Research On The Nonlinear Impact Of Green Finance On The Development Of Low-carbon Economy

The report of the Twentieth National Congress of the Communist Party of China pointed out that to promote the development of low-carbon industries,it is necessary to optimize the financial,tax,investment and standard systems to support low-carbon development,improve the supply and demand system of market-oriented resources and environmental elements,accelerate the innovation and application of pollution emissions reduction and carbon reduction technologies,promote low carbon consumption,advocate green low carbon production and lifestyle,and promote a green and low carbon economy.As one of the important means to promote the development of a low-carbon economy,green finance has attracted widespread attention from governments and society.Therefore,actively promoting green finance development is both an inherent requirement for promoting the construction of ecological civilization,but also an inevitable requirement to facilitate China’s development of the low carbon economy and realize the financial supply-side structural reform to the transformation of ecology.First,after reviewing existing literature and related theories,concepts such as green finance and a low-carbon economy have been clearly defined,and a numerical simulation and analysis of the non-linear relationship between green financing and the development of a low-carbon economy have been carried out using the expanded Kaya model.Second,this study based on panel data from 30 provincial administrative units in China from2008 to 2020,built a green financial development evaluation indicator system.The use of the genetic algorithm portfolio empowerment method layer by layer calculated the indicator weight,and obtained the comprehensive index of green financial development.Calculate carbon productivity from the perspective of economic growth and carbon emissions,measure the level of development of a low-carbon economy,and analyze the status quo of green finance and low-carbon economy development based on the results of the calculation.Finally,the semiparameter spatial panel model explores the nonlinear role of green finance in a low-carbon economy and its heterogeneity in different regions.The study results show the following points.First,during the study period,China’s overall level of green finance and low-carbon economy development showed an upward trend,and regional and inter-provincial differences also showed a growing trend of development.The Molland Index and the spatial heterogeneous distribution chart showed that there was a clear spatially dependent relationship between China’s regional green finance development and the development of a low-carbon economy.In addition,as the years increased,more provinces showed characteristics of high-high concentration and lower-low concentration.Secondly,the impact of green finance on the development of a low-carbon economy shows a clear "U" type of non-linear relationship,which also applies to the effect of green financing on the growth of low-carbon economies in neighbouring regions.Third,the nonlinear relationship between the two has a regional heterogeneity: the development of green finance and lowcarbon economies in the eastern region has a positive linear relationship,and the central region has a "U" type of non-linear characteristics.However,in the western region,it shows an approximately reversed "N" type of nonlinear relationship.Finally,based on the results of theoretical and empirical models,feasible policy suggestions are proposed to promote green finance development and better serve the development of a lowcarbon economy.