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Can green economy reduce environmental pollution? Evidence from the pilot zones for green finance reform and innovation

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  • Lin, Xiaojing
  • Zhang, Chi

Abstract

Using panel data from 248 prefecture-level Chinese cities between 2010 and 2019, this study explores the environmental impact of Green Finance Reform and Innovation Pilot Zones. Findings reveal that implementing these zones significantly reduces industrial soot, sulfur dioxide (SO₂), and wastewater emissions. Further analysis reveals significant regional disparities in policy effectiveness. In eastern and central China, significant wastewater and SO₂ emission reductions are observed but not industrial soot reduction. Alternatively, western China shows significant declines in SO₂ and industrial soot emissions but not in wastewater reduction. These findings show that green finance policies exert spatially differentiated environmental effects, providing empirical evidence for regionally tailored environmental governance pathways.

Suggested Citation

  • Lin, Xiaojing & Zhang, Chi, 2025. "Can green economy reduce environmental pollution? Evidence from the pilot zones for green finance reform and innovation," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325018264
    DOI: 10.1016/j.frl.2025.108572
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