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Digital Inclusive Finance, Human Capital and Inclusive Green Development—Evidence from China

Author

Listed:
  • Junru Song

    (Institute of Statistics and Big Data, Renmin University of China, Beijing 100872, China)

  • Hongcan Zhou

    (School of Science, Hong Kong University, Hong Kong 999077, China)

  • Yanchen Gao

    (Department of Economics, Dalhousie University, Halifax, NS B3H 4R2, Canada)

  • Yongpan Guan

    (School of Statistics and Mathematics, Central University of Finance and Economics, Beijing 102206, China)

Abstract

To analyze the impact of digital inclusive finance and human capital on inclusive green economic development in China, we build a comprehensive indicator system to measure the level of inclusive green development and use the super-efficiency SBM method to measure the inclusive green total factor productivity (IGTFP) in Chinese cities, then the system GMM model is used to empirically test the direct and interactive influences. Inclusive green development in China has maintained a growing trend in recent years, reaching a peak in 2017. The development of digital inclusive finance in terms of breadth, depth and degree of digitization is conducive to promoting inclusive green development. Although human capital does not directly affect inclusive green development, it plays a significantly positive moderating role in the process of digital inclusive finance promoting inclusive green development. In this paper, the impact of digital inclusive financial and human capital and their interactions on inclusive green development is analyzed within a unified framework, which has important practical significance for the orderly promotion of the development of digital inclusive finance, improving residents’ education level and promoting inclusive green development.

Suggested Citation

  • Junru Song & Hongcan Zhou & Yanchen Gao & Yongpan Guan, 2022. "Digital Inclusive Finance, Human Capital and Inclusive Green Development—Evidence from China," Sustainability, MDPI, vol. 14(16), pages 1-15, August.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:16:p:9922-:d:885553
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    1. Ying Liu & Haoran Zhao & Jieguang Sun & Yahui Tang, 2022. "Digital Inclusive Finance and Family Wealth: Evidence from LightGBM Approach," Sustainability, MDPI, vol. 14(22), pages 1-19, November.
    2. Yang Jingyi & Guo Xiaoyang & Zhang Xiuwu, 2024. "Analysis of the Effect of Digital Financial Inclusion in Promoting Inclusive Growth: Mechanism and Statistical Verification," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-18.
    3. Kamguia, Brice & Tadadjeu, Sosson & Ndoya, Hermann & Djeunankan, Ronald, 2025. "Assessing the nexus between industrialization and inclusive green growth in Africa. The critical role of energy efficiency," Ecological Economics, Elsevier, vol. 233(C).
    4. Qin Lu & Zongyi Zhang, 2022. "Do Financial Support Policies Catalyse the Development of New Consumption Field?—Evidence from China’s New Consumer Enterprises," Sustainability, MDPI, vol. 14(20), pages 1-23, October.
    5. Wang, Jianying & Tan, Zhihui & Zuo, Yuting, 2025. "Digital inclusive finance and common prosperity: The threshold effect based on rural revitalization," International Review of Economics & Finance, Elsevier, vol. 100(C).
    6. He, Yi & Chen, Haixin & Zhang, Tingyu, 2024. "Exploring the impact of economic and environmental target constraints on and the green investment efficiency of firms: The moderating role of anti-corruption," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    7. Jiawen Zhang & Zhenhua Xu & Fuyi Ci, 2023. "Spatio–Temporal Evolutionary Features and Drivers of Green Competitiveness of Cities Surrounding the Yellow River," Sustainability, MDPI, vol. 15(19), pages 1-24, September.
    8. Fan, Di & Bin Ab Razak, Nazrul Hisyam & Soh, Wei Ni, 2025. "Inclusive financial reform, degree of openness to the outside world, and regional international tourism development: Evidence from a quasi-natural experiment," Finance Research Letters, Elsevier, vol. 84(C).
    9. Yang, Changjin & Qi, Huarui & Jia, Lijun & Wang, Yanjiao & Huang, Dan, 2024. "Impact of digital technologies and financial development on green growth: Role of mineral resources, institutional quality, and human development in South Asia," Resources Policy, Elsevier, vol. 90(C).
    10. Pengju Liu & Yitong Zhang & Shengqi Zhou, 2023. "Has Digital Financial Inclusion Narrowed the Urban–Rural Income Gap? A Study of the Spatial Influence Mechanism Based on Data from China," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    11. Yu Deng & Wenxia Zhang, 2023. "Modified CPT-TODIM method for evaluating the development level of digital inclusive finance under probabilistic hesitant fuzzy environment," PLOS ONE, Public Library of Science, vol. 18(3), pages 1-22, March.
    12. Shihai Liu & Jinsong Kuang & Dezhi Ding & Dag Øivind Madsen & Xiaofei Shi & Xianyang Fan, 2024. "Low-carbon governance, fiscal decentralization, and enterprise green development: Evidence from China," PLOS ONE, Public Library of Science, vol. 19(3), pages 1-27, March.
    13. Donghong Wu & Yiren Chen, 2023. "Digital Inclusive Finance Development and Labor Productivity: Based on a Capital-Deepening Perspective," Sustainability, MDPI, vol. 15(12), pages 1-17, June.
    14. Dan, Yanru & Wen, Qiulin, 2026. "Inclusive finance reform, executive green awareness, and high-quality development of tourism enterprises," Finance Research Letters, Elsevier, vol. 89(C).
    15. Lin Tai & Fu Xiaopeng & Gong Ting & Xu Xinpeng & Stavros Sindakis & Gazal Showkat, 2024. "Assessing the Relationship Between Digital Inclusive Finance and the Well-Being of Elderly Individuals: A Study of Life Satisfaction," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 9597-9628, June.
    16. Yingyuan Liu & Qian Wan & Wenhui Chen, 2024. "RETRACTED ARTICLE: Digital Inclusive Finance as a Catalyst for Rural Revitalization: An Empirical Analysis from the County Development Perspective in Hubei Province," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 11548-11580, September.

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