Research On The Impact Of Green Finance On High-Quality Economic Development

Since the reform and opening up,China’s economy has developed rapidly.In 2020,China’s gross domestic product exceeded the billion yuan mark for the first time,an increase of 2.3% compared to the previous year.The growth rate of major economic indicators such as investment,foreign trade,and consumption also turned positive,becoming the only major economy in the world to achieve positive economic growth.At the same time,China’s per capita GDP exceeded $10,000 for the second consecutive year after 2019,and the quality of people ’s lives has improved significantly.However,the high growth rate of China’s economy is based on excessive consumption of resources and environmental damage.How to deal with the relationship between ecological environment and economic growth has become an important proposition for the sustainable development of the Chinese nation.In this context,in the first year of the ’ 14 th Five-Year Plan ’,China further proposed the vision of ’carbon peak and carbon neutrality ’,which has injected a strong heart into accelerating the realization of green economic transformation and promoting high-quality economic development.Correctly handling the relationship between environmental protection and economic growth and effectively promoting the green transformation of the economy is the only way to promote the realization of the " double carbon " goal and high-quality economic development,which also puts forward higher requirements for resource allocation.As a key factor to improve the efficiency of resource allocation,the role of finance in promoting economic development has become increasingly prominent.However,due to the excessive pursuit of high economic growth,the traditional financial model has not strictly restricted high-pollution and high-energy-consuming projects,and the problems of resource consumption and environmental pollution have become increasingly serious.With the increasing attention of the state to environmental protection issues,as a new financial model based on resource conservation and environmental protection,green finance plays an increasingly prominent role in improving the quality of economic development and promoting sustainable development.It has become a key measure to narrow the regional economic gap and an important driving force to promote the quality of economic development.Here,we can’t help but wonder : can green finance directly promote the quality of economic development ? If yes,what path will green finance have an impact on high-quality economic development ?Furthermore,with the increasingly frequent financial exchanges between regions,will green finance have an impact on the quality of economic development in neighboring regions ? In view of this,this thesis aims to reveal and verify the direct,indirect and spatial effects of green finance on high-quality economic development,in order to fully reflect the internal mechanism of green finance affecting high-quality economic development.This thesis takes 30 provinces and cities in China from 2011 to 2020 as the research object,and reveals the internal mechanism of green finance affecting high-quality economic development through theoretical analysis.On the basis of revealing its direct effect,it further explores its indirect effect according to the mediating effect model,and explores its spatial effect according to the spatial econometric model,in order to fully reflect the internal relationship between green finance and high-quality economic development,and provide theoretical basis for the formulation and improvement of relevant policies.The empirical results show that :(1)Green finance has a direct role in promoting high-quality economic development.(2)Green finance can indirectly promote high-quality economic development by promoting industrial transformation and upgrading and technological innovation.(3)There is a spatial spillover effect on the impact of green finance on high-quality economic development.The improvement of green finance level in specific regions will effectively promote the development of adjacent areas and play a good role in radiation.(4)China’s green financial development level and high-quality economic development level show spatial agglomeration characteristics.(5)The impact of green finance on high-quality economic development has spatial and temporal heterogeneity.Accordingly,we should improve the green financial system,guide and encourage enterprises to carry out scientific and technological innovation,promote regional industrial transformation and upgrading,and continuously promote the quality of regional economic development.