Financial Street Forum discusses solutions to green-financed development

China

Financial Street Forum discusses solutions to green-financed development

2024-10-21 19:58 Last Updated At：20:57

Experts and officials from home and abroad have shared their ideas at the outgoing Annual Conference of Financial Street Forum 2024 on promoting green finance as motivational force to catalyze green, low-carbon and sustainable economy.

The closing ceremony of this year's conference was held in Beijing on Sunday, with guests from Hong Kong joining online. Financial insiders from both cities engaged in discussions on green finance, highlighting a shared vision for the high-quality development of the financial sector.

"Discussions on green finance are brooking no delay. We have been investing in renewable energy projects since 2013 and green bonds since 2015, with impressive overall return rate. Our aim is to show the market that practical green investments can yield stable and long-term economic returns," said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority.

"We see international trade as an essential driver of the green transition. By aligning green finance with international trade and climate policies, we can build the infrastructure needed to support sustainable industries worldwide," said Ralph Ossa, chief economist of the World Trade Organization (WTO).

China now boasts the world's largest green credit and green bond markets with rapid development.

During the event, experts emphasized the need to address difficulties and sticking points in areas such as commercial sustainability to effectively promote green development.

"On one hand, we aim to offer suitable financial support to companies in transition through the advancement of transition finance. Additionally, we need to consider other means such as tax incentives and fiscal subsidies. On the other hand, we must provide a way out for businesses that need to cease operations for green development," said Li Yang, chairman of the National Institution for Finance and Development.

Yin Yong, Mayor of Beijing, remarked that the conference offered authoritative insights into macroeconomic and industrial policies, releasing crucial policy signals and demonstrating confidence in reforms.

"We will continue to deepen financial supply-side structural reform, guide financial institutions to enhance incentive and constraint mechanisms, and strive to achieve a virtuous cycle between technology, industry, and finance," Yin said.

Themed "Trust and Confidence -- Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth," this year's conference was attended by over 500 representatives from 30 countries and regions around the world. Sessions under the forum will continue into Tuesday in the HKSAR, Luxembourg and Tokyo parallel with main events in Beijing.

US should lift blockade of Cuba: spokesman

2024-10-21 20:27 Last Updated At：20:47

The United States should lift its decades-long unilateral economic and trade embargo against Cuba, said Chinese Foreign Ministry spokesman Lin Jian at a press briefing in Beijing on Monday.

Lin made the remarks when commenting on Cuba's recent energy crisis believed to be mainly caused by the U.S. embargo and financial persecution , which have left the the Caribbean country without access to oil sources.

"The U.S. blockade of Cuba has wreaked havoc on Cuba's socioeconomic development and people's life. China once again calls on the U.S. to follow the purposes and principles of the UN Charter and basic norms of international law, fully lift the blockade and sanctions on Cuba as soon as possible, and remove Cuba from the list of 'state sponsors of terrorism.' This is in the interests of both the U.S. and Cuba and their people, and conducive to regional stability and development. It is also what the wider international community calls for," said Lin.

"China and Cuba are good friends, good comrades and good brothers. We feel for Cuba as it struggles. We believe under the strong leadership of the Communist Party of Cuba, the Cuban people will tide over the current difficulty and advance their socialist cause," the spokesman added.

During World War I from 1914 to 1918, the 28th U.S. President Woodrow Wilson enacted The Trading with the Enemy Act, which authorized Washington to restrict commercial activities with any nation that they consider an adversary.

Based on this legislation, then U.S. President John F. Kennedy issued Executive Order 3447 on February 7, 1962, which officially began an economic, commercial and financial blockade of Cuba that has survived 11 White House administrations.