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China's financial opening, green technical innovation and low-carbon economy

Author

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  • Zhang, Yuanchao
  • Yang, Yanbing
  • Chai, Yongdong
  • Liang, Tianmei
  • Li, Lingjun

Abstract

This study presents empirical evidence supporting the development of a low-carbon economy by deepening financial openness, promoting green technical innovation, and enhancing regional policy coordination. It offers policy insights for achieving China's dual-carbon goals and advancing high-quality development. Using panel data from 30 Chinese provinces (excluding Tibet, Taiwan, and the Hong Kong and Macao Special Administrative Regions) from 2010 to 2023, the analysis finds that financial openness significantly contributes to common prosperity, with each unit increase is associated with a 0.13-point rise in the common prosperity index. Green technical innovation acts as a mediating factor, contributing an additional 0.12-point increase. The study identifies dual-threshold effects in green innovation and reveals regional heterogeneity, with stronger impacts observed in carbon trading pilot zones and long-term open regions.

Suggested Citation

  • Zhang, Yuanchao & Yang, Yanbing & Chai, Yongdong & Liang, Tianmei & Li, Lingjun, 2025. "China's financial opening, green technical innovation and low-carbon economy," International Review of Economics & Finance, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:reveco:v:103:y:2025:i:c:s1059056025007099
    DOI: 10.1016/j.iref.2025.104546
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