Abstract
China’s Green Finance (GF) policy has been making significant strides toward the transition from a resource-oriented society to one that is resource-conserving and environmentally sustainable. Policymakers are currently focused on increasing green output to facilitate the next stage of green financial growth. In this study, we use panel data from 30 Chinese provinces between 2011 and 2020 to empirically analyze GF’s effect on Green Total Factor Productivity (GTFP). Evidence reveals that GF has a significant positive effect on provincial GTFP by promoting investment in innovation and optimizing industrial structure. However, the positive impact of GF on GTFP can be mitigated by green technology innovation output, highlighting the need for collaborative strategies for GF policy implementation and technology advancement. Furthermore, with the expansion of fintech innovation, the reduction of carbon emissions, and the intensification of environmental regulation, the effect of GF on GTFP is even more pronounced.
Published Version
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