Study On Regional Difference Change And Convergence Of China’s Green Finance Development

Under the background of emphasizing regional coordinated development,the convergence of regional financial development has attracted more and more attention from scholars at home and abroad.At present,the development of green finance has risen to an important national strategy in the new era of China,which plays an important role in promoting the sustainable development of regional economy.Therefore,it is necessary to analyze the regional differences and changing trends of China’s regional green finance development,and grasp its dynamic evolution law,so as to explore the policy to promote coordinated development of China’s regional green finance,and then promote the balanced and healthy development of the economy.This paper first analyzes the convergence conditions of China’s regional green finance development from three aspects: regional economic development level,industrial structure layout and energy consumption structure,and puts forward three hypotheses.Then,based on the four levels of green credit,green securities,green insurance and carbon finance,it constructs the evaluation index system of China’s regional green financial development index,and according to the comprehensive evaluation results,China is divided into three regions.After that,it uses Gini coefficient(GI),logarithmic dispersion mean(GE)and Theil index(TI)to analyze the differences and its trends of China’s green financial development.Finally,it uses panel data spatial econometric model to test the sigma convergence,beta convergence and club convergence of China’s green finance development from 2010 to 2016,the results validate the three hypotheses proposed above.The main conclusions are as follows:(1)According to the comprehensive evaluation results of green financial development index,China’s 30 provinces(except Tibet)can be divided into three regions.The degree of development of green finance is: Northwestern and Southwestern China > most of Central China > Southeastern Coastal China.(2)According to the result of difference analysis,the total regional difference of China’s green finance development has shown a two-stage decreasing trend since 2010,which is 2010-2013 and 2014-2016.The difference degree of green finance development in Northwestern and Southwestern China is larger than that of the other two regions,and inter-regional difference is greater than intra-regional difference.(3)According to the convergence analysis results,there are two stages of sigma convergence,significant spatial beta convergence and spatial club convergence in China’s development of green finance from 2010 to 2016.From the results of delta convergence,we can see that the sigma convergence of national green finance development can be divided into two stages,but it is not exist in the three regions.From the result of conditional beta convergence,it can be seen that the development of regional economy,the upgrading of regional industrial structure and the optimization of regional energy consumption structure promote the convergence of regional green finance development.The influence degree of the three factors is: the upgrading index of industrial structure > the optimization index of energy consumption structure > the economic development index.From the results of club convergence,we can see that the convergence degree of green finance development in the three regions is: Northwestern and Southwestern China > Southeastern Coastal China > most of Central China.Finally,based on the above conclusions,this paper puts forward three policy suggestions on how to promote the regional coordinated development of China’s green finance: marketoriented,fully exploiting the potential of green finance development in Southeastern Coastal China;strengthening government guidance,vigorously reducing the differences of green finance development in most of Central China;government-oriented,diversifying the forms of green finance development in Northwestern and Southwestern China.