Research On The Stimulation And Impact Of Green Finance On The Development Of Regional Green Economy Of China

China has accomplished remarkable progress in economy owing to the strategy of reform and opening-up;however,the prosperity of economy and industry also brought severe environmental pollution and ecological destruction.Since 2012,the economic development has entered a new period,and the environmental protection and the sustainable development have received unprecedented attention.In the first year of the "14th Five-Year Plan",China has further incorporated carbon peaking and carbon neutrality into the overall layout of ecological civilization construction.It is imperative to transform the economic development to a green and low-carbon mode.Green finance is developing rapidly in this context.Despite the positive effect on environmental protection and emission reduction,the impact of green finance on the development of regional green economy remains unclear.This thesis focuses on studying the impact of green finance on the development of regional green economy of China based on a combination of statistical analysis and empirical analysis.First,this thesis reviews domestic and international researches in this field.The concept and measurement of the green finance and the green economy are further analyzed.Meanwhile,this thesis summarizes the development and status of green finance in China,with an emphasis on the development of green financial products represented by green credit,green bonds and carbon finance.This thesis further selects panel data from 30 provinces across the country from 2004 to 2017,and uses a fixed-effect model to study the impact of green finance on the development level of regional green economy.It is found that the development level of green finance in a region has a significant role in promoting the development level of the regional green economy.Stability tests are conducted by replacing the dependent variable,replacing the measurement method,and deleting the municipality samples;consistent results are obtained in all these stability tests.On this basis,an in-depth study is further conducted on the geographical heterogeneity of the impact of green finance on the development of regional green economy.The results reveal that the development of green finance does not have a significant impact on the development level of regional green economy in the more developed east region;however,in the less developed central and western regions,its positive effects become prominent.This is attributed to different stages of development of green economy and acceptance of green finance in different regions.Finally,based on the results of empirical analysis,this thesis proposes differentiated development strategies for different regions:specifically,diversification of green financial products and encouraging innovation in green finance in more developed regions,while increasing the green financial investment and the support on green finance as well as improving the green financial system and the relevant laws and regulations in less developed regions.The government should make specific policies to guide the investment from financial institutions in regional green economy,so as to maximize the positive impacts of green finance and promote development of the regional green economy in a balanced,healthy and sustainable way.