On January 26, 2024, the International Institute of Green Finance (IIGF) at the Central University of Finance and Economics (CUFE) organized a workshop in partnership with the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) under the theme “Navigating Gender-Inclusive Finance for a Sustainable Future.” The workshop extensively discussed the key insights outlined in the joint report by IIGF and UN Women titled “Gender Finance Landscape in China.” Topics covered during the seminar included potential risks associated with gender inequality, gender considerations within climate financing, gender-informed government budgeting and investment activities, as well as the expansion of gender data collection and utilization. Experts from various sectors, including government agencies, financial institutions, multilateral development banks, corporations, and research institutions, collaboratively explored the challenges in gender finance development. They offered diverse perspectives on global and Chinese market gender finance development and discussed strategies for addressing women’s issues through financial means.
Keywords: gender equality, gender finance, gender bonds, sustainable development
Welcoming Speeches
Yao WANG, Director-General, International Institute of Green Finance (IIGF), Central University of Finance and Economics (CUFE)
In her welcome address, Prof. Yao Wang, the Director-General of the International Institute of Green Finance at the Central University of Finance and Economics, underscored the significance of gender finance in fostering sustainable development. She emphasized that achieving global peace, prosperity, and sustainable development hinges on gender equality. Prof. Wang highlighted the inequalities women face in economic activities and accessing financial services, particularly amid the challenges posed by climate change. Despite China’s notable progress in promoting gender equality and safeguarding women’s rights, there remains room for improvement, especially concerning societal attitudes impacting women’s entrepreneurship and financial access. Director Wang highlighted the efforts made by IIGF in promoting “her power” within green finance and expressed hope that the symposium would provide a platform for in-depth research and discussion in the field of gender finance. She stressed the need to address the challenges in gender finance development and contribute insights to its future progress in China and globally.
Smriti ARYAL, Representative, UN Women China Office
The representative of the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) in the China Office, Smriti Aryal, emphasized that the indicators for Sustainable Development Goal 5, dedicated to achieving gender equality, remain distressingly distant from the desired ‘target met or almost met’ status. She pointed out that current efforts and financial commitments are insufficient. Smriti Aryal highlighted the importance of gender-responsive budgeting, but noted that only 27 countries have comprehensive systems to track and allocate budgets for gender equality and women’s empowerment. Furthermore, she emphasized the connection between climate change and gender equality, encouraging strengthened gender-responsive data collection. She also advocated for the formulation of a consolidated and national-scale public financial policy framework that mainstreams gender-responsive considerations at all levels of government. Simultaneously, she underscored the role of private sector engagement in implementing meaningful, mandatory, and enforceable environmental, social, and governance (ESG) standards. She encouraged businesses to adopt sustainable initiatives and disclose requirements that fully integrate gender considerations and indicators. In the realm of financial institutions, she urged the enhancement of gender-lens investing, exemplified by instruments such as sustainability-linked bonds. These initiatives aim to mobilize private capital and resources for women-owned businesses and establish private equity funds dedicated to advancing gender equality. Finally, she expressed confidence in China’s potential to advance gender finance and overcome existing challenges, including climate change. She emphasized that collaborative efforts, partnerships, dialogues, and research can effectively promote gender finance projects, setting a successful example globally towards increasing financing for gender equality.
Keynote Speeches
Jing XU, Director, Weihai Municipal Financial Regulatory Bureau
Jing Xu, Director of the Weihai Municipal Financial Regulatory Bureau, underscored Weihai’s commitment to advancing urban refinement under the guidance of General Secretary Xi Jinping, with notable progress highlighted in establishing the National Green Finance Reform and Innovation Pilot Zone. She acknowledged the growing significance of women in economic activities amid societal and economic development, signaling gender finance as the upcoming focus for sustainable finance research. Director Xu pointed out the rise in the proportion of female entrepreneurs in Weihai, particularly notable in Rushan City’s oyster industry where women hold significant leadership positions in the industry chain. However, she recognized the necessity for enhancing financial services for women, noting the current policies’ inclusivity rather than specific support for female innovation and entrepreneurship. Director Xu suggested three measures in response. Firstly, she emphasized the importance of promoting and training in gender finance to deepen societal comprehension. Secondly, she proposed the implementation of more targeted policies to bolster gender finance development, including encouraging banks to enhance credit support for female entrepreneurship within the framework of inclusive finance. Lastly, she urged financial institutions to innovate gender finance products and services, stressing the importance of robust gender finance statistics and analysis. Through these initiatives, she aims to offer substantial backing for the advancement of gender finance.
Philip MARTIN, Senior Gender Specialist, AIIB
Philip Martin, Senior Gender Specialist at the Asian Infrastructure Investment Bank (AIIB), emphasized the significance of the workshop for knowledge-sharing on gender lens investing, particularly given there is a large funding gap in financing for the United Nations sustainable development goal 5. Mr. Martin stated that to significantly scale up the mobilization of private capital toward SDGs it is imperative for the industry to diversify and address the needs of underinvested sectors, geographies, and people, and he described the important role MDBs can play backing diverse entrepreneurs and fund managers, sectoral diversification, and investing into underinvested sectors such as climate adaptation. As a case study, Mr. Martin described AIIB’s investment with the Southeast Asia Women’s Economic Empowerment Fund (SWEEF) to finance small and medium-sized enterprises (SMEs) in Southeast Asia. SWEEF is a closed-end private equity fund specialized in financing women’s economic empowerment by investing equity and quasi-equity capital into growth-stage businesses. By partnering with SWEEF, AIIB commits to closing the gender gap, enhancing gender equality and maximizing the beneficial impact of its investments. Mr. Martin also discussed the way AIIB mainstreams gender considerations through the Bank’s Environmental and Social Framework (ESF), which integrates principles such as equal opportunity, gender equality, and non-discrimination in the management of environmental and social risks and impacts, and into decision-making on – and preparation and implementation of – all AIIB-financed projects.
Roundtable Discussion: Policy Support for Gender Finance Development
Yinghua SHI, Director, Research Center for Macroeconomics, Chinese Academy for Fiscal Sciences (CAFS)
Professor Yinghua Shi, Director of the Research Center for Macroeconomics at the Chinese Academy for Fiscal Sciences (CAFS), highlighted shortcomings in conventional methods used to assess the impacts of fiscal policies. She noted that calculations of multiplier effects are heavily influenced by the marginal propensity to consume. To address this, she proposed a broader perspective for evaluating fiscal policy impacts, suggesting an analysis of benefits across different demographic groups such as spatial, age, and gender segments. This approach aims to provide more comprehensive support for macroeconomic policy formulation, including fiscal policies. Prof. Shi emphasized the benefits of segmentation analysis in improving the quality of fiscal policies and their impacts on various dimensions like economic, social, and ecological aspects. She stressed the importance of considering gender issues in policy evaluation to achieve more inclusive development. To illustrate this, she presented specific examples, including data on female students’ proportions at different education levels and a case study on public school facility renovations. These examples demonstrated the significant contributions of Chinese fiscal policies towards constructing a high-quality education system and ensuring equitable access for women. Finally, Prof. Shi discussed the macroeconomic significance of gender-budgeting and gender-focused finance, highlighting the potential applications of analyzing segmented beneficiary groups, including gender, in macroeconomic policy assessments.
Xian LIU, AssistantResearcher, Institute of International Development Cooperation, CAITEC
Xian Liu, Assistant Researcher at the Institute of International Development Cooperation within CAITEC, highlighted the strong correlation between women and development, emphasizing the vulnerabilities faced by women and girls during crises, conflicts, and climate change events. She pointed out that gender finance has the potential to balance profit-driven capital with inclusive development, thereby playing a crucial role in advancing the United Nations’ 2030 Sustainable Development Goals. Xian Liu also noted China’s growing focus on gender equality and development, citing two reports her institution contributed to. The first report, the “White Paper on China’s International Development Cooperation in the New Era,” issued by China’s State Council Information Office in 2021, includes a section dedicated to China’s direct support for gender-related international development cooperation projects, such as initiatives targeting maternal and child health and women’s capacity building. The second report, the “Evaluation System for Foreign Aid Projects,” introduced by the China International Development Cooperation Agency in October of the previous year, outlines a comprehensive evaluation index system for China’s foreign aid projects, with a particular emphasis on cross-cutting indicators to assess projects’ impacts on gender equality. Xian Liu called for increased attention to gender impact assessments within project supervision and evaluation frameworks, especially within governmental bodies and financial institutions, to strengthen policy support for gender equality. Finally, she underscored the importance of integrating gender equality into China’s international development cooperation efforts and emphasized the need for thorough evaluations and support for gender mainstreaming across all sectors.
Jian DU, Chief Training Officer & Director, Education and International Affairs Dept., Insurance Asset Management Association of China
Jian Du, Chief Training Officer & Director of Education and International Affairs Departments at the Insurance Asset Management Association of China, underscored the industry’s focus on promoting women’s development and empowerment. She highlighted the association’s recent dedication to understanding the impact of women in the field. Specifically, women aged 25 to 44 encounter obstacles in career advancement, such as promotion bottlenecks and skill-related challenges, with surveys revealing a lower representation in front-end asset management roles. Jian Du emphasized the need for inclusive leadership and work environments, acknowledging women’s roles beyond their familial responsibilities. Ultimately, the insurance and asset management sectors play a pivotal role in advancing gender equality policies, addressing women’s challenges, and supporting their well-being across various stages of life.
Xin TONG, Deputy Director of the Center for Chinese and Foreign Women’s Studies, Director of the Chinese Workers and Labor Research Center, Professor and Doctoral Supervisor of the Department of Sociology, Peking University
Professor Xin Tong, Deputy Director of the Center for Chinese and Foreign Women’s Studies at Peking University, conducted research on rural women’s land rights in China, focusing on their experiences during the urbanization process in Ruian, Zhejiang Province. Her findings highlighted the persistent influence of patriarchy on property relations, which gradually diminishes with urbanization. Through her investigation, she identified several challenges faced by rural women in asserting their land rights, including issues related to immovable land, land compensation mechanisms, and the intersection of land rights with property rights. Prof. Tong provided insight into the diverse factors affecting the realization of rural women’s property rights, from traditional patriarchal family structures to contemporary changes in household economies and modern shareholder systems. Her research shed light on the intricate dynamics of rural women’s land rights amidst urbanization, emphasizing the positive impact of legal reforms initiated since China’s opening-up policy on safeguarding these rights. Prof. Tong conducted an in-depth analysis of the patriarchal norms and male-dominated household economies prevalent in land expropriation processes. Her research revealed the lingering consequences for women, such as inadequate compensation even after divorce. Prof. Tong underscored the urgent need to address gender inequality issues within rural economic transformations
Yingtao LI, Executive Deputy Director of Center of Gender and Global Studies, Professor and Doctoral Supervisor, School of International Relations and Diplomacy, Beijing Foreign studies University (BFSU)
Professor Yingtao Li, Director of the Center for Gender and Global Issues at the School of International Relations, Beijing Foreign Studies University, conducted research on the relationship between gender and finance within the context of the sustainable development agenda. She thoroughly analyzed the components related to “finance” mentioned in the 2030 Sustainable Development Agenda, emphasizing the crucial role of the financial sector in promoting gender equality and global sustainable development. Professor Li provided a detailed interpretation of the requirements outlined in the 2030 Sustainable Development Agenda concerning financial institutions, financial services, and financial risk protection. She underscored the importance of achieving the 2030 goals, particularly ensuring equal access for both men and women to economic resources and essential services, as well as equal ownership and control over land and other assets, including equal access to financial services. Citing data from China’s progress report in 2023 regarding the financial sector, Prof. Li highlighted China’s proactive efforts in areas such as financial transparency, accessibility of financial services for micro and small enterprises, and comprehensive coverage of financial services in rural areas. She emphasized that measures in inclusive finance, green finance, and technology finance have made positive contributions to gender equality and global sustainable development. Prof. Li stressed the inherent connection between finance and gender-related issues, calling for greater attention to gender mainstreaming in the financial sector. She particularly emphasized the need to manage gender-specific risks better when formulating policies related to women and children, micro-financial risk protection, global financial governance, and to increase global attention to this issue.
Mei SU, Director of Xiangmi Lake Women Directors Alliance
Mei Su, the Chairperson of the Xiangmi Lake Women Directors Alliance, highlighted the current situation and positive influence of female directors within Chinese publicly listed companies regarding corporate advancement. Under the auspices of the Xiangmi Lake Women Directors Alliance, there has been an encouragement for voluntary disclosure in company annual reports and corporate social responsibility reports, showcasing the effectiveness of female directors in board decision-making, all geared towards promoting gender equality and women’s empowerment. Comparing international strategies for promoting female directors with those practiced at Xiangmi Lake, she emphasized legislative mandates, voluntary corporate commitments, and advocacy by investment institutions as distinct avenues. Mei Su identified challenges such as the absence of compulsory policy directives, cultural and societal constraints, and limited opportunities for the promotion of female directors, emphasizing the crucial role of female board participation in ensuring sustainable corporate development. Additionally, she discussed the status of China’s regulatory policies concerning board gender diversity and advocated for reinforced regulations to enhance female representation in boardrooms. Finally, she suggested several approaches for promoting board gender diversity, encompassing legislative measures, public commitment campaigns, advocacy by investment institutions, and the establishment of talent pools for female directors.
Roundtable Discussion: Empowering Women through Finance
Mei HONG, General Manager of Strategic Planning Department/Transition Office, China Life Insurance Company
During her speech, Mei Hong, General Manager of the Strategic Planning Department/Transition Office at China Life Insurance Company, highlighted the role of life insurance in safeguarding human life and value, thus contributing to the sustainable development of society’s human capital. She emphasized its importance in prioritizing and preserving the physical and mental well-being of women, ensuring long-term economic stability, and supporting their professional advancement. Mei Hong also underscored the pivotal role of women in propelling the insurance industry forward, as they constitute a significant portion of employees across all levels and contribute substantially to the industry’s revenue. Looking ahead, China Life plans to utilize extensive customer data and experience to develop innovative insurance products and services tailored specifically for women, leveraging advancements in technologies like big data and artificial intelligence. Their objective is to enhance AI-assisted insurance marketing capabilities to advance gender equality within the insurance sector and address the insurance needs of female clients more effectively.
Fang ZHANG, Head of Greater China Business Development, Luxembourg Stock Exchange
Fang Zhang, Head of Greater China Business Development at the Luxembourg Stock Exchange, discussed the efforts of the Luxembourg Green Exchange (LGX) in advancing gender finance. Ms. Zhang highlighted LGX as the world’s first platform dedicated to sustainable securities, aiming to promote sustainable investment practices and support sustainable development projects. In 2022, the Luxembourg Stock Exchange partnered with UN Women to promote gender finance and gender-lens investing, aiming to raise funds to enhance women’s access to education, equal development, and basic financial services. They introduced a gender-focused bond label to assist investors in identifying opportunities that empower women, thereby contributing to gender-lens investing and the gender equality agenda. Additionally, last year, the Luxembourg Stock Exchange released a gender-focused bond market research report and initiated the LGX Academy course on gender finance to broaden awareness and understanding of gender finance within and beyond the financial sector. Ms. Zhang underscored the significance of reducing the gender employment gap for global economic development and urged for the promotion of gender finance and gender-lens investing to foster gender equality and empower women through finance, ultimately contributing to a more equitable and inclusive world.
Philip MARTIN, Senior Gender Specialist, AIIB
Philip Martin, Senior Gender Specialist at the Asian Infrastructure Investment Bank (AIIB), initially emphasized the significance of this workshop and the opportunity of knowledge-sharing. He pointed out that the real-life data and case studies shared by the other speakers such as the insurance institution and the bond exchange are well aligned with the AIIB’s long-standing commitment and efforts dedicated to the gender equality mission. Mr. Martin also discussed AIIB’s social and environmental governance framework, emphasizing the crucial role of gender perspective in policy and corporate governance. He stressed the need for progress, moving beyond a ‘DO NO HARM’ approach to ‘DO BETTER’ or ‘MAXIMIZE BENEFITS.’ Regular emphasis on gender equality, women’s empowerment, and community considerations is essential. Full consideration of principles such as opportunity, equity, and non-discrimination are necessary to adapt to the complexities of reality and achieve common interests.
Vanina VINCENSIN, Sustainable Finance Specialist Consultant, UN Women’s Global Sustainable Finance team
Vanina Vincensin, a Sustainable Finance Specialist Consultant for the UN Women’s Global Sustainable Finance team, emphasized the global impact of gender lens investment in promoting women’s equality and safeguarding their interests. Ms. Vincensin mentioned the Women’s Empowerment Principles (WEPs), a joint initiative by UN Women and the UN Global Compact, aiming to protect women’s rights. The principles evaluate gender equality through quantitative indicators such as the gender pay gap, the practice of confidentiality disclosure mechanisms, and the annual issuance of gender bonds. It was also highlighted that these principles will contribute to advancing gender equality from the perspective of global impact investment. Ms. Vincensin highlighted the ongoing movement towards deepening the gender lens and establishing standards that encourage practitioners and the investment community to adopt feminist principles and reduce barriers to women’s empowerment.
Jessica ESPINOZA, CEO, 2X Global
Jessica Espinoza, CEO at 2X Global, focused on gender equality in the workplace, covering aspects like women entrepreneurs, business ownership, leadership, and products and services designed with a gender lens. She shared her experiences in advancing gender finance, highlighting achievements such as 2X Ignite, 2X Certification, Project Catalyst, the Climate Gender Equality Fund (CGEF), and the 2X Deal Making Platform. Through inclusive projects, a comprehensive Gender Climate Finance Toolkit, a robust 2X Certification mechanism, and stakeholder engagement, 2X has achieved measurable and impactful outcomes in gender lens investing.
Roundtable Discussion: Financing Women in Climate Action
Lanping ZHOU, Partner, Zhong Lun Law Firm, Deputy Chair (Part-time) of Pudong New Area (Shanghai) Women’s Federation
Lanping Zhou, a partner at Zhong Lun Law Firm and part-time Deputy Chair of the Pudong New Area (Shanghai) Women’s Federation, highlighted the strong link between women’s leadership and sustainable development. She advocates for women’s involvement in innovation and entrepreneurship, particularly in addressing climate change issues. Ms. Zhou introduced the “Li Ren Chuangke” Women’s Innovation and Entrepreneurship Competition, a collaborative effort between the Pudong New Area Women’s Federation and the Pudong New Area Human Resources and Social Security Bureau. This initiative brings together resources from various stakeholders, including investment institutions, incubation centers, and female-friendly enterprises, to support women entrepreneurs in their endeavors. Ms. Zhou shared the outcomes of the seven editions of the competition, which saw the participation of 650 projects, with 25 projects securing investments totaling 17.5 million yuan. Notably, many of these projects led by women entrepreneurs are directly related to addressing climate change challenges. Moreover, Ms. Zhou is dedicated to enhancing women’s leadership in climate action, aiming to influence influential women through platforms like the Pudong Political Consultative Conference. She actively promotes initiatives such as “Marine Conservation” and “Building a Female-Friendly City,” achieving positive progress in these areas. Additionally, she highlighted the importance of supporting sustainable service products, funds, and public welfare projects, suggesting initiatives like leadership courses for female college students and collaborative education projects involving parents, schools, and communities. Ms. Zhou’s approach underscores comprehensive efforts towards women’s empowerment and sustainable development.
Fei HUANG, Gender Officer, Gender Equality Division, Climate Change and Sustainable Development Department, ADB
Fei Huang, a Gender Officer at the Climate Change and Sustainable Development Department of the Asian Development Bank (ADB), mentioned the seven key business priorities outlined in the ADB’s “2030 Strategy” and the policies, systems, and tools utilized by the ADB to advance gender equality. She introduced the ADB-funded Fujian Farmland Sustainable Utilization & Demonstration Project, emphasizing its successes in improving agricultural productivity and resilience to climate change. Ms. Huang specifically highlighted the project’s effectiveness in encouraging women’s involvement in the green economy through training in green skills, which has led to the creation of employment opportunities for numerous women. Additionally, she provided detailed insights into the ADB’s collaboration with the Bank of Xingtai for the Green Finance Development Project, aimed at establishing a green financial system and promoting international best practices in environmental, social, and governance domains, while also enhancing institutional capacity. Furthermore, Ms. Huang emphasized the project’s gender mainstreaming efforts, including enhancements to human resource policies, the establishment of lactation rooms, the introduction of loan products tailored for women, and support for female entrepreneurs. Notably, she highlighted aspects such as the “Fortune Bull – Beauty Women Loan” and post-disaster lending to assist female-owned enterprises affected by floods. These endeavors highlight the ADB’s dedication to addressing climate change, promoting gender equality, and supporting sustainable development through strategic projects and gender-inclusive financial initiatives.
Yue XIAO, Founding President of Tsinghua Women’s Association, Commissioner of China Women’s Chamber of Commerce (CWCC)
Yue Xiao, the Founding President of the Tsinghua Women’s Association and a Commissioner of the China Women’s Chamber of Commerce (CWCC), discussed the inception of the Goldman Sachs “Dreams of Women” initiative and its role in inspiring and supporting female entrepreneurship. In recent years, particularly following the pandemic, the Women’s Federation, in collaboration with Tsinghua University and Goldman Sachs, has hosted various sustainable development forums and activities aimed at promoting sustainable development and fostering connections and resources for female entrepreneurs. These initiatives and collaborative efforts have facilitated communication among female entrepreneurs, aiding them in understanding how to effectively utilize financial tools in their entrepreneurial endeavors. Additionally, Ms. Xiao shared a case study involving the establishment of the Renze Public Welfare Fund (仁泽公益基金), which addresses healthcare needs in remote areas of China by supporting rural healthcare projects, thereby contributing to sustainable development and providing medical assistance to vulnerable groups such as women and children.
Yunong WU, Strategic Partnerships & Business Development Officer, Mobility for Africa
Yunong Wu shared the practices of Mobility for Africa (MFA) in promoting “female-friendly” clean transportation and production in rural areas of Southern Africa. MFA’s vision is to empower resilient agricultural development in Africa and unleash the potential of women through clean technology. Through deep collaboration with Chinese technology research and development and supply chains, MFA has developed a holistic solution consisting of electric tricycles, interchangeable lithium batteries, and solar charging stations. This solution aims to intersect improving agricultural productivity, breaking gender biases, and addressing unequal resource distribution. Ms.Wu specifically introduced MFA’s technological solutions, usage scenarios, and practical cases. Based on user research conducted in the field, she analyzed the positive impact of the project on local gender perceptions and social roles. Women not only become more independent but also continue to play a leading role in agricultural production and daily life.