Recently, the Working Group on Green Finance Standards of National Technical Committee on Financial Standardization (the “working group”) held the first plenary meeting in Beijing. Party Committee Member and Deputy Governor Chen Yulu attended and addressed the meeting.
The meeting approved the Charter of the Working Group on Green Finance Standards, voted to pass the resolution of director, deputy director, basic framework of green finance standard system and six sub-groups, and clarified job assignment for the formulation of green finance standards.
The meeting pointed out that with the attention from and correct leadership of the CPC Party Central Committee and the State Council, China has witnessed remarkable development in green finance, and has become a key leader in this field globally. The steady progress in China’s green finance standard system serves as an important guarantee in regulating green finance business, securing commercial sustainability of green finance, and promoting green economic and social development. Meanwhile, as China is still faced with such problems as incomplete and inconsistent green finance standards and standard-setting coming after business development, it is urgent and significant to build up a consistent and sound green finance standard system.
The meeting emphasized that the construction of the green finance standard system should be based on China’s economic conditions, industrial characteristics and resource endowment, in line with the direction of structural reform, and serve the national strategy on green development; meanwhile, market rules and international consensus should be fully respected to ensure that the standard is both conducive to fair market competition and effectively compatible with international rules. The rules should be formulated in line with such fundamental principles as fairness, completeness and uniformity, openness and foresight.
The meeting required that member organizations of the working group unify their minds and efforts, and make every effort to formulate green finance standard by clarifying working mechanism, setting up the timetable and roadmap, promoting standard implementation, strengthening supervision and assessment, and enhancing international cooperation, thus offering wisdom and power to construct a high-quality green finance standard system.
Representatives from national ministries and commissions including PBC, MOF, MEE, CBRC and CSRC, industrial associations and self-regulatory organizations including NAFMII, CTA and ISC, and relevant financial institutions and other organizations attended the meeting.
