China has launched a new pilot program to allow eligible enterprises greater access to overseas financing in support of green and low-carbon transformation projects, the country's foreign exchange regulator said on Thursday.

The program will encourage domestic non-financial enterprises to channel cross-border funds into projects that meet the green finance or low-carbon transformation standards set by the People's Bank of China and other authorities, the State Administration of Foreign Exchange said.

These projects will take up a smaller portion of the enterprises' overall risk-weighted cross-border financing quota, thereby allowing companies to expand their borrowing capacity for green and low-carbon initiatives, the administration said.

The program will be rolled out in 16 regions, namely Shanghai, Beijing, Tianjin and the provinces of Hebei, Jiangsu, Zhejiang, Anhui, Fujian, Shandong, Hubei, Guangdong and Sichuan, as well as the coastal cities of Ningbo, Xiamen, Qingdao and Shenzhen.

Registration procedures for such foreign debt will also be simplified, as banks will be allowed to handle filings directly, the administration said, adding that the program will help attract more global capital into China's green transition.