Hu Cheng, Wang Yan
School of Economics and Management, Hanjiang Normal University, Shiyan, Hubei 442000, China.
Dept. of Economy and Trade, Hubei Industrial Polytechnic, Shiyan, Hubei 442000, China.
Heliyon. 2023 Sep 1;9(9):e19568. doi: 10.1016/j.heliyon.2023.e19568. eCollection 2023 Sep.
The crucial role of green finance policies in advocating environmental sustainability cannot be overlooked and has resulted in an increased attention in recent years. Despite their significance, the connection between these policies and economic growth remains disputed among policymakers. This study presents an empirical analysis that aims to uncover the relationship between green finance policies and economic growth rates by analysing the data from 107 cities in China, spanning a period of 16 years from 2003 to 2019. The research focuses on the implications of green finance reforms and innovation pilot zones by employing PSM-DID model to evaluate their effects on the regional GDP by segregating the industries in primary, secondary, and tertiary industries. The results indicate that the green finance reforms and innovation pilot zones are associated with reduced growth rates of regional GDP for secondary industries. However, the growth rates of the tertiary industry are positively affected. Thus, the study offers valuable guidance and recommendations to policymakers and cities seeking to join the pilot zones for green financial reform to foster economic growth while supporting environmental sustainability. The findings of the study also contribute to the understanding of how targeted policy interventions, such as the establishment of pilot zones, can influence economic dynamics at the regional level and describes the complex relationship between policy interventions, economic growth, and industry composition, particularly in the context of environmental sustainability.
绿色金融政策在倡导环境可持续性方面的关键作用不容忽视，近年来受到了更多关注。尽管其意义重大，但这些政策与经济增长之间的联系在政策制定者中仍存在争议。本研究进行了实证分析，旨在通过分析中国107个城市在2003年至2019年这16年间的数据，揭示绿色金融政策与经济增长率之间的关系。该研究通过运用倾向得分匹配法-双重差分模型（PSM-DID模型），将第一、第二和第三产业进行区分，以评估绿色金融改革和创新试验区对区域国内生产总值（GDP）的影响，重点关注其影响。结果表明，绿色金融改革和创新试验区与第二产业区域GDP增长率下降相关。然而，第三产业的增长率受到了积极影响。因此，该研究为政策制定者以及寻求加入绿色金融改革试验区以促进经济增长同时支持环境可持续性的城市提供了有价值的指导和建议。该研究结果也有助于理解诸如设立试验区等有针对性的政策干预如何影响区域层面的经济动态，并描述了政策干预、经济增长和产业构成之间的复杂关系，特别是在环境可持续性背景下。
