| Worldwide,environmental issues have gradually become the focus of attention of governments,and sustainable development has become a global consensus.In June2017,seven ministries and commissions,including the Chinese Bank and the National Development and Reform Commission,jointly issued the "Overall Plan for the Establishment of Five Green Financial Reform and Innovation Pilot Zones",which recognized seven cities and districts,including Huzhou City,Zhejiang Province,as the first batch of green financial reform and innovation pilot zones.In the past five years,Huzhou City has carried out exploration in accordance with the principle of "government guidance and market leadership",from the aspects of improving institutional mechanisms,building green standards,innovating products and services,and building digital platforms.This paper uses the case study method to study the policy effect of Huzhou Green Finance Reform and Innovation Pilot Zone.First of all,starting from the literature and theoretical basis of green finance,the mechanism of green finance on the economy and society is studied and summarized.Secondly,an in-depth analysis of the background of the establishment of the Huzhou Green Finance Reform and Innovation Pilot Zone,the main measures and status quo in promoting the development of green finance,such as improving institutional mechanisms,building green standards,innovating products and services,and building digital platforms.Finally,the synthetic control method is used to empirically analyze the policy effects of Huzhou Green Finance Reform and Innovation Pilot Zone in terms of industrial structure upgrading,energy conservation and consumption reduction,and analyze the reasons by constructing the "counterfactual" reference group of Huzhou City.After studying the case of Huzhou Green Finance Reform and Innovation Pilot Zone,this paper draws the following conclusions: The Green Finance Reform and Innovation Pilot Zone has a positive role in promoting the upgrading of Huzhou’s industrial structure,but the effect on energy conservation and consumption reduction in Huzhou City is not significant.After further analysis,it is found that after the establishment of the green financial reform and innovation pilot zone,the ratio of the added value of the secondary industry and the added value of the tertiary industry in Huzhou has slowed down significantly,which may be one of the reasons why the effect of energy saving and consumption reduction is not significant.Based on this conclusion,this paper puts forward four policy recommendations for the development of green finance. |
