Analysis On The Effect Of Green Finance Supporting High-Quality Economic Development ——Evidence Based On The Yangtze River Economic Belt

The report of the 19 th National Congress of the Communist Party of China pointed out that China’s economy has shifted from the stage of high-speed growth to the stage of highquality development,and high-quality development has been established as the new strategic policy of China’s development.The strategy of high-quality development is a necessary requirement of the new development philosophy.It aims to address prominent problems in China’s development,such as the lack of impetus for innovation and the unbalanced industrial structure.The Yangtze river economic belt is the largest economy in our country economy density,covering 11 provinces and cities along the Yangtze river region,in our country economic development momentum,the population scale and economy occupies the half of our country,the ecological status is very important,in the new development of the Yangtze river economic belt has become the main force of economic development in China.Based on this,promoting high-quality development of the Yangtze River Economic Belt will help achieve the country’s strategic goal of high-quality development.Finance plays a supporting and guarantee role in the process of economic development.Under the background of the new development concept,the establishment of a green financial system that conforms to the development of the new era will be conducive to the improvement of the quality of economic development.In 2016,the People’s Bank of China and other seven ministries and commissions jointly stressed the importance of developing green finance,which means that the development of green finance will become the focus of work in the future.Green finance will enter the stage of rapid development,and the development and expansion of green finance will definitely play an important role in ecological environmental protection and green industry.In addition,Green finance is also an important factor in promoting high-quality economic development.Therefore,it is of great significance to study the impact of green finance in the Yangtze River Economic Belt on high-quality economic development.In view of this,this paper analyzes and studies the effect of green finance on supporting high-quality economic development.The structure of the paper is as follows: The first part is the introduction,which expounds the research background,significance,content and methods,and summarizes the research status,innovations and shortcomings of this paper in detail.This paper summarizes and reviews relevant research literature from three aspects:（1）theoretical research on green finance;（2）Research on the theory of high-quality economic development;（3）Research on green finance supporting high-quality economic development;Explore the influence mechanism of green finance supporting high-quality economic development in the Yangtze River Economic Belt region and put forward relevant research hypotheses.Hypothesis 1: Green finance has a positive role in promoting high-quality economic development in the Yangtze River Economic Belt region.Hypothesis 2: There is a difference between the development level of green finance and high-quality economic development in the Yangtze River Economic Belt region.These two hypotheses point out the direction of this paper.Secondly,this article design and construct the Yangtze river economic belt green financial development and economic development of high quality evaluation index system,calculation and analysis of the various provinces and cities in the Yangtze river economic belt green high quality level of financial development and economic development level,through the fixed effects model test of the Yangtze river economic belt area green financial effects on the quality and economic development;Finally,based on the research,this paper puts forward reasonable suggestions and countermeasures for green finance to support high-quality economic development.Through theoretical and empirical analysis,this paper draws the following conclusions:（1）green finance will have a direct impact on high-quality economic development through capital guidance and green consumption;Green finance has an indirect impact on high-quality economic development mainly through technological innovation and industrial structure upgrading,and the validity of the above transmission mechanism is verified by using Romer economic growth model.（2）This paper analyzes the status quo of green finance and highquality economic development in the Yangtze River Economic Belt region.While explaining the reasons for regional differences,the grey correlation method is used to further analyze the internal correlation.（3）Green finance,the core explanatory variable,has a significant positive impact on the high-quality economic development of the explained variable,which can be achieved through rational allocation of resources and improvement of technological innovation level;Control variables of the fixed assets investment and the level of government intervention,and foreign economic opening level also has significant positive effect to the quality and economic development,and population growth rate has a significant negative effect on the economic development level of high quality,at the same time due to the economic basis of provinces and cities,different and different level of financial development,green financial impact on quality and economic development is different.