2017 International Monetary Forum·Theme 2: Green Finance and RMB Internationalization
2017-07-15 IMI
Li Mingkui, Party Secretary of School of Environment and Natural Resources of Renmin University of China, and Zhao Xijun, associate dean of School of Finance of Renmin University of China, delivered an opening speech respectively. Then experts and scholars delivered their keynote speeches.
Ma Jun, Chief Economist, Research Bureau of PBoC, delivered a keynote speech first. He commented on how the green financial system support the sustainable development of the green financial system, promote financial resources, build capacity, promote cross-border bond investment, promote environmental risk communication and improve the definition of green finance. He pointed out that the policy is the starting point of the green finance business, domestic and international introduction of more and more relevant policies show that green finance is mainstreaming.
Yang Chaofei, Former Engineer General, Ministry of Environmental Protection, delivered a keynote speech on “Green Development and RMB Internationalization”. He pointed out that in addition to the traditional circular economy, low-carbon economy, eco-economy and clean production, green development should also include green finance. He analyzed, contrasted and summarized the two relatively great green transformations experienced by the world's major economies after World War II, and argued that emphasizing policy information transparency, the correlation of national policy orientation and corporate behavior, establishing stakeholder coordination mechanisms, avoiding widening the gap between rich and poor, promoting environmental climate policy and the protection of international competitiveness and other experience can provide reference to RMB internationalization. RMB internationalization is currently facing serious environmental and resource challenges, and green development can protect and promote RMB internationalization.
Ye Yanfei, inspector of Policy Research Bureau, CBRC, delivered a keynote speech on “Green Finance Going Global”. Ye pointed out that the banking financial institutions should learn from the Equator Principles and other international good practices, attach great importance to the environmental and social risks facing customers and their important related parties in the construction, production and business activities, and implement whole-process management. Attention should be paid to protecting the local people interests, enhancing interaction with stakeholders, strengthening information disclosure and international cooperation, and building professional environmental teams.
Chen Liang, director of Environmental Cooperation, Ministry of Environmental Protection, delivered a keynote speech entitled “Learning from international experience and building a green financial strategic system”. He pointed out that green finance can promote enterprise innovation, eliminate backward production capacity, and improve environmental quality in long-term and with stability. However, to control pollution and protect environment, we still lack environmental management funding, so there’s an urgent need for green financial innovation financing mechanism. The United States’ “Green Fund” and other green financial practices provide important international experience for China's green finance. He then introduced green finance practice and exploration carried out in our country, and made suggestions on the unified industry standard/database and green evaluation system, enterprise information disclosure, green factor capitalization/marketization and taxation system reform based on environmental demand.
Lu Hanwen, member of Credit Committee, China Development Bank, delivered a keynote speech on “Building a Green Financial System and Serving the National Strategy”. He pointed out that green finance has an important supporting role in the development of ecological civilization, but there are some problems and difficulties in the development, such as inaccurate data and inconsistent data, opaque project environmental information, weak current policy guidance and scattered ecological projects lack of initiative and so on. China's green finance development concept and experience set up an example for developing countries. We should continue to promote green financial, to improve the concept, method, and system, turning the Chinese initiative to a common principle and norms, embodying the Chinese elements in the global green financial system and promoting global sustainable development.
Zhou Yueqiu, deputy director of the Green Finance Committee, China Society for Finance, and director of the Institute of Urban Finance, Industrial and Commercial Bank of China, delivered a keynote speech entitled “Promoting the Development of Green Finance and RMB Internationalization”. Through green finance, funds are transferred to more needed, more ecological, and more environmentally friendly areas, supporting the sustainable growth of the real economy and making China's economy growing more sustained and with better quality. This is beneficial to both China and the world, and it will also help build fundamentals of RMB internationalization. The development of green bonds will help to enrich the RMB-denominated financial products and provide more investment options. Commercial banks can get to green finance and RMB internationalization by self-upgrading and providing differentiated green credit services.
Ma Anquan, vice mayor of Datong City, Shanxi Province, delivered a keynote speech on the “learning from Datong City’s experience of green finance”. Ma pointed out that Datong's exploration in green finance can be summarized as “in the most urgent situation, with the strongest desire, the most difficult exploration, and the most promising outlook”. He hoped to build an experimental area integrating green production and life, green energy and green financial through exploration, efforts and innovation, thus contributing to the country, the nation, Datong, and the public.
After the keynote speech and roundtable discussion, Lu Zhengwei, chief economist of Huafu Securities, Ma Xianfeng, deputy director of Green Finance Committee, China Financial Association and associate dean of China Institute of Finance and Capital Markets (CIFCM), CSRC, and Yin Hong, deputy secretary general of Green Finance Committee, China Financial Society and deputy director of City Finance Institute, ICBC, shared their views on “green finance international cooperation”.
Zhu Da, Senior Research Fellow of the World Bank, Zhou Cheng, Vice President of Beijing Environmental Exchange, and Fischer, Associate Vice President of Hutchison Financial (Group) Holdings Co., Ltd. conducted a roundtable discussion on the practice of green finance in the development of China’s carbon trading and photovoltaic industry.
After the keynote speech and roundtable discussion, the “Green Finance and RMB Internationalization” Forum came to an end.
