The People’s Bank of China has extended the implementation of three structural monetary policy tools.

Release Date:

2023-01-30

　　BEIJING, Jan. 29 (Xinhua) — By Wu Yu and Li Lunheng: Reporters learned on the 29th from the People’s Bank of China that, to encourage financial institutions to step up support for green development and other priority areas, the central bank has recently issued a notice extending the implementation of three monetary policy tools, including the carbon emission reduction support facility.

　　According to the notice, the carbon emission reduction support facility will remain in effect until the end of 2024. Certain local legal-person financial institutions and foreign-funded financial institutions have been included within the scope of eligible institutions under this facility, further broadening the policy’s reach and deepening international cooperation in green finance.

　　The reporter learned that the special re-lending program supporting the clean and efficient use of coal will be extended through the end of 2023. In 2023, the carbon‑reduction support tool and the special re‑lending program for the clean and efficient use of coal will continue to operate in parallel, ensuring energy supply security while supporting the economy’s transition to a green, low‑carbon future, thereby helping to achieve the goals of peaking carbon emissions and achieving carbon neutrality in a scientific and orderly manner.

　　In addition, the special re-lending program for transportation and logistics will be extended through June 30, 2023, bringing small, medium, and micro logistics and warehousing enterprises into its scope of support, thereby further strengthening financial backing for ensuring the smooth flow of goods and services in the transportation and logistics sector and fostering high-quality development of the industry.

　　An official from the People’s Bank of China stated that, in the next phase, structural monetary policy will remain “focused on priorities, appropriately calibrated, and characterized by both progress and retreat,” continuing to strengthen support for key areas and weak links in the national economy, including inclusive finance, green development, technological innovation, and infrastructure construction.

[Editor-in-charge: Jiao Peng]

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