Case Study Of Huzhou’s Green Finance Reform And Innovation

General Secretary Xi Jinping has proposed “Ecology is economy” when he was in Zhejiang province,and put forward a new development concept of "innovation,coordination,green,opening up and sharing" in The Fifth Plenary Session of the 18 th Central Committee,since then,Chinese economy began to transform from high-speed development to green development.As the lifeblood of modern economy,the development of green finance can well lead the green transformation of economy.Since 2017,The State Council has approved the establishment of green finance reform and innovation pilot zones in six provinces and nine cities,aiming to give full play to the positive role of green finance in promoting sustainable economic development and explore regional green finance service systems.As one of the first pilot areas,Huzhou took the lead in green finance reform and innovation experiment as early as2015,and has achieved more than 40 innovative practical results,with remarkable reform and innovation results.This paper selected Huzhou Green Finance reform and innovation Pilot Zone for case analysis,mainly analyzed Huzhou’s various reform and innovation measures in supporting green industry to upgrade,the results and the experience.Since 2017,Huzhou has supported the transformation and upgrading of the green industry by encouraging financial institutions to develop special green credit products;establishing a credit mechanism with green insurance and guarantee.It has also built a comprehensive service platform for green finance to improve financing efficiency,improving Huzhou’s green finance index,reducing the average cost of green financing,and realizing the co-growth of economic and environmental benefits.This article analyzed Huzhou’s green financial reform and innovation,and found that the government’s scientific incentive mechanism can effectively stimulate green financial market,increase financial institutions’ s internal impetus driving;Financial institutions deeply explored financing needs,actively cooperated with the government,enterprises and other parties,innovated and customized green credit products suitable for the development of local enterprises,and realized the supply-side reform of financial products.Bank insurance partners shared risks,reduced green credit risks and realized sustainable development of green credit mechanism.The government has built a comprehensive service platform to improve financing efficiency through the full coverage of green identification,green credit financing,green equity financing and other services.At the same time,there are still some shortcomings in the development of green finance in Huzhou,such as simple means of financial incentives,some green credit products still need to be developed,excessive risk sharing of guarantee institutions,and non-uniform disclosure of green financial information.In order to further promote the development of green finance,Huzhou also needs to establish unified financial support standards and broaden financial incentive means,strengthen the market promotion of green credit products,develop credit products in the carbon finance and personal field,scientifically reduce the risk sharing ratio of guarantee institutions;further improve information disclosure standards and strengthen green information disclosure.In general,the green finance related reform and innovation measures in Huzhou have effectively promoted the high-quality development of green finance,and are gradually forming the "Huzhou experience" that can be promoted to provide effective reference for the development of green finance in other regions.