The impact of blue finance on sustainable development in marine ranching: Exploring multiple pathway

The accelerating growth of the global marine economy has brought the sustainability of marine ranching to the forefront of policy and academic agendas. Positioned as a marine-oriented evolution of green finance, blue finance offers innovative financial instruments that can mobilize both capital and technology to support sustainable marine ranching development. However, existing research mostly focuses on the impact of single dimensions on marine sustainability, with limited systematic analysis addressing how blue finance contributes specifically to the sustainable development of marine ranching. To bridge this gap, this study draws on grounded theory and employs fuzzy-set qualitative comparative analysis (fsQCA), using marine ranching demonstration zones across various regions in China as the empirical context, to explore the core dimensions of blue finance influencing marine ranching sustainability and the configurational pathways formed by the synergistic interaction of these dimensions. The findings indicate that blue finance promotes marine ranching sustainability through three distinct configurations: a policy-led pathway, driven by institutional frameworks and ecological systems; a market-driven pathway, shaped by market conditions and customised financial instruments; and a capability-supported pathway, underpinned by financial service provision and capacity development. The findings demonstrate the multiple pathways through which blue finance supports marine ranching sustainability and provide actionable guidance for marine economic development.