China Orders Bank Funding to Boost Domestic Coal Production

China Orders Bank Funding to Boost Domestic Coal Production
The sun sets behind electricity power pylons in Beijing on Sept. 28, 2021. Leo Ramirez/AFP via Getty Images
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Beijing has ordered its banks to support the financial needs of coal and energy companies. With nearly two-thirds of provinces grappling with power rationing, China’s power supply situation continues to challenge the economy.
“Banks and other financial institutions should prioritize lending to qualified mines and power plants, and make them ensure to boost thermal coal and electricity output,” said China Banking and Insurance Regulatory Commission in a statement (pdf) on Oct. 4.