| As the world’s largest emerging economy,China’s deepening opening-up policy has attracted a large amount of foreign direct investment.By the end of the first half of 2021,China’s paid-in foreign capital reached 607.84 billion yuan,up 27.1 percent over the same period in 2019,making China one of the largest destination countries for foreign direct investment in the world.However,the rapid growth of foreign investment seems to be accompanied by obvious environmental pollution problems.Accounting for 30.7% of global emissions in 2020,China is the world’s largest emitter of carbon dioxide,emitting far more than any other country.As a result,China is severely constrained in its domestic sustainable development and under great pressure in international climate change negotiations.In order to actively respond to climate change,China has formally proposed the 2030 carbon peak and2060 carbon neutral strategic goals.However,the realization of the dual carbon goal cannot be achieved without financial development.As the core of market economy,financial development plays an important role in promoting carbon emission reduction.However,influenced by regional economic development level,resource endowment,energy structure and other factors,China’s financial development is characterized by "high in the east and low in the west".Therefore,exploring the impact of financial development differences on the relationship between foreign direct investment and carbon dioxide emissions is conducive to finding ways to achieve effective carbon dioxide emission reduction.This paper uses panel data of 28 Chinese provinces from 1997 to 2018 as a sample.Firstly,considering the different stages and characteristics of financial development in different regions of China,this paper does not simply divide financial development regions based on geographical characteristics,but uses regional financial index to divide China into developed financial regions,more developed financial regions and less developed financial regions.Secondly,eight kinds of energy such as coal,coke,gasoline and natural gas are used to calculate the carbon dioxide emissions of 28 provinces.Finally,through the fixed effect model,generalizes method of moments and PVAR model,this paper empirically analyzes the real impact of FDI on carbon dioxide emissions under regional financial development differences,and puts forward corresponding suggestions according to the research conclusions.The research conclusions of this paper are mainly reflected in the following aspects: First,based on the empirical research at the national level,it is concluded that the entry of FDI significantly inhibits China’s carbon emission intensity.Second,from the empirical results at the regional level,it can be seen that the relationship between foreign direct investment and carbon emission intensity in China is significantly negative in both financially developed regions and more financially developed regions,while there is no significant relationship between the two in financially less developed regions.Thirdly,the industrial structure and energy efficiency of the three regions have a positive effect on China’s carbon emissions.Finally,based on the analysis of empirical results and combined with the reality of China,this paper puts forward five specific suggestions on carbon emission reduction in China. |
