Out of the window? Green monetary policy in China: window guidance and the promotion of sustainable lending and investment
Out of the window? Green monetary policy in China: window guidance and the promotion of sustainable lending and investment
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DOI：
10.1080/14693062.2021.2012122
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发表时间：
2021-12-08
期刊：
影响因子：
7.1
通讯作者：
Volz, Ulrich
中科院分区：
文献类型：
--
作者：
Dikau, Simon;Volz, Ulrich
中国货币和金融当局一直是推动绿色金融的先驱。本文考察了中国人民银行和中国银行业监督管理委员会（CBRC）为鼓励金融机构扩大对可持续发展活动的信贷、抑制对重污染行业的贷款而使用的一种具体货币政策工具--窗口指导。“窗口指导”是一种相对非正式的政策工具，它使用善意的强制来“引导”金融机构根据官方（政府）目标提供信贷和分配贷款。我们调查了2001-2020年期间的窗口指导目标，发现“绿色”目标至少从2006年开始被银监会纳入，从2007年开始被中国人民银行纳入，以阻止向碳密集型和污染型行业提供贷款和/或增加对可持续活动的支持。2014年，两个部门都停止了通过窗口指导阻止向碳密集型/污染型行业提供贷款。2019年初，可持续目标也从PBC窗口指导优先部门名单中删除，结束了中国的绿色窗口指导实践。通过新的“建立绿色金融体系指导方针”取代并正式确定了加强可持续性的窗口指导目标，反映了从基于控制的政策工具转向基于市场的政策工具的努力。基于这一分析，本文总结了四个经验教训，可供其他寻求加强可持续金融和减缓气候变化及相关风险的国家设计绿色金融政策。中国利用窗口指导引导银行贷款以支持国家可持续发展目标的经验表明，这一工具可以成功地用于处于金融市场发展早期阶段的金融市场。随着金融市场的成熟和直接货币政策工具的效力减弱，窗口指导和其他定向银行贷款政策的效力可能会减弱。在使用窗口指导时，应将其与明确的成功标准挂钩，并应监测其实现情况。绿色窗口指导应纳入更广泛的绿色金融政策以及气候和环境政策框架。虽然中国目前可持续金融政策的框架和语言越来越侧重于市场工具，但中国使用窗口指导的经验为亚洲及其他金融体系由银行主导的新兴经济体提供了宝贵的经验教训。
Chinese monetary and financial authorities have been among the pioneers in promoting green finance. This article investigates the use of one specific monetary policy tool, namely window guidance, by the Peoples' Bank of China (PBC) and the China Banking Regulatory Commission (CBRC) to encourage financial institutions to expand credit to sustainable activities and curb lending to heavy-polluting industries. 'Window guidance' is a relatively informal policy instrument that uses benevolent compulsion to 'guide' financial institutions to extend credit and allocate lending in line with official (government) targets. We investigate window guidance targets for the period 2001-2020 and find that 'green' targets were included by the CBRC from at least 2006 and by the PBC from 2007 to discourage lending to carbon-intensive and polluting industries and/or to increase support to sustainable activities. In 2014, both authorities stopped discouraging lending to carbon-intensive/polluting industries through window guidance. Sustainable objectives were subsequently also removed from the PBC's list of window guidance priority sectors at the start of 2019, ending the practice of green window guidance in China. Sustainability-enhancing window guidance targets were replaced and formalized through new 'Guidelines for Establishing the Green Financial System', reflecting efforts to move away from controls-based towards market-based policy instruments. Based on this analysis, the article draws four lessons for the design of green finance policies for other countries that seek to enhance sustainable finance and mitigate climate change and related risks. Key policy insights The Chinese experience of using window guidance to direct bank lending to support national sustainability targets and goals shows how the instrument can be successfully used in financial markets that are at an early stage of financial market development. The efficacy of window guidance and other directed bank-lending policies is likely to diminish as financial markets mature and direct monetary policy instruments become less powerful. When window guidance is used, it should be linked to clear criteria of success, the achievement of which should be monitored. Green window guidance should be embedded in a broader framework of green finance policies, as well as climate and environmental policies. While today's framing and language on sustainable finance policy in China focuses increasingly on market-based instruments, the Chinese experience of using window guidance offers valuable lessons for other emerging economies in Asia and beyond with financial systems dominated by banks.