Macroeconomic determinants and their impact on environmental sustainability: the role of cultural and creative product prices.

Abstract

China has to deal with the twin challenges of economic structural reform and carbon emission reduction against global warming. While investing in and constructing new infrastructure is great for the economy, it has also added to the carbon emissions of major cities. The product design industry has recently become increasingly interested in creating and pricing cultural and creative goods in specific provinces. Thanks to the burgeoning global cultural and creative sector, a new platform has opened up for the evolution and modernization of China's ancient cultural practices. Cultural creativity has broken the rigid design and production pattern of traditional products from a business point of view, increasing their economic advantages and competition. Also, this study examines ICT's main and moderate effect on carbon emissions in the 27 provinces of China's economy from 2003 to 2019 using panel estimators. The estimated outcomes show the positive contribution to environmental damages by physical capital, tourism, cultural product prices, innovative, creative prices, and trade openness, while ICT significantly reduces emissions. Besides the moderate role of the digital economy on physical capital, tourism, CP, ICP, and tourism significantly reduce CO2 emissions. However, the granger causality outcomes also show a robust analysis. Furthermore, this study also proposes some interesting policies to obtain environmental sustainability.