(Yicai Global) May 9 -- The Chinese arm of London-headquartered banking giant HSBC Holdings has launched a CNY30 billion (USD4.3 billion) green credit fund to support Chinese firms' efforts in low-carbon development.

The new fund is based on the insight of Chinese companies going abroad and going green, Jim Ma, head of commercial banking at the HSBC Bank China, said to Yicai Global in an exclusive interview yesterday. Besides consulting services, HSBC China will provide a dedicated loan review channel and preferential interest rates to eligible loan applicants, per Ma.

The timing is right as Chinese firms are expanding their new energy chains overseas, setting up manufacturing bases, or investing in local projects. Low-carbon transformation and sustainable development remain unstoppable even in the face of global economic uncertainties and other challenges, and this creates enormous new commercial opportunities, Ma said.

The fund has two sub-categories. The first one is for onshore businesses, supporting the low-carbon transformation of conventional industries and the development of emerging industries. It will also give green small and medium-sized enterprises preferential treatment in fundraising.

The second sub-fund is for cross-border businesses as it will help sustainable Chinese companies go abroad, including firms engaged in the new energy vehicle industry. The sub-fund will give a better play to HSBC's global business network advantages to support the accelerated development of Chinese firms on the international stage, Ma added.

Editor: Emmi Laine, Xiao Yi