China boosts pilot regional financial reform: PBOC

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Photo/Shetuwang

China has carried out a series of pilot financial reforms at the regional level to strengthen the role of finance in supporting regional reform and opening up, according to the People's Bank of China (PBOC).

The pilot reforms in 18 provincial-level regions involved 26 projects focusing on inclusive finance, green finance and other aspects, PBOC deputy governor Chen Yulu said at a news conference.

As a pilot area for inclusive finance, Lankao County in central China's Henan Province has seen dropping interest rates for lending to farmers as well as small and micro-sized firms.

Progress on green finance was shown in five pilot regions, as nearly 200 innovative green financial products and tools such as green municipal bonds were launched, offering more financing channels for green projects.

In the Guangdong-Hong Kong-Macao Greater Bay Area, the central bank has set up a trade financing platform of trade using blockchain technology as a trial, and established a renminbi overseas investment fund in Qianhai, the city of Shenzhen.

The opening up of the financial market is further deepened. Projects such as the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes have boosted the convertibility of renminbi under the capital account.

Next, the central bank will provide more guidance for the reforms, and apply the experience from the pilot regions to other areas, Chen said.

 

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