SHANGHAI will launch pilot projects to develop a green economy over the next five years by working with industrial parks and enlisting 10 banks to provide loans.

The Shanghai Energy Efficiency Center and Shanghai Energy-saving Investigation Center signed an agreement yesterday with five green industrial centers to conduct the pilot projects during the 13th Five-Year (2016-2020) Plan period. To give the projects a boost, 10 banks have been chosen to provide up to 50 billion yuan (US$7.6 billion) in loans to companies involved in energy-saving projects which will then be used as mortgages.

Shanghai Lingang Industry Area, Jinshan Development Park, Shanghai Chemical Industry Park, Jinqiao Export Processing Zone and Shibei High-Tech Park are chosen for the pilot projects.