context: Implementation guidelines on expanding green trade aim to promote low-carbon transformation, green manufacturing and finance. Aside from being a green goods manufacturing powerhouse, Beijing also aims to advance its status as a standard-setter in the global green economy.
Li Chenggang 李成钢 PRC ambassador to the World Trade Organisation, Wang Xin 王信 PBoC (People's Bank of China) Research Bureau director and Wang Peng 王鹏 MIIT (Ministry of Industry and Information Technology) Department of Energy Conservation and Comprehensive Utilisation director unpacked the objectives of the MofCOM (Ministry of Commerce) green trade guidelines
- MofCOM on green trade
- promote trade upgrading, support the ‘dual-carbon’ goals and strengthen the PRC’s contribution to global climate governance
- encourage foreign trade firms to adopt green design and production practices
- MIIT on green manufacturing and industries
- three aspects
- promote green design and manufacturing to drive the growth of emerging industries
- e.g. new energy, energy conservation, environmental protection and green equipment
- matching supply and demand
- PRC firms to better meet global consumer demand through green design and manufacturing
- promote green design and manufacturing to drive the growth of emerging industries
- MIIT has established 451 green design firms, developed over 40,000 green products, cultivated 6,430 national green factories and 491 green industrial parks
- output from national green factories accounts for more than 20 percent of total industrial production
- future plans to promote green design and manufacturing
- accelerate full industrial chain transformation from design to recycling
- rise green factory output to 40 percent by 2030
- develop a batch of zero-carbon factories
- three aspects
- PBoC’s role in finance
- accelerate the development of green and low-carbon supply chains and knowledge-and technology-intensive sectors
- e.g. energy-saving and low-carbon technologies, green design, green shipping, environmental services, green engineering, consulting and green finance
- in three aspects
- expand the use of green credit, bonds and equity funds to finance green service trade
- increase financing for production-related services
- e.g. R&D design, logistics, carbon certification and recycling
- lower funding thresholds and costs for asset-light green service trade firms
- support issuing green financial products in global markets
- offer investors more PRC green assets, using 'two-way' financial opening
- accelerate the development of green and low-carbon supply chains and knowledge-and technology-intensive sectors
- State Administration for Market Regulation strengthened standard alignment to support green development
- by September 2025 the international standard conversion rate reached 86 percent