Effect Of Green Finance On China’s High-quality Economic Development

With the rapid development of economy,energy crisis,environmental pollution and other problems emerge in endlessly,which makes green development become the inevitable choice of high-quality economic development.Green finance has attracted much attention because it not only has the advantage of optimizing and integrating resources but also meets the requirement of green development in our country.In this paper,30 provinces(cities and districts)except Tibet Autonomous Region in China from 2008 to 2017 are selected as the research objects,and on the basis of considering the spatial spillover effect of finance,how to rationally use green finance to make all regions better promote the high-quality economic development in the case of curbing environmental pollution.Based on the analysis of the temporal and spatial changes of green finance and high-quality economic development,this paper selects the fixed-effect Spatial Dubin Model to analyze the impact of green finance on the high-quality economic development,and discusses the impact of green finance on the high-quality economic development from the two aspects of direct effect and spillover effect respectively.In order to deeply study its influence mechanism,analyze the impact of green finance on the five first-class indicators of high-quality economic development,and divide our country into three parts: east,middle and west,to explore how its green finance affects the high-quality economic development respectively.The study found that: On the whole,China’s green finance and high-quality economic development presents a negative relationship.But the total effect of green finance on the high-quality economic development is positive,in which the direct effect is negative,the spillover effect is positive,and the spillover effect is far greater than its direct effect.The direct effect of green finance on the local high-quality economic development is negative,because green finance is mainly used in pollution control,it will bring some efficiency loss,which means that the more money invested in green activities such as pollution control,it will be more discharge of pollutants,which will negatively affect the high-quality economic development.Vertically,the negative relationship of greenfinance on the high-quality economic development is due to the negative relationship of green finance on ecological stability and industrial transformation,and the negative effect is greater than that of economic growth,social harmony and scientific and technological innovation.From the horizontal point of view,green finance has a significant negative relationship with the high-quality economic development in our country,which is due to the negative relationship between green finance and high-quality economic development in the central and western regions,and its negative relationship is larger than the positive influence shown in the eastern region.From the conclusion,we can know that to promote the high-quality economic development,our country’s green finance,especially the green finance in the central and western regions needs to be improved.Finally,in view of the empirical research results of this paper and the current situation of green finance development in our country,the following suggestions are put forward,which are to perfect the construction of green financial system and realize the high-quality development of green finance itself,to strengthen the circulation of regional financial elements and to fully realize the spillover effect of green finance development,and to give full play to the positive role of the five major effects of green finance to realize the high-quality economic development.To study the effect of green finance on the high-quality economic development in our country,we can deeply analyze how green finance affects the high-quality economic development and its influence,so as to improve the development level of green finance in our country,and then realize the further development of economy on the basis of protecting the environment and realize the high-quality economic development.