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How do green finance reform pilot zones affect public welfare?

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  • Zhang, WeiDa
  • Huang, YuMeng
  • Li, QingXin

Abstract

Recently, green finance reform pilot zones have reflected one of the crucial policies in China. This research aims to investigate the real effect of green finance reform pilot zones. Drawing on Chinese evidence, this research offers compelling evidence that pilot zones greatly weaken public welfare by crowding out government spending on welfare. This negative impact is larger in prefectures with greater fiscal burdens and tighter credit constraints. These findings hold across various robustness checks. By demonstrating an unintentional consequence of pilot zones, this study enriches the studies on public welfare and green finance and offers policy implications.

Suggested Citation

  • Zhang, WeiDa & Huang, YuMeng & Li, QingXin, 2026. "How do green finance reform pilot zones affect public welfare?," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025565
    DOI: 10.1016/j.frl.2025.109307
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