Our Country Green Finance Development Level Measurement And Policy Effect Analysis

With the rapid development of the economy and society,China is facing increasingly severe ecological and environmental problems.It is an urgent need to implement environmental protection policies,attach importance to the development of green finance,and effectively address environmental issues through reasonable use of financial,fiscal,and tax policies,among other measures,in order to promote green economic development.Therefore,this paper selects panel data from 30 provinces,cities,and autonomous regions in China to measure and study their level of development in green finance and further evaluate the policy effects of the green finance reform and innovation pilot zones.Firstly,this paper reviews relevant literature on green finance and the policy effects of green finance both domestically and internationally,and provides a brief introduction to the theories,methods,and policy background involved in order to lay the groundwork for further in-depth research.Secondly,the paper measures and analyzes the level of development of green finance in China.Five indicators are selected from the aspects of green investment,green securities,green credit,green insurance,and carbon finance,and a scientific and reasonable indicator system is established.The entropy weight-Topsis method is used to calculate the level of development of green finance in China and determine the ranking order of provinces and cities throughout the country.This provides a quantitative analysis of the current characteristics of green finance development in China and regional development differences.Then,the paper uses kernel density analysis,traditional Markov analysis,and spatial Markov analysis to further analyze the differences in the level of development of green finance in China.Next,the paper constructs a double-difference model to examine the overall policy implementation effects of the green finance reform pilot zones.Finally,based on the successful experience of China’s green finance reform and innovation pilot zones,the paper proposes feasible suggestions to improve the level of development of green finance in China.The research results indicate that,overall,the regional development of green finance in China is showing an upward trend.The development of green finance in different regions has the characteristics of being higher in the eastern region,relatively flat in the central region,and lower in the western region.There is a certain stability in the relative ranking,with a phenomenon of polarization.Additionally,the establishment of green finance reform and innovation pilot zones has promoted the growth of China’s level of development in green finance.Based on these research findings,it is recommended that China should attach importance to green finance tools,innovate and develop green finance,formulate development paths tailored to local conditions,and comprehensively improve the level of development of green finance in China.