Chinese banks support green economy

Major Chinese banks have vowed to offer strong credit support for green economy.

It is a move to promote ecological progress and curb pollution.

More than 10 financial institutions, including four big state-owned banks reached a consensus this weekend at the annual Global Eco-Forum in Guiyang, capital city of southwest China's Guizhou Province.

They vow to build a mechanism to accelerate capital influx into the green economy sectors.

China introduced the green credit concept in July 2007, as part of its enforcement of eco-friendly economic policies.

In March last year, the China Banking Regulatory Commission urged banks to use green credits as a tool to support the country to cut carbon emissions while achieving a sustainable growth.

Last month, the State Council, China's cabinet, outlined a string of measures to offer more credit support for projects to reduce air pollution.