Chongqing plans to build a green finance avenue along the road from Jiefangbei to Chaotianmen in its downtown area, which is expected to welcome 200 relevant institutions by 2025, according to the "Co-construction of Green Financing Avenues in Chongqing and Signing for Government-Bank-Enterprise Docking" event held recently.
The avenue stretches for about 1.7 km. The 600,000-square-meter area accommodates former sites of the American-Oriental Bank of Szechuan, Bank of China, and other financial institutions, over ten buildings, including Fosun International Center, Pan-China International Building, and Raffles City Chongqing, as well as Mianhua Street Sports and Culture Park and other public spaces.
A picture of Raffles City Chongqing at night. (iChongqing/ Vivian Yan)
The 200 green financial institutions will mainly contain green financial intermediary service agencies, a financial history museum, an exhibition hall for green financial achievements, a roadshow center for green project financing, and a green finance research center.
By then, the area's green credit balance and green bond issuance will account for over 40% and 50% of the city's total, respectively.
It will become an innovative zone embracing green financial institutions, a green and low-carbon demonstration zone, an exhibition zone of Chongqing's financial history and culture, research, innovation, and service center of green finance.
The ceremony witnessed the signing of many agreements designed to bolster the construction of the Avenue,
For example, Yuzhong District signed cooperation agreements with Chongqing Local Financial Supervision and Administration Bureau, Chongqing Operations Office of the People's Bank of China, Chongqing Office of China Banking and Insurance Regulatory Commission, and Chongqing Securities Regulatory Bureau on co-developing the finance research center, finance innovation center, and finance service center.
They are slated to intensify collaboration in green finance-related policy support, innovation pilot, ecosystem building, and infrastructure project implementation.
Nearly 20 enterprises and financial institutions signed 34 agreements on green credit financing and green bond issuance, which are valued at 31.6 billion yuan (about 4.9 billion U.S. dollars) in total.