The People's Bank of China has never been politically independent like a Western central bank, but it has nonetheless enjoyed a special status in the nation's economic hierarchy. Now, President Xi Jinping's shake-up of China's financial sector is stripping that away.
China’s industrialization has occurred at a breathtaking pace, lifting hundreds of millions out of poverty and transforming the country into the world’s factory floor. That’s also made it the biggest emitter of carbon dioxide, the main greenhouse gas driving climate change. The most-populous nation has set itself the ambitious goal of becoming carbon-neutral by 2060, a challenging target given it hasn’t even reached its emissions peak. To get there, President Xi Jinping wants to transition away
Green finance crucial for inclusive and sustainable growth-Eastday eastday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eastday.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) China should take a gradual approach pulling back financing to high-emission industries in order to avoid credit risks, state bank chiefs said…