The Influence Of Green Finance On The Ecological Development Of China's Economy

Nowadays,the problem of environmental pollution and deterioration has become the main aspect of China's unbalanced and inadequate development in the new era.As a new financial model,green finance has aroused widespread concern of the society and people.It is generally believed that green finance can undertake the important task of China's high-quality development through ecology-based economy.At present,China has made a top-level design and overall deployment for the construction of green financial system,aiming to improve the development mode of traditional industries with high energy consumption and high pollution by using green finance as an innovative financial situation,so as to alleviate the severe situation of resource waste and environmental degradation in China,and finally effectively promote the ecological development of regional economy.This paper first summarizes the relevant literature of green finance,ecology-based economy and the relationship between them,defines the concept of green finance and ecology-based economy,and finds that there is no authoritative method for the evaluation of the development of green finance and ecology-based economy in China at present.Most of the researchers evaluate the development of green finance and ecological economy by establishing evaluation index system.Therefore,this paper clarifies the mechanism of the impact of green finance on ecology-based economy development,summarizes the relevant policies of green finance in China,and analyzes the current situation of green finance and ecology-based economy development in China.In this paper,green credit,green investment,green insurance and government support are used to establish the evaluation index system of green financial development.The evaluation index system of economic ecological development was established from five aspects of environmental health,resource conservation,economic development,structural optimization and scientific and technological progress.Through the two index systems,the green finance and ecology-based economy development indexes of 30 provinces(excluding Tibet,Hong Kong,Macao and Taiwan)in 2001-2017 were calculated.Then,calculate Moran's I index and draw local Moran's I scatter diagram to observe the spatial agglomeration degree of green finance and ecology-based economy development in China.Using Arcgis software to draw the spatial distribution map of green finance and ecology-based economy development,and observe the spatial heterogeneity of the two.Finally,based on the spatial correlation between green finance and ecology-based economy development in China,spatial econometric models are constructed: Spatial Autoregressive Model(SAR),Spatial Error Model(SAM),Spatial Dubin Model(SDM).Taking the ecology-based economy development index as the dependent variable,the green financial development index as the independent variable,and the pollution emission level,energy use efficiency,the proportion of tertiary industry,urbanization rate,the proportion of coal and the level of science and technology as the control variables.Using Stata15 software,the panel data of 30 provinces in China from 2001 to 2017 were analyzed to observe the specific impact of Green Finance on the development of ecology-based economy.Based on the above analysis,this paper gets some valuable conclusions: the development of green finance and economic ecology in China has improved with the increase of years,but there are still differences among the four regions of the East,the Middle,the West and the Northeast.In terms of green financial development,the development level of green finance in the western region was relatively high from 2001 to 2006,while that in the other three regions was relatively low.From 2006 to 2013,the growth rate of the eastern region gradually increased,especially after China's economy entered the new normal development in 2014,the growth rate of the green financial development level in the eastern and central regions increased significantly,while the growth rate of the green financial development in the western and northeast regions slowed down,so it is speculated that the green financial level in the eastern and central regions will be higher than that in the western and northeast regions in the future.In addition,China's green finance has obvious spatial agglomeration,and the effect of green finance demonstration area is obvious.In terms of ecology-based economy development,the level of ecology-based economy development in eastern China is always higher than that in the other three regions from 2001 to 2017,with the largest growth rate.The ecology-based economy also shows positive spatial correlation,and the intensity of spatial agglomeration is generally stable.Green finance has a positive role in promoting the ecological economy.In the direct effect,green finance can effectively promote the level of ecology-based economy in the province.In the aspect of spatial spillover effect: green finance can produce positive spatial spillover effect,which has a positive impact on ecology-based economy development of surrounding provinces,but the effect needs to be further enhanced.