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Xinhua Silk Road: Guangzhou’s Nansha District delves into boosting climate finance for green, high-quality development

Published

12 months ago

November 22, 2023

BEIJING, Nov. 22, 2023 /PRNewswire/ — Nansha, a coastal area located at the southern end of south China economic hub Guangzhou, is striving to bolster climate finance to further enable its green and high-quality economic development.

During a thematic forum of the 2023 Pearl Bay International Climate Investment and Finance Conference (PBCIFC) held recently, Nansha further presented to the world how the climate investment and financing pilot locality worked to craft an international climate finance center.

By seizing chances brought by piloting related climate investment and finance activities, Nansha, the only pilot locality promoted by both the environmental and financial regulators, is making all-out efforts to advance climate investment and financing rules and mechanisms innovation now, said Liao Xiaosheng, head of the financial work bureau of Nansha Economic and Technological Development Zone.

Climate finance is a typical part of green finance mentioned in China’s central financial work meeting held in early November as one of the five prioritized sub-sectors to build a financial powerhouse.

Taking advantages of the preferential policies also including the Overall Plan for Deepening Cooperation Open to the World between Guangdong, Hong Kong, and Macao in Nansha, the district has grown as one of the most vibrant areas with lots of opening-up platforms in China.

Apart from automobiles, ships, artificial intelligence, and rockets-related industries, finance in Nansha also underwent burgeoning development and became one of its five pillaring industries.

The district housed nearly 7,000 financial enterprises of 23 sub-sectors and one fourth of them are innovative financial institutions with related financial licenses.

For instance, local private equity funds in excess of 1,800 ones manage a total of more than 800 billion yuan of assets at present and free trade accounts opened by local businesses account for nearly 70 percent of the comparable total of China (Guangdong) Pilot Free Trade Zone.

Moreover, over 80 financial innovation programs have been implemented in Nansha which was also nodded to pilot the high-level opening up of cross-border trade and investment in early 2022.

Under the sound environment for boosting climate finance, Nansha will further leverage climate finance development and widen climate finance pilot work demonstration to enable green and high-quality development of local economy, Liao added.