Economy

New loans to high-polluting industries to be banned

(Xinhua)
Updated: 2010-06-21 20:50

BEIJING - China's banking regulators Monday ordered financial institutions to stop extending new loans to projects already under construction that run foul of the country's policies of eliminating outdated capacities or saving energy and cutting emissions.

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The China Banking Regulatory Commission (CBRC) announced the orders at a press conference, where it asked financial institutions to inspect their lending to energy-consuming and high-polluting industries or industries with backward production capacities.

The inspection results should be submitted to the CBRC by the end of this month, it said.

The CBRC also instructed banks to enhance financial support for major pollution source control projects as well as energy-saving and emission-cutting projects.