The Impact of Green Finance on High-quality Development of Economy in China-Based on Spatial Spillover Effect | [Pakistan Journal of Life and Social Sciences • 2025]

Author(s):

1. Suo Luoman: Azman Hashim International Business School,Universiti Teknologi Malaysia, 54100 Kuala Lumpur,Malaysia

2. Asan Ali Bin Golam Hassan: Azman Hashim International Business School,Universiti Teknologi Malaysia, 54100 Kuala Lumpur,Malaysia

Abstract:

In the context of the rapid expansion of the Chinese economy and the prominent contradiction with the environmental carrying capacity, green finance plays a pivotal role in promoting high-quality economic growth. This research investigates the influence of green finance on China's economic growth by analyzing 282 prefecture-level cities in China. Firstly, the study evaluates the level of green finance and the degree of highquality economic development in these cities. Secondly, the spatial econometric model is utilized to analyze the direct effect and spatial effect Economic of green finance on the quality of economic development. Finally, policy suggestions are implemented to strengthen regional coordination and achieve green and coordinated development. The results indicate significant differences in the scale of green finance and the quality of economic development among regions; green finance has direct and spatial spillover effects on promoting economic development.

Page(s): 3260-3275

DOI: 10.57239/PJLSS-2025-23.1.00260

Published: Journal: Pakistan Journal of Life and Social Sciences, Volume: 23, Issue: 1, Year: 2025

Keywords:

Green Finance HighQuality Economic Development Spatial Durbin Model Spillover Effects

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