Research On The Impact Of Green Finance On China’s High-Quality Development

As China’s economic development has changed from focusing only on the speed of development to the joint development of speed and quality,the initial broad economic growth is no longer sustainable,which puts higher demands on China and high-quality economic development.A view of green finance,the full integration of finance and green environmental protection,arouse the wide attention of the social from all walks of life,is very important to improve our country’s economic development.To study the specific impact of green finance on high-quality economic development,this paper uses panel data from 30 provinces and regions in China(excluding Hong Kong,Macao,Taiwan,and Xizang)between 2010 and 2020 to generate green finance.index system from a green credit perspective,green investment,green insurance,green securities and carbon finance.A high-quality economic development index system was established from six perspectives:industrial rationality,innovation input,coordination and balance,green friendliness,open growth,and co-governance and sharing.The entropy weighting method was used to calculate the levels of green finance and high-quality economic development of 30 provinces and regions over the years.Based on this framework,this paper uses the sustainability model and the reconciliation model to make an analysis of the economic efficiency-the process of creating green cash flows to high growth.The results show that green finance can contribute to high-quality economic development,and the impact is remarkable.According to its mechanism,green finance mainly promotes high-quality economic development by encouraging regional R&D and innovation.Finally,this paper also analyzes the heterogeneity of green finance in promoting high-quality economic development,and finds that there are differences in the effect of green finance in promoting high-quality economic development in various regions.Green financing has a significant promotional effect on high-quality economic development in east,central and western China,but from the perspective of the difference in significance,The role of green finance in promoting the central and western regions is more significant,which may be related to the economic foundation of each region.This paper has certain theoretical and practical significance for the study of green finance to promote high-quality economic development.On the one hand,the research of this paper supplements and improves the existing literature and expands the related research field.On the other hand,the research conclusions of this paper provide the policy basis for the region to achieve high-quality development,and provide important guidance for our country to achieve sustainable development goals.