Research on the Development of Green Finance Policies in China -Based on Policy Data from Beijing

Abstract

With environmental problems being severer these years, developed countries first started to find out possible solutions. In 2015, after thousands of tries from various aspects, United Nations Climate Change Conference proposed The Paris Agreement in which governments started to pay great attention to the concept of green finance. China has shown her determination in process of green finance development and released wide-ranged green finance policies for different areas. In 2016, the Chinese government proposed Guiding Opinions on Building Green Financial System in which made a comprehensive and detailed plan for green finance developing. Provinces and cities followed the step of central government and issued relative policies in recent years. This article based on green finance policies in Beijing and analyzed the components and tendency of policies. It is apparent that the proportions and tendencies of various policies approximately fit the proportions and development of different financial instruments. While there exists disproportion in existing green finance system in China. Green credit accounts for the largest part and is advanced even comparing with developed countries. Green fund and green insurance are relatively underdeveloped and deserved to be improved in future. The Chinese government should consider new methods and implement instruments to deal with the recent recession and worldwide financial shocks. Comprehensive green finance policy system is decisive and plenty of foreign new financial products should be imported.