Research On Green Finance Development And Industrial Structure Upgrading From A Sustainable Perspective

For the first time in the 13 th Five-Year Plan,China regards "green" as one of the five development concepts.A series of top-level designs and practices of China’s green development have been rapidly promoted during the 13 th Five-Year Plan.In recent years,the construction of China’s green financial system has been constantly improved,green financial products have been innovated,and the development of green finance has achieved fruitful results.In the context of the new era,China’s economy focuses on high-quality development,and industrial restructuring and upgrading has become one of the inevitable ways.Under the background of vigorously advocating ecological civilization and the construction of "beautiful China",green finance provides important support for the development of energy-saving and environmental protection industries and green industries,thus promoting the continuous upgrading of industrial structure and achieving sustainable development.Firstly,this paper defines the concepts of green finance and industrial structure upgrading on the basis of reviewing domestic and foreign literature on green finance and industrial structure upgrading,and analyses the theoretical basis related to this study:sustainable development theory,environmental Kuznets curve theory and externality theory;secondly,it analyses the evolution process and development of China’s green finance policy.The present situation and the mechanism and effect of green financial development on industrial structure upgrading are studied.It is concluded that the evolution of China’s green financial policy can be divided into three stages: the origin stage(1995-2008),the preliminary development stage(2009-2014)and the rapid development stage(2015-present);the green credit,green bond,green fund and green insurance are the four levels to reveal China’s green.The characteristics of financial development;then,the mechanism of Green Finance on the upgrading of industrial structure is analyzed theoretically.On this basis,the role of green finance in the evolution of three industrial structures and the change of three industrial internal structures is analyzed through historical data analysis.Then,the data of green finance index and industrial structure index from 2009 to 2017 are selected to construct the grey relation.An empirical study was conducted to reveal the relationship between green finance and industrial structure upgrading.The empirical results show that:(1)the correlation degree between China’s green finance and the first,second and third industries is 0.6035,0.6155 and0.6694 respectively;(2)the correlation degree between China’s green finance development level and the tertiary industry subdivisions is 0.5888,0.6770,0.6375 and 0.6315,respectively.Then,in order to further promote China’s green finance to promote the upgrading of industrial structure,four suggestions are put forward: building a platform for green environmentalprotection information sharing,linking green finance with green industry policy,improving the level of green science and technology innovation development,and exploring a replicable and popularizable green financial development model.