vigorously promoted the coordinated development of green finance and green industries. Secondly, significant innovations have been made in financial products and services, improvements have been made to green financial services and the proportion of green credit has increased. Thirdly, Guangzhou has stepped up cooperation with foreign countries to jointly build a core green finance circle in the Guangdong-Hong Kong-Macao Greater Bay Area.