Research On The Impact Of Green Credit On High-quality Economic Development In The Yangtze River Delta

The epoch of high-speed expansion in China’s economy has given way to a phase of high-quality development.Our nation’s economy has grown quickly thanks to the traditional vast economic development model,but also brought serious pollution to our environment,it is vital to alter the conventional economic development model in order to achieve economic transformation and enhance the standard of economic development,and vigorously develop green credit is an important measure to promote this change.Green credit provides funds to environmentally friendly green industries through differentiated interest rates,solves the financing problem in the development of green industries,inhibits the expansion of the scale of "two highs and one surplus" industry,and promotes the process of high-quality economic development in China from the perspective of improving the industrial structure.The Yangtze River Delta region is one of the most economically active regions in China,after the promulgation of China’s green credit policy,the Yangtze River Delta region actively responded to the call,carried out various green credit activities,implemented the relevant measures of green credit policy,and the country’s advancement in green credit is currently at the forefront.This article uses data from the Yangtze River Delta region as a sample to explore the impact of green credit on high-quality economic development.The Yangtze River Delta region’s successful implementation of green credit regulations serves as a model for other regions to carry out green credit work.This essay examines,from theoretical and empirical perspectives,the connection between green credit and high-quality economic development.Theoretically speaking,this work organizes the pertinent literature,explains the definition and theoretical underpinnings of green credit and high-quality economic development,and investigates the theoretical process by which green credit affects such development.The current state of high-quality economic development and green credit in the Yangtze River Delta region was then described.This study gathers pertinent data from 41 prefecture-level cities in the Yangtze River Delta region between 2011 and 2020 on an empirical level,and uses the entropy value method to select 21 indicators based on six dimensions to construct an evaluation index system for high-quality economic development.A benchmark model is constructed to explore the impact of green credit on high-quality economic development,and then,the optimization and upgrading of industrial structure is taken as the intermediary variable,and the mediation effect model is constructed to explore the relationship between industrial structure optimization and upgrading and the two and whether it plays an intermediary role in the middle.After that,a robustness test was carried out to verify whether the results of this paper were robust and reliable.The research conclusion of this paper is: First,the Yangtze River Delta region’s high-quality economic growth has been significantly aided by green finance.However,after being divided into three provinces and one city,green financing in Shanghai does not significantly affect high-quality economic development,mainly because Shanghai’s economic level is in the forefront of the country,and its tertiary industry development level is extremely high,and the quality of its own economic development is at a high level,so the role of green credit in helping it is relatively weak,and it will take longer to be reflected.Second,the intermediary effect of industrial structure optimization and upgrading under the whole sample of the Yangtze River Delta is obvious,and after the Yangtze River Delta is divided according to provinces,it has also shown some intermediary roles in Jiangsu Province,Zhejiang Province and Anhui Province.Third,unbalanced growth is a concern in the Yangtze River Delta’s three provinces and one city,and in terms of green credit,Jiangsu Province and Zhejiang Province have led the green credit line among the three provinces and one city.The quality of economic development in Shanghai is significantly better than that in the other three provinces,while Anhui Province’s level of economic development is somewhat subpar.Finally,this paper offers pertinent policy recommendations based on the findings of theoretical and empirical research on how to implement green credit follow-up activities in the Yangtze River Delta region and how to further optimize and upgrade the industrial structure to achieve the goal of fostering high-quality economic development.