Research On The Impact Of Green Credit On The Upgrading Of Chinese Industrial Structure

Over the past 40 years since reform and opening up,China has made great achievements in economic construction.However,the harsh economic development mode at the expense of the environment in the past has made the contradiction between economic development and environmental protection increasingly intensified.Under such a background,the green low-carbon economy has become the ardent expectation of the whole nation.At present,China is in a critical period of economic restructuring.The upgrading of industrial structure has become an important way for Chinese economy to embark on a road of high quality development.Green credit can promote the upgrading of industrial structure.The implementation of green credit policy will help to promote the rational allocation of credit resources,help enterprises in line with the concept of green development to expand financing channels,and support the healthy development of green energy saving and environmental protection industries.And by increasing the financing cost of backward polluting enterprises to guide backward enterprises to eliminate smoothly and carry out effective green transformation of traditional high energy consuming industries.Based on this,this paper studies the impact of green credit on industrial structure upgrading,and puts forward relevant policy recommendations for the implementation of Chinese green credit policy.This paper studies the impact of green credit on the upgrading of industrial structure.On the theoretical level,this paper sorts out the three major mechanisms of green credit on industrial upgrading: capital formation,information guidance and feedback effect,and expounds the relevant theories of green credit policy implementation.In terms of econometric demonstration,the panel data of 31 provinces in China from 2004 to 2017 are used.The grey correlation analysis method and the System GMM method are used to make an empirical study on the impact of green credit and the three industries.The results of grey correlation analysis show that there is a significant correlation between green credit and upgrading of industrial structure.Among them,the correlation between green credit ratio and the third industry ratio is the largest,and the correlation with the secondindustry ratio is the second.The results of System GMM regression show that the implementation of green credit policy can help transfer industrial structure to the second industry and the third industry through the provision of credit resources.The article further studies the difference of the impact of green credit on the three industries,and finds that green credit promotes the upgrading of industrial structure significantly.The green credit ratio is positively related to the ratio of the primary industry and the third industry,and negatively related to the ratio of the second industries.The government’s implementation of the green credit policy can promote the transformation and upgrading of the industrial structure to the second industry and the third industry,and the labor force plays a significant role in the upgrading of the three major industries.We should establish an industry exit strategy,optimize the allocation of green credit resources,establish information sharing platform,and integrate the green credit policy and industrial development organically,so as to promote the upgrading of industrial structure and promote our economy to embark on a high quality development path.