The Regional Impact Mechanism of Green Finance on the Level of Sustainable Development--Based on the panel data of Chinese s from 2011 to 2020

Abstract

With the deterioration of the global ecological environment, sustainability is gradually becoming the main theme of economic development. The promotion of green finance can help alleviate the contradiction between the environment and the economy and therefore enhance sustainable development. This paper selects panel data of each from 2011 to 2020 as the research object and explores the effects of green finance, technology development level, the urbanization process, marketization level, and economic openness on the level of sustainable development and the regional differences by using the combination weight measure, convergence test, K-means clustering, and panel data analysis. The empirical results show that the overall degree of differences in sustainable development levels among s and cities tends to decrease from 2011 to 2020. From the overall results, the positive development of green finance, technology development, urbanization, marketization, and economic openness all contribute to sustainable development; from the regional analysis results, except for the western region, the sustainable development patterns of s and cities are coordinated, and factors such as green finance still play a positive role in sustainable development. Finally, combined with the findings, this paper suggests that the relevant suggestions to achieve high-quality development nationwide.