China to strengthen financial support for recycling economy

17:25, April 29, 2010      

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China will strengthen the financial support for the recycling economy development of various regions in order to address issues such as insufficient investment and difficult financing in the development of recycling economy, according to the "Circular on Policy Measures and Opinions of Supporting the Development of Recycling Economy" recently issued by the National Development and Reform Committee, the People's Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission.

The circular urges financial institutions in the banking industry to provide national and provincial-level pilot recycling economy industrial parks and enterprises with diversified credit support including credit loans. The institutions should actively support pilot recycling economy cities, counties and parks to construct and operate infrastructures, public technological service platforms and public network information service platforms involving the recycling economy, and develop innovative credit products related to the recycling economy.

The circular specifies which recycling economy projects the credit support will focus on. The projects include resource-conservation projects such as energy-conservation, water and material conservation, comprehensive utilization, clean production, sea water desalinization and zero-emissions projects; the re-use projects such as the remanufacturing of waste auto parts and components, engineering machineries and machine tools as well as tire retreading. The projects also include the recovery of waste and used materials, construction garbage, agricultural and forest waste, waste water and sludge.

The circular also calls for expanding the channels of direct financing in order to advance the development of recycling economy. National and provincial-level pilot recycling economy industrial parks and enterprises will be supported to raise funds by using direct financial tools such as corporate bonds, convertible bonds, short-term financing bonds and medium-term notes. It should guide private funds to establish venture capital enterprises that are designed to mainly invest in resources recycling and utilization enterprises or projects, and strive to help small and medium-sized enterprises within pilot recycling economy industrial parks to issue united bonds.

By People's Daily Online


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