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Fintech's impact on green productivity in China: Role of fossil fuel energy structure, environmental regulations, government expenditure, and R&D investment

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  • Fan, Min
  • Zhou, Yun
  • Lu, Zhixi
  • Gao, Sen

Abstract

This study applies the data envelopment analysis to estimate green total factor productivity (GTFP) in 30 Chinese regions from 2011 to 2020. It examines how it is associated with Fintech and its underlying mechanism, especially considering the role of fossil fuel consumption (energy structure). The empirical results show that Fintech exerts a promoting effect on GTFP. However, its impact is conditional, where a single threshold effect of environmental regulation is significant, and the double threshold effects of R&D investment and government expenditure are significant. The positive impact of Fintech on GTFP is stronger in the non-Yangtze River Economic Belt than in the Yangtze River Economic Belt, and it is more significant in the eastern districts in China, while it is not pronounced in the central, the western and the northeast parts of China. The mediation results documented that Fintech can boost GTFP through energy structure optimization. Our research provides theoretical support and China’ s evidence on green transformation and economy upgrading with heterogeneous characteristics and Fintech.

Suggested Citation

  • Fan, Min & Zhou, Yun & Lu, Zhixi & Gao, Sen, 2024. "Fintech's impact on green productivity in China: Role of fossil fuel energy structure, environmental regulations, government expenditure, and R&D investment," Resources Policy, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:jrpoli:v:91:y:2024:i:c:s0301420724002241
    DOI: 10.1016/j.resourpol.2024.104857
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    6. Chengzhi Qiao & Wanhuan Cai & Shan Chen, 2025. "Green fintech contributes to environmental sustainability—based on empirical evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-16, December.
    7. Hongying Zhang & Liyang Wan & Qiaozhe Guo & Song Nie, 2025. "The Effects of the Sci-Tech Finance Policy on Urban Green Technology Innovation: Evidence from 283 Cities in China," Sustainability, MDPI, vol. 17(5), pages 1-24, February.
    8. Huifang Liu & Weirong Fang & Pengwei Yuan & Xiaoqing Dong, 2025. "How does climate change affect green total factor productivity?," Climatic Change, Springer, vol. 178(6), pages 1-23, June.
    9. Qu, Hongjiao & You, Chang & Wang, Weiyin & Guo, Luo, 2024. "Spatio-temporal interplay between ecosystem services and urbanization in the Yangtze River Economic Belt: A new perspective for considering the scarcity effect," Land Use Policy, Elsevier, vol. 147(C).
    10. Charilaos Mertzanis & Asma Houcine & Athanasios Pavlopoulos & Apostolos Vetsikas & Ilias Kampouris, 2026. "Financial Technology and Environmental Performance: International Evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(2), pages 2664-2689, April.
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