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

In September 2020,the carbon peaking and carbon neutrality goals was first proposed as an inherent need for people to live in harmony with ecology and nature,and as an objective requirement for sustainable social and economic development.2021 saw the carbon peaking and carbon neutrality goals written into the "The 14 th FiveYear Plan and the vision for 2035 further demonstrate China’s firm belief in accelerating green development.The report of the 20 th Party Congress provides a comprehensive and systematic discussion of the development of green finance in China,and green finance is always on the "fast track".Financial support is the foundation of economic and social development,and green development cannot be achieved without the corresponding support of green finance,which is an innovative and competitive force for high-quality and sustainable economic development.It is particularly important to discuss in depth how China’s green finance can promote high-quality economic development.Based on a review of relevant literature at home and abroad,this paper introduces the basic concepts and theories involved in depth,and elaborates on the direct effect,spatial spillover effect and intermediary effect of green finance to promote high-quality economic development;then establishes the assessment mechanism of green finance and high-quality economic development,and uses the entropy weight method to calculate the comprehensive index of both in 30 provinces across China from 2010 to2020;followed by The spatial autocorrelation test was conducted on the composite index of green finance and high-quality economic development,and the spatial distribution characteristics of both were analyzed;then a spatial Durbin model was constructed to explore the spatial spillover effect of green finance on high-quality economic development,and heterogeneity tests and robustness tests were conducted in the East,West and Central regions;finally,industrial structure optimization and support for technological innovation were introduced as mediating variables,and a mediating effect model was established to explore Finally,a mediating effect model was developed to explore the impact mechanism of green finance on high-quality economic development.The empirical results of this paper show that:(1)there is a positive spatial correlation between green finance and high-quality economic development in China,and there is a strong spatial agglomeration in the distribution of the two,and the phenomenon of "high-high-low" agglomeration in economically developed regions and central and western regions respectively has continued for many years,and the local autocorrelation between the two changes over time The local autocorrelation between the two has become stronger and stronger over time.(2)China’s green finance has an important impact on the high-quality development of the economy,showing significant spatial spillover effects.Green finance not only directly improves the level of highquality development of the economy in the region,but also has an obvious positive impact on the level of high-quality development of the economy in the neighbouring regions.At the same time,improving the level of urbanisation,industrialisation and the development of technology markets can promote the high-quality economic development of local and neighbouring regions,which can fully release the advantages of the "club effect" and show the regional dependency.(3)Green finance has shown regional heterogeneity in promoting high-quality economic development,with the impact of green finance on high-quality economic development being significant in the eastern and central regions,but not in the western region.(4)Green finance can indirectly enhance high-quality economic development through supporting technological innovation and industrial structure optimisation.The two show a partial mediating role.The paper concludes with policy recommendations to enhance the development of green finance and its positive impact on economic quality development,based on the conclusions of the paper and the current development status of China.