Study On Spatial Spillover Effect Of Green Finance Driving The Development Of Low-carbon Economy In China

Global warming and other environmental problems are long-term challenges facing the world,and coping with climate change has become an important issue for all countries in the world.China actively participates in global climate governance and makes a solemn commitment to strive to reach the peak of carbon emissions by 2020 and achieve carbon neutrality by 2060.The proposal of the "double carbon" goal not only highlights China’s role as a big country in the international arena,but also is an urgent requirement for China’s low-carbon economic transformation and high-quality development.Under this background,low carbon Green finance protects the environment by allocating resources for low-carbon environmental protection projects and conducting risk management,and creates a good financial environment for promoting the transformation of industrial low-carbon life and realizing low-carbon economic growth.Firstly,after combing the relevant research literature,the concepts and related theories of green finance and low-carbon economy are summarized,and the direct and spatial mechanism of green finance on the development of low-carbon economy is expounded.Secondly,according to the concepts and definitions of low-carbon economy and green finance,the evaluation systems of their development levels are constructed respectively,and their development levels from 2010 to 2020 are measured at the same time.On this basis,the coordinated development status of low-carbon economy and green finance is measured by using the coupling coordination model.Finally,taking green finance as the core explanatory variable,the development level of low-carbon economy as the explained variable,and adding industrial structure,foreign direct investment,fiscal expenditure level and economic development as the control variables,based on the spatial Dobbin model,the spatial spillover effect of green finance driving low-carbon economic development is deeply studied.The main conclusions are as follows: First,the development level of China’s lowcarbon economy is increasing year by year as a whole,and the development level of the eastern,central and western regions is decreasing step by step in space.The development of green finance is slow,showing a fluctuating growth trend,and the green finance in the eastern region starts late and develops fast,eventually forming a situation in which the green finance in the eastern region leads the development.Second,the coordinated development level of low-carbon economy and green finance is slowly rising,and most areas are still in the transitional development stage of being on the verge of imbalance and barely coordinated.In space,the overall coordinated development level of the eastern,central and western regions is weak in turn.Third,the direct and indirect effects of green finance development on low-carbon economy are significantly positive,that is,the development of green finance not only promotes the development level of local low-carbon economy,but also has a significant positive role in promoting the development of low-carbon economy in neighboring areas.Based on the research conclusion,this paper puts forward the following suggestions: firstly,we should continue to improve the green financial system and vigorously promote the innovation of financial products;Secondly,based on the current situation of regional development in China,we should improve the coordinated development level of green finance and low-carbon economy according to local conditions;Finally,we should give full play to the spatial spillover effect of green tufinance on the development of low-carbon economy,implement cross-regional cooperation strategy,and realize the rapid growth of low-carbon economy as a whole.