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Has green finance optimized the industrial structure in China?

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Abstract

Green finance is considered a new force for the optimization of industrial structure. With the quasi-natural experiment of the green finance reform and innovation pilot zone, the impact of the green finance reform and innovation pilot zone on the optimization of industrial structure is empirically tested. The research found that: First, although green finance reform and innovation pilot zone generally improved the optimization of the industrial structure, it had an inhibitory effect on the advancement of industrial structure. Although it promoted the rationalization, it produced negative spatial spillovers; second, the green finance reform and innovation pilot zone mainly promoted the optimization of industrial structure through three paths: foreign investment, technological innovation, and infrastructure improvement; finally, provinces with large economies and good central-local relations had a stronger role in promoting industrial structure rationalization, while small economies and poor central-local relations dragged down the advancement of industrial structure. In summary, this paper finds that while green finance can contribute to the optimization of industrial structure in general, there are many aspects of it that deserve attention in more subtle ways. The conclusions enrich the research on the influencing factors of industrial structure and also provide a reference for improving the green financial system.

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Authors and Affiliations

  1. School of Big Data Application and Economics, Guizhou University of Finance and Economics, Guiyang, 550025, Guizhou, China

    Jin Hu

  2. School of Foreign Languages, Guizhou University of Finance and Economics, Guiyang, 550025, Guizhou, China

    Hong Zhang

Authors
  1. Jin Hu
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  2. Hong Zhang
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JH contributed to the manuscript framework, methodology, software, and writing. HZ contributed to manuscript research guidance and review. All authors read and agreed to the published version of the manuscript.

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Correspondence to Hong Zhang.

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Hu, J., Zhang, H. Has green finance optimized the industrial structure in China?. Environ Sci Pollut Res 30, 32926–32941 (2023). https://doi.org/10.1007/s11356-022-24514-3

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  • DOI: https://doi.org/10.1007/s11356-022-24514-3

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