Group 1: Green Finance Development - In 2024, China's real economy is accelerating its green transformation, with green finance development being expedited through improved top-level design and the introduction of national-level green finance documents [1][2] - The latest version of the "Guidance Catalog for Green and Low-Carbon Transition Industries" emphasizes the importance of transition finance and identifies key industries that should be prioritized for support during the green transition [1][2] - The national carbon market is experiencing increased marketization, with expectations of expansion leading to a rise in average carbon prices and a significant increase in trading volumes compared to the previous year [1][2] Group 2: Integration of Green, Technology, and Digital Finance - The integration of green finance, technology finance, and digital finance is accelerating, driven by the transformation of the real economy towards green, technological, and digital advancements [2][3] - The State Council has issued guidelines to establish a framework for the collaborative development of these three types of finance, which is crucial for achieving carbon neutrality goals and fostering new productive forces [2][3] Group 3: Transition Finance as a Key Direction - Transition finance will remain a significant focus, with the top-level design and standard system expected to be further refined by 2025, particularly in high-pollution and high-energy-consuming industries [7][8] - The issuance scale of transition bonds is projected to reach 71.342 billion yuan in 2024, marking a 43% increase year-on-year, with various financial tools expected to continue innovating [8] Group 4: Passive Green Financial Products - The capital market is creating opportunities for passive green financial products, with the introduction of policies encouraging index-based and passive investment [9][10] - By the end of 2024, the number of ESG indices published by the China Securities Index Company is expected to reach 147, covering various asset classes, with significant growth in green ETFs [9][10] Group 5: Multi-layered Green Finance Market Development - By 2025, the construction of infrastructure for the national carbon market and voluntary emission reduction trading market (CCER) will be accelerated, enhancing the green finance market [11][12] - The establishment of environmental rights trading markets and platforms will be crucial for creating a multi-layered green finance market, promoting the marketization of resource and environmental factors [13] Group 6: Strengthening Price Signals and Green Premium - The China Securities Regulatory Commission is expected to enhance the role of capital markets in green price discovery, which is essential for the development of green finance [15][16] - Efforts will be made to address information asymmetry and promote the internalization of external environmental costs by enterprises, which is vital for establishing a green premium [17][18] Group 7: International Cooperation on Climate Governance - China aims to strengthen international cooperation in climate governance, particularly in response to challenges posed by the delayed submission of national contributions under the Paris Agreement [19][21] - The country will actively engage in discussions with the EU and other regions regarding carbon tariffs and explore the establishment of offshore carbon trading markets [20][21]

Core Insights - The article highlights the innovative transformation of Jiujing Daye Animal Husbandry Co., Ltd. in the black goat farming sector, supported by financial services from Jiujing Bank, focusing on green and intelligent agricultural practices [1][2][3] Group 1: Company Overview - Jiujing Daye Animal Husbandry is a national-level standardized demonstration base for livestock breeding, specializing in black goat breeding, ecological farming, and waste resource utilization, covering over 260 acres [2] - The company has a sales volume of 19,876 black goats and an annual output value of 60 million yuan [2] - The innovative farming model includes "high bed farming + underground fermentation + intelligent ventilation," resulting in no odor in the goat houses and low-cost waste treatment, converting approximately 1,568 tons of organic fertilizer annually [2] Group 2: Financial Support and Impact - Jiujing Bank provided a tailored financial service plan, issuing a 3 million yuan agricultural transformation special loan within three working days, marking the first loan in the livestock sector that considers carbon reduction potential and agricultural collaboration [1][2] - The financial support from Jiujing Bank has significantly reduced financing costs, allowing the company to focus on technology research and market expansion [2] - The company is actively enhancing the "company + cooperative + farmer" model, training an average of 500 farmers annually, thereby increasing local income and supporting the black goat industry in Xiushui County [2] Group 3: Industry Transformation - The collaboration between Jiujing Bank and Jiujing Daye Animal Husbandry serves as a replicable model for promoting the green, industrialized, and intelligent development of traditional farming in the region [3]

在创新载体方面，鼓励石化、纺织、建材等传统产业以资源循环为切口开辟新的业务增长点，发展壮大 回收资源精深加工产业、再生材料产业、再制造产业、资源循环服务业等，积极拓展经济增长新动能。 2025年政府工作报告提出，加强废弃物循环利用，大力推广再生材料使用，促进循环经济发展。资源循 环利用产业作为大力发展循环经济的关键载体，正迈入重要发展机遇期。 《关于加快构建废弃物循环利用体系的意见》《推动大规模设备更新和消费品以旧换新行动方案》等政 策文件为资源循环产业的体系建设、领域聚焦、模式创新等提供清晰指南。无论是资源循环利用产业首 支"国家队"——中国资源循环集团有限公司的正式挂牌成立，还是资源循环利用产业规模的持续扩大， 亦或是设备更新和消费品以旧换新政策的持续发力，都为资源循环利用产业发展带来了新的契机。 同时我们也应该看到，我国资源循环利用产业还面临一些现实挑战，资源回收利用流程规范化程度不够 高，资源循环产业经济效益实现不够充分，产业发展保障机制不够健全。推动资源循环产业高质量发展 还需要继续下足功夫、下对功夫。 一是贯彻规范科学的发展导向，释放资源循环利用产业对环境利好的潜质。作为减少自然资源消耗、源 头减 ...

Core Viewpoint - The transformation of beautiful landscapes into a beautiful economy is both a service goal and a challenge for green finance, requiring innovative thinking, resource integration, and tailored financing models to create a virtuous cycle of ecology, economy, and finance [1] Group 1: Project Financing and Development - The ongoing construction of the Jingling Reservoir in Zhejiang Province is expected to have a total storage capacity of 313 million cubic meters, enhancing flood control, water supply, power generation, and irrigation [2] - The financing for ecological and environmental projects often faces challenges due to their quasi-public nature and limited short-term cash flow, necessitating innovative financing solutions [3] - The successful operation of the Tangpu Reservoir, which repaid its debts within ten years, demonstrates the potential for long-term financing strategies, allowing the Shaoxing Raw Water Group to convert operational profits into REITs for funding the Jingling Reservoir [3] Group 2: Resource Integration and Environmental Restoration - The restoration of Xianghu Lake involved significant environmental protection efforts, resulting in a water area of 6.1 square kilometers and improved water quality, which is crucial for attracting high-tech industries [4][5] - The integration of ecological restoration with industrial development can enhance economic benefits, allowing for a cycle where industrial profits support further ecological investments [5][6] Group 3: Long-term Planning and Policy Design - Developing green finance requires a long-term perspective, creating a replicable framework that integrates ecological, economic, and financial goals [7] - The establishment of a comprehensive plan by the National Development Bank and local governments aims to enhance the sustainable development capacity of environmental projects through integrated implementation [7][8] - The People's Bank of China is working on standards for transition finance, focusing on high-carbon industries' shift to green practices, which is gaining market acceptance [8]

Group 1: Key Developments in Green Finance - The People's Bank of China is developing 19 new green finance standards, building on 6 already published, to support the development of various green financial products and market regulations [4] - The China Central Depository & Clearing Co. plans to launch a green finance bond representation curve on April 27, 2025, which will provide refined investment analysis and research indicators for green bonds [5] - Shenzhen has publicly announced the list of financial institutions for environmental information disclosure by 2025, aiming to enhance green finance development and support sustainable finance center construction [6] Group 2: Market Trends and Performance - The national carbon market reported a highest price of 80.60 yuan/ton and a total trading volume of 1,614,145 tons for the week ending April 25, 2025, with a cumulative trading volume of 640,927,169 tons since January 1, 2025 [7] - The issuance of green bonds is gaining momentum, with the Agricultural Development Bank of China successfully issuing its first green bond for national reserve forest construction, raising 4 billion yuan at an interest rate of 1.4761% [9] Group 3: Innovative Practices in Green Finance - Zhongcheng Trust has established a specialized trust to support technology-based SMEs in the distributed photovoltaic market, addressing financing challenges and promoting sustainable development [8] - The issuance of the national reserve forest green bond emphasizes ecological services and carbon sequestration, reinforcing the connection between green finance and carbon neutrality goals [9]

Core Points - The Chinese government is accelerating the opening of the service industry amid rising unilateralism and protectionism globally, aiming to inject more certainty and stability into the world [1] - The Ministry of Commerce has issued a comprehensive pilot work plan to expand the opening of the service industry, which includes 155 pilot tasks across 14 areas, such as telecommunications, healthcare, and financial cooperation [1][2] Group 1 - The plan emphasizes the rapid implementation of pilot tasks across all 11 previously approved provinces and cities without differentiating by region or task batch [1] - Nine additional cities, including Dalian, Ningbo, and Shenzhen, have been included in the pilot program, with tasks to be further researched and approved [1] Group 2 - The plan highlights alignment with high-standard international trade rules like CPTPP and DEPA, showcasing China's commitment to expanding openness and supporting economic globalization [2] - In the financial sector, the plan aims to develop green finance and transition finance, with the People's Bank of China having released six green finance standards and working on 19 more [2] - The focus on the green transition of traditional high-carbon industries has gained attention, with pilot standards for steel, coal power, building materials, and agriculture being well-received in the market [2]

摄影、文/刘佳 4月21日，人民银行研究局局长王信在国新办新闻发布会上表示，《加快推进服务业扩大开放综合试点工作方案》 对金融领域进行了专项部署，不断提升贸易投融资便利化程度、推动科技金融举措先行先试、支持绿色金融和转 型金融高质量发展。 王信举例称，在加大对跨国公司跨境投融资便利化的支持力度上，依托本外币合一银行结算账户体系，便利跨境 贸易和投资项下资金结算。优化升级跨国公司本外币跨境资金集中运营管理政策，进一步便利跨国公司集团资金 归集使用。 在推动科技金融举措先行先试上，支持开展资本市场金融科技创新试点等国家级金融试点。开展银行知识产权质 押融资内部评估试点，鼓励开发知识产权智能化评估工具等，提升科技金融支持高水平对外开放能力。 在支持绿色金融和转型金融高质量发展上，对接国际金融组织和机构，吸引境外保险公司、主权基金、养老基 金、ESG（环境、社会和治理）基金等机构为绿色项目提供投融资和技术服务。推动绿色贷款、绿色债券等金融 产品运用，加快完善地方绿色租赁标准建设和应用实施等，鼓励加强绿色金融国际合作。 此外，在加大金融支持区域协调发展力度上，王信表示，在重庆设立陆海新通道基金，支持重庆设立陆海新通道 ...

4月21日，人民银行研究局局长王信在国新办新闻发布会上表示，越来越多国家对可持续金融共同分类 目录感兴趣，人民银行也在积极探讨进一步扩大多边可持续金融共同分类目录的可行性。"这样的话， 多边目录为全球多个国家和地区编制本地可持续金融目录提供参考，进一步便利跨境资本向绿色低碳领 域流动。"王信指出，下一步，人民银行将不断强化绿色金融、转型金融的标准制定，优化绿色金融政 策工具箱，更好促进绿色低碳相关金融工具和金融服务发展，持续推进金融高水平对外开放和经济绿色 低碳转型。(人民财讯) ...

Core Viewpoint - The People's Bank of China Shanghai Headquarters is actively promoting the development of green finance by enhancing product offerings and financial services to channel more resources into the green low-carbon sector, with significant growth in green loans and innovative financial products [1][2][4]. Group 1: Green Loan Growth - As of the end of 2024, the balance of green loans in Shanghai is expected to exceed 1.4 trillion yuan, with a year-on-year growth rate of over 20%, which is more than 10 percentage points higher than the growth rate of all loans [1]. - In 2024, the People's Bank of China Shanghai Headquarters is projected to issue 5.94 billion yuan in carbon reduction support tool funds and support new carbon reduction loans totaling 20.4 billion yuan, leading to an estimated annual CO2 reduction of 364,000 tons [2]. Group 2: Policy Framework and Support Mechanisms - The People's Bank of China Shanghai Headquarters is optimizing the green finance incentive and constraint mechanisms, including the expansion of the carbon reduction support tool pilot areas, which now includes 17 sub-sectors from the 2024 version of the "Green Low-Carbon Transition Industry Guidance Directory" [2][3]. - A quarterly evaluation of green finance practices among local financial institutions is conducted, and the results are incorporated into the central bank's financial institution ratings [3]. Group 3: Diversification of Green Financial Products - Financial institutions in Shanghai are encouraged to develop diverse green financial products, including environmental rights pledge financing and loans linked to carbon performance indicators [4][7]. - The Shanghai branch of the China Construction Bank has launched the "Jian Carbon Loan" product, while the Shanghai Rural Commercial Bank has issued the first "Water Saving Benefit" loans aimed at water resource utilization and infrastructure upgrades [4]. Group 4: Green Bonds and Other Financial Innovations - In 2024, 35 green bonds were issued by enterprises in Shanghai in the interbank market, with a total issuance scale of 27.19 billion yuan [7]. - The Shanghai branch of Industrial and Commercial Bank of China issued and underwrote the first domestic green bond in the pulp industry, marking a significant milestone in green finance [7].

Core Viewpoint - The Chinese government emphasizes the importance of green finance in promoting low-carbon and green development, as outlined in the recent government work report and the guiding opinions from the State Council [1][2]. Group 1: Green Finance Development - Green finance plays a crucial role in directing funds towards green industries and supporting the transition of traditional industries under the "dual carbon" goals [2][3]. - As of the end of Q4 2024, the balance of green loans in both domestic and foreign currencies reached 36.6 trillion yuan, a year-on-year increase of 21.7%, significantly outpacing the growth of other loans [3]. Group 2: Financial Product Innovation - Transition finance is highlighted as an effective complement to green finance, facilitating the upgrade of high-carbon industries through financial support for technology and business model innovations [4][5]. - Banks are innovating financial products, such as transition loans, to support high-carbon industries in their shift towards low-carbon operations, with specific examples like the 10 million yuan transition loan issued to a shipbuilding company [5]. Group 3: Challenges and Risk Management - Despite the growth in green finance offerings, challenges remain, including difficulties in risk identification and management, information asymmetry, and insufficient internal capabilities within banks [7][8]. - Banks are encouraged to enhance their due diligence processes and collaborate with government and enterprises to establish a unified environmental information disclosure platform for better risk assessment [8].