Central Bank Rolls out New Supporting Tool for Carbon Reduction

The Peoples Bank of China （PBOC）， the countrys central bank， announced that it has rolled out a supporting tool for carbon reduction as part of efforts to facilitate the countrys goal of carbon neutrality.

The launch of such a structural monetary policy tool will support the development of key fields such as clean energy， energy conservation， and environmental protection in a steady， orderly， targeted， and direct manner.

The bank will provide low-cost loans for financial institutions through the carbon-reduction supporting tool， and guide those institutions to provide loans to firms in key carbon-reduction fields on the premise of independent decision-making and risk-taking according to a statement released by the PBOC.

The loan interest rates provided by the financial institutions should be basically in line with the loan prime rates （LPR）， it said.

Tentatively， the target of the tool is national financial institutions. The PBOC will provide 60 percent of the loan principal made by financial institutions for carbon-emission cuts， with a one-year lending rate of 1.75 percent.

The central bank also requires those financial institutions to publicly disclose information on the carbon-reduction loans and the emission cuts financed by such loans， according to the PBOC. Third-party professional institutions will verify such information.

More Policies toward Rural Revitalization

The 14th five-year plan for promoting agricultural and rural modernization was deliberated and approved by the State Council recently. It stressed the need to accelerate the integrated development of primary， secondary， and tertiary industries in rural areas， improve the rural industrial system， and provide more job opportunities and value-added benefits to farmers.

There will also be reforms in key areas in the countryside and encouragement of nongovernmental investment in a bid to consolidate poverty alleviation results， and to better facilitate development of areas recently lifted out of poverty.

Rural revitalization is more demanding than poverty alleviation， and promoting high-quality development of rural industries and building industrial clusters in key sectors are priorities， said a researcher at the Rural Development Institute of Chinese Academy of Social Sciences.

According to the National Rural Industry Development Plan （2020-2025）， by 2025， China will build a complete rural industrial system， improve rural industries， and optimize the rural employment structure as part of its ongoing transformation efforts.

The Ministry of Agriculture and Rural Affairs said it will also explore management methods in a sequential manner to further promote the establishment of a benefit distribution mechanism safeguarding farmersrights and rural revitalization fruits.

Ministry of Transport to Accelerate the Construction of World-class Ports and Airports

China will speed up efforts to build the Yangtze River Delta into a world-class shipping hub and accelerate the development of world-class ports and airports， according to the Ministry of Transport.

The 19th National Congress of the CPC made a strategic plan to build China into a transport power， and the State Council also issued an outline of building a comprehensive three-dimensional transport network in China. Both plans outlined the blueprint for high-quality development of transport， including the shipping industry.

According to the ministry， looking into the future， China will promote sustainable development of its shipping industry. It will build three-dimensional interconnected infrastructure with advanced equipment. The ultimate goal is to build a convenient， comfortable， economical， and efficient service system and a modern comprehensive transportation system which is both safe and green.

The shipping industry will be more open and innovation-driven， playing a key role in Chinas modern economic system as well as in the high-quality development of the Belt and Road Initiative.