Research On The Impact Of Carbon Finance On The Quality Of Economic Growth

Based on the previous research results and the current development status of China’s carbon finance,this paper argues that China’s carbon finance system mainly includes carbon emissions trading market and green credit.So this paper systematically introduces China,s carbon emissions trading system and green credit system,and elaborates the impact mechanism of carbon emissions trading and green credit on the quality of economic growth by using qualitative analysis method.In terms of empirical analysis,we use carbon intensity to measure the quality of economic growth,and study the impact of carbon finance on the quality of economic growth from the perspective of carbon emission trading.Firstly,this paper uses the PSM-DID model to evaluate the impact of pilot policies on carbon intensity in pilot areas.Then,taking carbon intensity as explained variable,carbon emissions trading scale as explanatory variable,R&D investment proportion,secondary industry proportion,urbanization rate,high carbon energy proportion and foreign direct investment as control variables,using the panel data of 2013-2017 in six provinces and cities of Beijing,Tianjin,Shanghai,Chongqing,Guangdong and Hubei,we will study the relationship between the expansion of carbon emission trading scale and the quality of economic growth.The results show that the pilot policies of carbon emissions trading can significantly reduce the carbon intensity of the pilot areas,and the scale of carbon emissions trading has a significant negative impact on the carbon intensity,that is,the larger the scale of carbon emissions trading,the lower the carbon intensity.This shows that actively promoting the layout and development of carbon emissions trading can effectively reduce the carbon intensity and thus improve the quality of economic growth.At the same time,the proportion of the secondary industry has a significant positive impact on carbon intensity,and the urbanization rate has a significant negative impact on carbon intensity.That is,the lower the proportion of secondary industry in GDP,the higher the urbanization rate and the lower the carbon intensity.Finally,in view of the current situation of China’s carbon finance development and the results of empirical analysis,This paper puts forward corresponding policy suggestions from three perspectives of carbon emission trading,green credit and other aspects to promote the rapid and steady development of China’s carbon finance and play its positive role in the quality of economic growth.