Abstract
In this paper, the panel data of 30 provinces in China from 2011 to 2019 are analyzed by the spatial measure model and the threshold regression model. The results show that the air quality level is positively correlated with green finance, but there is no spatial effect. The spatial effect of the three influencing factors, including the degree of openness, the level of infrastructure, and the level of education, is the crowding-out effect. At the same time, variables such as human resource level, air quality, and infrastructure construction level all have threshold effects in the relationship between green finance and economic development. The research conclusions suggested that local governments at all levels should formulate policies according to the actual situation to promote the development of provinces’ intensive, intelligent, and green development, and build a regionally-linked green finance development model, thereby promoting the improvement of green finance.
Highlights
Financing’s Spatial Spillover Effect.The report of the 19th National Congress of the Communist Party of China proposed to “speed the ecological environment system’s reform up and build a beautiful China”, and the meeting highlighted the development of low-carbon and sustainable financing as a method of green development
Environmental pollution harms the sustainable development of economy, and causes social contradiction, which is unfavorable to the harmony of society
This paper aims to carry out in-depth research on the above issues through theoretical derivation and empirical analysis, in order to fully reflect the connotation between green finance and economic development
Summary
Environmental pollution harms the sustainable development of economy, and causes social contradiction, which is unfavorable to the harmony of society. There is no doubt that green finance’s development is an important way for China to transform a strategic choice and economic growth to promote sustainable development. The greening of financial resources is an important driving force of highquality economic development. Some scholars have studied the construction, operation, and green finance’s implementation and their impact on economic growth at the macro level and have discussed green finance policies’ impact on enterprises’. Does the level of economic development promote the low-carbon and sustainable financing? With the deepening of inter-regional financial exchanges, does green finance have a spatial spillover effect on surrounding areas? This paper aims to carry out in-depth research on the above issues through theoretical derivation and empirical analysis, in order to fully reflect the connotation between green finance and economic development
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