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Does digital financial inclusion foster sustainable urban development? Evidence from carbon intensity reduction and economic spillover in China

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  • Pan, Xiaofei
  • Li, Jiaheng
  • Zhu, Shumei
  • Kong, Lingyi

Abstract

Digital financial inclusion (DFI) has become a vital mechanism promoting corporate engagement in environmental protection and sustainable development. Although prior studies have examined its economic impact, this research fills a gap by evaluating its influence on urban environmental performance, particularly Carbon intensity (CI). Using panel data from Chinese municipalities, multiple econometric models are applied for comprehensive analysis. Results show that DFI significantly reduces CI by fostering green technological innovation and advancing rural revitalization. These effects are spatially concentrated, lowering CI locally while producing spillovers in neighboring regions.

Suggested Citation

  • Pan, Xiaofei & Li, Jiaheng & Zhu, Shumei & Kong, Lingyi, 2026. "Does digital financial inclusion foster sustainable urban development? Evidence from carbon intensity reduction and economic spillover in China," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s1544612325022858
    DOI: 10.1016/j.frl.2025.109036
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