TITLE:
Green Finance and Sustainable Development: An Empirical Study Based on Chinese Data
AUTHORS:
Jingxuan Lai
KEYWORDS:
Green Finance, Sustainable Development, Low-Carbon Economy, China
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.11 No.11,
November
23,
2023
ABSTRACT: With the continuous development and progress of the socio-economy in
recent years, various sectors within the socio-economic development have been
advocating the concept of sustainable development. Along with the improvement
of the production level of enterprises and the continuous growth of the
economy, the increasingly deteriorating ecological environment has risen to the
status of an international strategic concern. The grim situation of the
ecological environment has to some extent hindered the sustainable development
of society. To promote the sustainable development of the economy in the financial
sector, green finance has emerged. As a key component of sustainable
development, green finance has attracted attention worldwide. China, as one of
the world’s largest developing countries, faces unique economic and
environmental challenges. This study aims to explore the impact of green
finance on sustainable development in China through empirical research, aiming
to fill the research gap in this field. The research findings indicate that
China’s green finance products and services have played a positive role in
sustainable development. The promotion of green finance is related to the
growth of the renewable energy industry, reduction in carbon emissions, and
investment in ecological conservation. Specifically, the development of green
finance promotes the growth of the Chinese economy, the transformation and
upgrading of the industrial structure, and guides a low-carbon economy through
energy conservation and emission reduction, thereby promoting economic
sustainability. Therefore, it is necessary to actively cultivate the strength
of green finance, vigorously promote the green transformation and upgrading of
the regional industrial structure, and implement measures such as carbon
finance to promote the development of a low-carbon economy nationwide, in order
to promote the sustainable development of the Chinese economy.