The Evolution Of China's Green Finance Policy And Assessment Of Environmental Benefits

The world is facing increasingly serious environmental problems,and green finance is one of the important means to control environmental pollution.While achieved rapid economic growth,China's ecological environment has also been severely damaged.Since entering the new economic normal,China has proposed to achieve “one go,one reduction and one supplement” and to give the economy a position from high-speed growth to high-quality development.This has made the community's understanding of the green development concept deeper.The financial sector is an important pillar of modern economic.Giving full play to its functions can effectively promote the development of China's green economy.Therefore,the traditional financial operation system must shift to green,environmental friendly and sustainable finance.In this context,green finance came into being and became an important part of the modern industrial system.Green finance refers to financial services that support green economy activities such as improving the environment,coping with climate change and efficient use of resources.The green finance policy is a regulatory guideline and rule arrangements for ensuring funding to support environmental protection,energy conservation,clean energy,green transportation and other fields.On the basis of learning and summarizing the achievements of predecessors' green finance research,this paper believes that green finance cannot be provided or implemented solely by the market based on externalities and information asymmetry.It is necessary to promote relevant policies through the government to promote its development.Green financial policies affect environmental quality by optimizing the allocation of funds,encouraging green technology innovation,transforming production methods,and guiding consumers to green investment.On the basis of mechanism analysis,this paper uses policy text measurement method to analyze the evolution logic of China's green financial policy.First,the relevant green financial policies were searched on the “Legal Star” website,and 102 policy documents were obtained after screening.Then through the overall structural analysis of 102 policies,the use of high-frequency keywords and co-word analysis methods to quantify the content of policy texts,the policy evolution is divided into three stages of germination,growth and development,and in-depth analysis of each The policy focus of each stage,and finally combined with the implementation status of green financial policy,found the evolutionary logic and future direction of green financial policy.Through the results of the policy phase,the release of the 2012 Green Credit Guidelines was selected as a policy discontinuity,using 30 provinces' data of 2003-2016,and the regression discontinuity model was used to test the environmental benefits after the implementation of the green financial policy.The study found that: First,the evolution of green financial policy has effectively promoted the development of green finance and the improvement of the environment through various financial instruments.The future policy focus should be more diversified and clear;the evolutionary dynamics of green financial policy come from the call of international organizations and the top of the central government.The regulation of design,the future cooperation with international organizations will contribute to the development and popularization of China's green finance;secondly,the green financial policy has positive benefits for environmental quality,and is mainly reflected in the “emission reduction” and “energy saving”.The effect is not obvious;the industrial structure and the degree of openness to the outside world mainly affect the environmental quality from the rationalized industrial structure and the introduction of advanced production technologies.Put forward targeted policy recommendations for the research results: In the future,China must accelerate the improvement of the green financial system from the central government,ensure the correct use of government functions,enhance the local government's understanding of green finance,and increase the implementation of policies to improve environmental benefits.Green finance promotes the upgrading of industrial structure,the continuous expansion of opening up to the outside world,and the adjustment of green financial policies to local conditions,so as to achieve the unification of economic benefits and environmental benefits of green financial policies.