Chinese banks must cut coal lending, shift to cleaner businesses

April 23, 2015 10:12 AM

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BEIJING, April 23 (Reuters) - China needs to cut lending to coal-related industries and shift more financing to cleaner businesses in order to address a huge funding gap that is hindering the country's war on pollution, a study drawn up in part by central bank researchers said.

Some 2.9 trillion yuan ($468 billion) a year was required over the next five years to boost clean energy and tackle pollution, said the study published on Thursday by the Financial Research Institute of the People's Bank of China and Greenovation Hub, a non-governmental organisation.

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