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      Regulations of Shenzhen Special Economic Zone on Green

      From: Shenzhen Municipal Justice Bureau

      (Adopted at the Forty-fifth Session of the Standing Committee of the SixthPeople's Congress of Shenzhen Municipality on October 29, 2020)

      Chapter one General Provisions

      Article 1 For the purpose of promoting the development of green finance, enhance the ability of green finance to serve the real economy, accelerate the construction of Shenzhen as a sustainable financial center, and advance sustainable economic and social development, these Regulations are hereby formulated in accordance with the basic principles of relevant laws and administrative regulations and in light of the particular circumstances of Shenzhen Special Economic Zone.

      Article 2 These Regulations shall apply to green finance activities in Shenzhen Special Economic Zone.

      Green finance mentioned in these Regulations refers to the financial services that are provided to facilitate economic activities including but not limited to climate change combatting, environmental improvement, efficient resource utilization and conservation, and ecosystem protection.

      Article 3 Green finance development shall conform to the principles of standards-guided, technology-supported, market-oriented, policy incentives, and regulatory constraints.

      Article 4 Financial institutions shall provide financial products and services that are beneficial to resource conservation, environmental protection, and green finance development.

      Financial institutions mentioned in these Regulations refer to enterprises engaged in financial services, including banking financial institutions, securities financial institutions, insurance financial institutions, and other institutions engaged in financial services.

      Article 5 The Municipal People's Government shall establish a leadership and coordination mechanism for green finance development to coordinate green finance development in a unified manner.

      The local financial regulatory department at municipal level shall plan, coordinate and guide green finance development, conduct green finance performance evaluation, and supervise and administer green finance activities in accordance with the law.

      The Shenzhen-based branches of the People's Bank of China, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission shall supervise and administer green finance within the scope of their respective responsibilities.

      The municipal departments in charge of development and reform, science and technology innovation, industry and information technology, finance, ecology and environment, market regulation, housing and construction, transport, water affairs, and state-owned assets supervision and administration shall supervise and administer green finance within the scope of their respective responsibilities.

      Article 6 The green finance committee, industry association and other social organizations shall fully play their role in green finance innovation and research, policy recommendations, international cooperation, standard formulation and self-regulatory management.

      Shenzhen securities exchange institutions, shall take charge of the work related to green finance within the scope of their duties.

      Article 7 The local financial regulatory department at municipal level and other relevant departments, the green finance committee, industry association and other social organizations shall continuously carry out publicity and education on green finance to create a sound atmosphere of bolstering green finance development and making joint efforts in construction of the ecological civilization.

      Chapter Two System and Standard

      Article 8 Financial institutions shall establish corporate governance structures and organizational systems commensurate with green finance development, improve the leadership and decision-making mechanisms for green finance as well as the corresponding implementation and supervision mechanisms, and provide corresponding resources and implementation capacity guarantees to ensure that their governance structures and organizational systems can effectively underpin the green finance development objectives.

      Financial institutions shall be encouraged to set up branch institutions, business departments, divisions, etc. specially engaged in green finance business, and establish a sound organizational structure, performance evaluation, incentives, constraints and internal control system for specialized institutions of green finance.

      Relevant financial regulatory departments shall provide facilitation for financial institutions' establishment of green branch institutions.

      Article 9 Banking financial institutions shall perfect green credit management system, provide green credit support, classify environmental and social risks of customers, carry out relevant risk assessment, establish green credit customer list, and open a fast approval channel for green credit, according to the requirements of national financial regulatory institutions and with reference to internationally recognized green credit management model.

      Banking financial institutions shall establish a statistical system for green credit, and focus on statistics and analysis of green credit balances and shares, default rate, distribution and quality of green credit assets, as well as the environmental benefits of green loans, in accordance with the requirements of national financial regulatory institutions.

      Article 10 Securities financial institutions shall take the initiative to ask issuers about their willingness to issue green bonds in the course of bond issuance operations, and provide professional advice and services for green bond issuance.

      Article 11 Insurance financial institutions shall establish an insurance funds system for green investment and set out the relevant requirements for strategy, direction, proportion, risk control and other aspects of green investment.

      Article 12 Institutional investors shall establish a green investment management system to determine green investment strategies and to clarify responsibilities and obligations of asset managers in respect of green investment scope, share, asset management, etc., which shall be set out in the asset management contracts. 

      Article 13 Asset managers shall establish a corresponding green investment management system in line with the green investment requirements in the asset management contracts, fulfill green investment obligations, and specify the green management responsibilities that shall be performed by investee enterprises in equity investment contracts.

      Article 14 Green finance entities having obtained green funds through green credit, green bonds, green fund investment or other ways shall establish a management system for green funds, use and manage such funds as per relevant rules and the purposes agreed with the investors, and make regular reports to the investors on funds use and management.

      Article 15 The local financial regulatory department at municipal level shall promote national green finance standards, and organize the formulation of supporting rules of national green finance standards or supplementary local green finance standards.

      The local financial regulatory department at municipal level shall, in conjunction with the municipal market regulation department, set forth green finance standards, and formulate a directory of green finance standards.

      Article 16 The local financial regulatory department at municipal level and relevant financial regulatory institutions shall give support to financial institutions, securities exchange institutions, certification and rating agencies in their participation in formulating international and domestic green finance standards, and promote mutual recognition of domestic and international standards.

      Article 17 The local financial regulatory department at municipal level shall, in conjunction with Shenzhen-based branches of national financial regulatory institutions, formulate standards for identification, evaluation and certification of green finance entities and green finance institutions.

      Article 18 The municipal departments in charge of development and reform, industry and information technology, ecology and environment, housing and construction, and transport shall organize the formulation of technical standards for green enterprises and projects in related fields as needed, and provide technical specifications and guidelines for green finance activities.

      Article 19 The local financial regulatory department at municipal level shall, in conjunction with Shenzhen-based branches of national financial regulatory institutions, formulate statistical standards for green finance, establish a green finance statistics system, incorporate green finance statistics into local statistical survey programs, and include the added value or output value of green industries as statistical indicators.

      Article 20 Financial institutions shall be encouraged to employ approaches and instruments including but not limited to environmental stress test and scenario analysis to quantitatively analyze the credit risks, market risks and other financial risks faced by financial institutions under the pressure of climate change, environmental supervision and sustainable development.

      Chapter Three Product and Service

      Article 21 Banking financial institutions shall optimize existing green credit products, innovate green credit products, promote new energy loans, energy efficiency loans, loans pledged with usufruct of energy performance contracting and other energy credit products, create new types of green credit products including but not limited to green supply chain, green park, green production, green building and green consumption, bring down the cost of green credit funding, and expand the scale of green credit.

      Article 22 Insurance financial institutions shall innovate green insurance products and services and provide liability insurance for environmental pollution, green building quality insurance, liability insurance for green product quality, and other green insurance services.

      A catastrophe insurance system shall be established; the catastrophe insurance pool shall be optimized; and the catastrophe security system shall be improved to protect against natural disaster risks and material accident risks.

      Article 23 Enterprises exposed to high environmental risks associated with heavy metals, hazardous waste, toxic and hazardous substances shall purchase liability insurance for environmental pollution. The scope of enterprises covered by liability insurance for environmental pollution shall be stipulated and announced by the municipal ecology and environment department.

      Insurance financial institutions shall establish risk management mechanisms, perform environmental risk assessment before underwriting, and carry out risk management services after underwriting to detect potential risks, and fulfill claim payment responsibilities in accordance with the contracts.

      The Shenzhen-based branches of China Banking and Insurance Regulatory Commission shall establish a regulatory mechanism for liability insurance for environmental pollution, and implement consistent insurance clauses and basic insurance rate.

      Article 24 Trust financial institutions shall be supported in providing financial services for green enterprises by means of capital trusts, charitable trusts or service trusts, through asset securitization, industrial funds, equity investment, convertible bond investment, etc.

      Article 25 Financial leasing institutions shall be encouraged to carry out financial leasing of fixed assets including but not limited to green assets and complete sets of large equipment to support the green operations of enterprises.

      Article 26 When providing investment advice to individual investors, investment advisory institutions shall ask them about their investment preferences in the green sector and then recommend investment products fit for them accordingly.

      Article 27 Banking financial institutions shall be encouraged to issue green finance bonds.

      Financial institutions shall be encouraged to underwrite green corporate bonds, green enterprise bonds, green debt financing instruments, green asset-backed securities, green mortgage-backed securities, and etc.

      The Municipal People's Government may issue local government bonds to support the implementation of green projects.

      Article 28 Financial institutions shall be supported in carrying out financing business collateralized or pledged with environmental rights; and shall be encouraged to participate in cross-border trading in the carbon trading market of the Guangdong-Hong Kong-Macau Greater Bay Area.

      Professional service agencies shall be supported in providing asset appraisal, certification, consulting and asset disposal services in relation to carbon emission rights, pollutant emission rights, energy conservation (energy use rights), water rights and other environmental rights according to market demand.

      Article 29 Shenzhen emission rights trading institutions shall be given support in carrying out the following business:

      (1) Providing environmental rights trading and related financial services;

      (2) Operating and managing the unified platform for carbon reduction incentives scheme;

      (3) Carrying out domestic and cross-border trading of carbon assets and green assets;

      (4) Innovating trading products related to energy conservation and emission reduction, green low-carbon development, ecological and environmental protection.

      Article 30 Financial leasing institutions, commercial factoring institutions, financial guarantee institutions and other local financial institutions shall explore the implementation of green finance activities within their business scope, and innovate green finance products and services.

      Chapter Four Investment Evaluation

      Article 31 Financial institutions shall establish a green investment evaluation system, and carry out pre-investment evaluation for the investment projects stipulated in Article 32 hereof, as well as post-investment management.

      Financial institutions may entrust professional institutions to assist in green investment evaluation.

      Article 32 Where an investment project in Shenzhen Special Economic Zone falls under any of the following circumstances, the financial institutions providing the financial products and services shall carry out green investment evaluation on the investment project in accordance with Articles 33 to 35 hereof:

      (1) The total investment amount of the project reaches 50 million yuan or more, and environmental impact assessment is required in accordance with the law;

      (2) The project's annual greenhouse gas emissions are expected to reach 3,000 tons of carbon dioxide equivalent or more;

      (3) Other circumstances where green investment evaluation shall be conducted as required by laws and regulations.

      Article 33 Financial institutions shall review the environmental impact assessment reports provided by the investment project entities. The review shall focus on the project’s compliance with assessment procedures, suitability of assessment institutions, and reasonableness of assessment conclusions. The conclusion of the review shall include the following parts, including but not limited to the potential overall impact of project implementation on relevant areas, rivers, watersheds and sea ecosystems, the impact on biodiversity in relevant areas, and the long-term impact on the environment and human health.

      Article 34 Financial institutions shall evaluate the environmental risk control capability of investment project entities. The evaluation shall focus on the entity’s internal policies, governance structure and organizational system for environmental risk control, and the sustained willingness and ability to implement environmental risk control policies and measures, etc.

      Article 35 Financial institutions shall evaluate the environmental benefits of investment projects. The evaluation shall focus on the relationship among economic, social and environmental benefits of project implementation, and the relationship among short-term, medium-term and long-term environmental benefits of the project, etc.

      Article 36 Financial institutions shall incorporate green investment evaluation into post-investment management, and establish and improve the post-investment management system with the the principles of continuity, timeliness, comprehensiveness, prudence and authenticity.

      Article 37 When making joint investment in a project that requires green investment evaluation, multiple financial institutions may entrust one of them or jointly carry out the green investment evaluation.

      Chapter Five Environmental Information Disclosure

      Article 38 Financial institutions shall, in accordance with the provisions of these Regulations, disclose information on the environmental impact of the enterprises, projects or assets in which their funds are invested.

      The invested enterprises or the project or asset owner enterprises shall submit environmental information to financial institutions as required.

      Article 39 The following entities shall disclose environmental information by category from January 1, 2022.

      (1) Listed financial companies incorporated in Shenzhen;

      (2) Green finance bond issuers;

      (3) Financial institutions that are entitled to preferential policies on green finance.

      Other than the entities specified in the preceding paragraph, those meeting the following conditions shall disclose environmental information from January 1, 2023.

      (1) Banks with headquarters or branch institutions in Shenzhen with assets of 50 billion yuan or more;

      (2) Managers of public equity with assets of 10 billion yuan or more under management;

      (3) Managers of private equity with assets of 5 billion yuan or more under management;

      (4) Institutional investors with assets of 10 billion yuan or more under management.

      Article 40 Environmental information shall be disclosed as per the following provisions:

      (1) Listed financial companies incorporated in Shenzhen shall disclose environmental information in accordance with the requirements of stock exchange platforms;

      (2) Green finance bond issuers shall disclose environmental information in accordance with the requirements of national financial regulatory institutions on disclosure of green bond issuance;

      (3) Financial institutions enjoying preferential policies on green finance shall disclose environmental information in accordance with the requirements of preferential policy-making departments;

      (4) Financial institutions that comply with the provisions of the second paragraph of Article 39 hereof shall disclose environmental information in accordance with the requirements of national financial regulatory institutions.

      Where the national financial regulatory institutions have not formulated relevant regulations on environmental information disclosure, the local financial regulatory department at municipal level shall, in conjunction with the Shenzhen-based branches of central financial regulatory institutions, formulate measures for environmental information disclosure.

      Article 41 Entities with the obligations to disclose environmental information shall disclose the previous year's environmental information in the form of financial reports, environmental information disclosure reports, corporate social responsibility reports, environmental reports or environmental, social and governance reports, in a combined or separate manner, by June 30 each year.

      Article 42 Entities with the obligations to disclose environmental information shall submit disclosure reports to the platforms designated by the regulatory institutions as well as the public green finance service platforms, and publicly disclose relevant environmental information on their official websites and the reporting platforms in accordance with the provisions.

      Chapter Six Promotion and Safeguards

      Article 43 Municipal and district people's governments shall incorporate green finance development into their plans for national economic and social development, and set out the planned objectives, division of responsibilities and specific tasks.

      The Municipal People's Government shall strengthen coordination, and reasonably arrange major green finance projects, major environmental protection projects and major green finance infrastructure.

      Article 44 The local financial regulatory department at municipal level shall strengthen the development of green finance information system, accelerate the construction of green enterprise (project) database, public green finance service platform, and green finance regulatory system, integrate regulatory information including but not limited to information on market regulation, taxation, finance, environmental protection, connect environmental and social risk information, including but not limited to information on pollutant emissions, environmental violations and records to the credit standing system, and provide related services for financial institutions, relevant enterprises, certification and rating agencies, financial regulatory institutions, etc.

      Relevant departments of the Municipal People's Government shall push the enterprises receiving green finance support to submit their environmental performance information via the public green finance service platform or other designated platforms to facilitate the engagement of financial institutions, certification and rating agencies in green finance activities.

      Article 45 When selecting cooperative financial institutions, municipal and district people's governments and relevant departments shall regard environmental information disclosure and green finance performance evaluation results as an important basis.

      Article 46 The Municipal People's Government shall establish and improve the mechanisms on talent cultivation, introduction, use, evaluation, incentive and flow commensurate with the development of green finance, and give support to green finance talents as high-level financial talents that should be especially introduced and cultivated.

      Article 47 The establishment of green industry investment funds shall be supported so as to attract competitive institutional investors and social capital to invest in enterprises and projects in the fields of environmental protection, energy conservation, clean energy, green transportation, green building, and sponge city construction.

      Municipal and district people's governments shall cooperate with social capital to set up green industry investment funds by use of some proportion of the government guide funds and the capital contribution share may reach up to 50%. The excess return on investment attributable to the government guide funds may be conceded to social capital; in particular, the maximum share of return concession for an angel capital guide fund may reach 100%.

      Article 48 Municipal and district people's governments may grant subsidies, discounts or rewards to green finance activities.

      Article 49 The policy-related financing guarantee institutions established by the Municipal People's Government shall provide credit enhancement services for green finance entities. The local financial regulatory department at municipal level shall set forth the performance evaluation indicators for policy-related financing guarantee institutions, including but not limited to scale and annual growth rate of green finance guarantee.

      Article 50 The Municipal People's Government shall incorporate green credit risk compensation for micro, small, and medium enterprises (MSMEs) into the risk compensation pool for MSME bank loans, and may raise the government's risk-sharing ratio on the basis of the current ratio of risk compensation pool.

      Article 51 The Shenzhen-based branches of the People's Bank of China shall be supported in taking the following measures to promote green finance development:

      (1) Encouraging banking financial institutions to carry out green credit, issue and invest in green bonds;

      (2) Exploring the way for green credit securitization;

      (3) Strengthening the guidance of monetary policy instruments and applying re-lending and re-discount to bolster the development of green credit;

      (4) Supporting financial institutions and enterprises in carrying out cross-border green investment and financing activities and providing them with facilitations;

      (5) Taking other measures to support green finance development.

      Article 52 The Shenzhen-based branches of China Banking and Insurance Regulatory Commission shall be supported in taking the following measures to promote green finance development:

      (1) Encouraging banking financial institutions to increase the tolerance level for non-performing green loans;

      (2) Supporting eligible banking financial institutions in carrying out pilot projects to reduce the risk weight of green assets and increase the risk weight of brown assets after setting the lowest limit of the overall asset risk weight;

      (3) Guiding banking financial institutions to carry out investment-loan linkage business for green technology innovation;

      (4) Promoting green insurance product innovation and facilitating the filing of green insurance products;

      (5) Guiding insurance financial institutions to establish a green investment system and to carry out green investment;

      (6) Taking other measures to support green finance development.

      Article 53 The Shenzhen-based branches of China Securities Regulatory Commission shall be supported in taking the following measures to promote green finance development:

      (1) Providing convenient channels to IPO tutorship for green enterprises under the same conditions;

      (2) Guiding the reduction of transaction fees for green stocks and green bonds;

      (3) Promoting international cooperation and attracting foreign investors to invest in green bonds;

      (4) Encouraging securities enterprises to underwrite green bonds, and incorporating the green bond underwriting as an important item into the evaluation of securities enterprises' fulfillment of social responsibility;

      (5) Taking other measures to support green finance development.

      Article 54 Shenzhen securities exchange institutions shall tighten supervision and administration over the environmental information disclosure of listed companies within the scope of their duties, provide convenient channels for green bond issuance and listing transactions, develop and promote green finance-related indices, expand international cooperation in green finance, and advance the development of green finance in the capital market.

      Article 55 The Municipal People's Government shall promote the establishment of an environmental rights trading market that serves the clean, low-carbon and green development of enterprises, boost the development of Shenzhen's carbon emission trading market, improve the carbon reduction incentives scheme, and actively cultivate efficient and convenient trading markets for pollutant emission rights, energy conservation (energy use rights) and water rights.

      Article 56 Financial institutions and financial technology enterprises shall be encouraged to leverage blockchain, artificial intelligence, big data, cloud computing, Internet of Things and other financial technologies to spur the innovative development of green finance.

      Article 57 Financial institutions and other relevant organizations shall be supported in joining internationally renowned organizations of green finance and sustainable finance; internationally renowned organizations of green finance and sustainable finance and other social organizations shall be supported in establishing regional centers, sub-centers or branches in Shenzhen.

      Article 58 The municipal state-owned assets supervision and management department shall explore the establishment of modern green financial service institutions, and incorporate the green finance development into the performance evaluation system of state-owned financial institutions.

      Article 59 The Municipal People's Government shall commend and reward entities and individuals for their outstanding performance in green finance development in accordance with relevant provisions; incorporate the green finance into the selection of winners of the municipal financial innovation award, and grant the reward according to relevant provisions.

      Chapter Seven Supervision and Administration

      Article 60 The local financial regulatory department at municipal level shall, in conjunction with the Shenzhen-based branches of the central financial regulatory institutions, establish a joint commission mechanism for green finance to foster green finance development.

      Article 61 The local financial regulatory department at municipal level shall actively explore innovation and improve the systems and mechanisms for promoting the development of green finance, support the construction of blockchain-based standardization, certification, warehousing and trading platforms for cross-border green assets, and explore the construction of cross-border cooperation mechanism. The specific measures shall be formulated by the local financial regulatory department at municipal level in conjunction with the Shenzhen-based branches of the central financial regulatory institutions.

      Article 62 Financial institutions shall not advertise, sell or promote financial products without green characteristics in the name of green financial products. Relevant enterprises shall not apply for green funds for projects without green characteristics in the name of green finance. Certification and rating agencies shall not issue green certification reports or green rating reports for enterprises or projects without green characteristics.

      Financial institutions, relevant enterprises and certification and rating agencies shall establish a working mechanism to prevent the prohibited acts set out in the preceding paragraph based on the principle of good faith, specify the relevant responsibilities, and carry out green finance activities in accordance with laws and regulations.

      Article 63 Green finance certification and rating agencies shall comply with the following provisions in carrying out certification and rating activities:

      (1) They shall independently, objectively and impartially perform certification and rating in accordance with relevant certification and rating norms, and take responsibility for the standardization, authenticity and accuracy of the certification and rating reports issued by them;

      (2) They and their personnel shall withdraw if they have a conflicted interest in the enterprises or projects being certified and rated;

      (3) They shall fulfill the confidentiality obligations, and may not illegally disclose any data and information on the enterprises or projects being certified and rated.

      Chapter Eight Legal Liability

      Article 64 Where a financial institution or relevant entity, in violation of Articles 8 to 14 hereof, fails to establish green finance systems or to carry out related activities in accordance with relevant provisions, the local financial regulatory department at municipal level shall order the financial institution to make corrections within a specified time limit.

      Article 65 Where an enterprise exposed to high environmental risk, in violation of the first paragraph of Article 23 hereof, fails to purchase or renew the liability insurance for environmental pollution, the municipal ecology and environment department shall order the enterprise to purchase or renew the insurance; if the enterprise refuses to do so, it shall be imposed to a fine with an amount three times the insurance premium.

      Article 66 Where a financial institution, in violation of Articles 32 to 35 hereof, fails to carry out green investment evaluation of an investment project, the local financial regulatory department at municipal level shall order the financial institution to make corrections within a specified time limit and impose a fine of not less than 50,000 yuan but not more than 200,000 yuan on such financial institution; for a project that shall be subject to administrative penalties other than warnings for ecological and environmental damage it caused, a penalty with an amount of not less than 1% but not more than 10% of the loan or investment amount shall be imposed to the financial institution .

      Article 67 Where a financial institution, in violation of Article 36 hereof, fails to incorporate green investment evaluation into the post-investment management, the local financial regulatory department at municipal level shall order the financial institution then to make corrections within a specified time limit and impose a fine of not less than 50,000 yuan but not more than 200,000 yuan on the financial institution .

      Article 68 Where an entity with the obligations to disclose environmental information specified in Article 39 hereof, in violation of Articles 40 to 42 hereof, fails to disclose environmental information in accordance with the provisions, the local financial regulatory department at municipal level shall order the entity to make corrections within a specified time limit; if such entity refuses to make corrections or fabricates data or information, the entity shall be imposed to a fine of not less than 20,000 yuan but not more than 100,000 yuan.

      Article 69 Where an entity with the obligations to disclose environmental information violates the provisions hereof on environmental information disclosure, in addition to imposing punishment according to the law, relevant departments may take the following measures against such entity:

      (1) Providing its illegal act information to the credit information management institution and releasing such information to the public through the website of the public green finance service platform, government website or news media;

      (2) Taking joint credit-related disciplinary measures according to the relevant provisions.

      Article 70 Where a financial institution, relevant enterprise, or certification/rating agency violates Article 62 hereof, the market regulation department at municipal level and Shenzhen-based branches of national financial regulatory institutions shall handle the violation in accordance with relevant provisions.

      Article 71 Where a certification or rating agency, in violation of Article 63 hereof, falls under any of the following circumstances, the market regulation department at municipal level shall impose a fine of not less than 10,000 yuan but not more than 50,000 yuan on the agency:

      (1) Breaching professional ethics and independence requirements;

      (2) Issuing certification and rating reports with material omissions or misrepresentations;

      (3) Failing to withdraw despite the fact that it has a conflicted interest in the enterprise or project;

      (4) Illegally disclosing the data and information on the enterprise or project being certified and rated.

      Chapter Nine Supplementary Provisions

      Article 72 The terms used in these Regulations bear the meanings set out below:

      (1) Green credit refers to credit products and services that are provided by banking financial institutions to facilitate economic activities including but not limited to climate change combatting, environmental improvement, efficient resource utilization and conservation, and ecosystem protection.

      (2) Green supply chain means the relationship between upstream and downstream activities that coordinate economic activities and environmental protection through the integration of environmental protection and resource conservation ideas into the entire process of product design to raw material procurement, production, transportation, storage, sale, use and disposal.

      (3) Green insurance refers to insurance products provided by insurance financial institutions for projects in such areas as environmental protection, energy saving, clean energy, green transportation, and green buildings to facilitate climate change combatting, environmental improvement, efficient resource utilization and conservation, and ecological protection.

      (4) Green bonds refer to marketable securities the proceeds from which are specifically used to support green industries and green projects that meet specified criteria, or marketable securities that are issued for the purpose of refinancing of green industries and green projects in accordance with legal procedures with principal and interest repaid on the agreed dates. Green bonds can be divided into unstructured financing products including but not limited to green financial bonds, green corporate bonds, green enterprise bonds and green debt financing instruments; and structured financing products including but not limited to green asset-backed securities; and other green bond products.

      (5) Green finance entity refers to a legal entity that carries out financing activities for green assets or green projects and assumes financing responsibilities and risks.

      (6) Green funds refer to public fund products or other investment entities that invest in companies and projects that can produce environmental benefits or engage in environmental-related businesses, with the aim of promoting green development and improving the ecology and environment. Green funds can be divided into green industry investment funds and green securities investment funds.

      (7) Carbon reduction incentives scheme is an incentive mechanism for micro- and small-sized enterprises, communities and citizens to quantify and give value to their acts of energy conservation and carbon reduction, which integrates business and policy incentives and certified emission reductions trading.

      (8) Environmental rights refer to the rights arising from the government setting permits and controlling the total quantity of natural resources and environmental capacity consumed by entities. They mainly include carbon emission rights, pollutant emission rights, water rights, energy conservation (energy use rights), green power certificate, etc.

      (9) Green finance guarantee means financing guarantee services provided for green enterprises, green projects, or projects with green assets as the primary counter-guarantee measure.

      (10) Brown assets refer to resources that are formed by specific accounting entities in non-resource-saving and non-environmentally-friendly economic activities including but not limited to high-pollution, high-carbon-consumption (high-energy-consumption), and high-water-consumption activities, can be measured monetarily and are expected to bring definite benefits.

      Article 73 These Regulations shall come into force on March 1, 2021.

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