The State Administration of Foreign Exchange has launched a pilot program for green foreign debt business, encouraging non-financial enterprises to use cross-border financing funds for green or low-carbon transition projects.

According to the Wise Finance APP, the State Administration of Foreign Exchange recently decided to launch a pilot program for green foreign debt business in 16 provinces and cities including Shanghai, Beijing, Tianjin, Hebei, Jiangsu, Zhejiang, Anhui, Fujian, Shandong, Hubei, Guangdong, Sichuan, Ningbo, Xiamen, Qingdao, and Shenzhen. The pilot program encourages non-financial corporations to use cross-border financing funds for green or low-carbon transformation projects. The pilot policy mainly targets domestic non-financial corporations that borrow foreign and local currency funds from non-residents and specifically use them to support green or low-carbon transformation projects that meet the relevant regulations of the People's Bank of China and other departments.