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The Impact of Green Finance on Export Technology Complexity: Evidence from China

Author

Listed:
  • Zhizhong Liu

    (School of Finance, Trade Liaoning University, Shenyang 110036, China)

  • Shuchi Zheng

    (School of Finance, Trade Liaoning University, Shenyang 110036, China)

  • Xinyu Zhang

    (School of Finance, Trade Liaoning University, Shenyang 110036, China)

  • Long Mo

    (School of Electrical, Engineering Yanshan University, Qinhuangdao 066104, China)

Abstract

With the improvement of the technology level and the prevalence of the concept of environmental protection, green finance has been gradually applied to the field of production and economic development. As an important measure of economic development, the export sector is inevitably affected by the development of green finance. However, using the high technology of exports to analyze the relationship between green finance and exports has not drawn much attention. Based on the panel data from 30 provinces in China from 2011 to 2020, this study empirically examined the impact of green finance as well as export technology complexity, by using a combination of fixed effects and mechanism analysis. The results show that green finance has a significantly positive impact on export technology complexity, which means that an increase in the depth of green finance can improve export product quality. In terms of regional heterogeneity, the impact of green finance on the high technology of exports is greater in the eastern region than in the central and western regions of China. In terms of the manifestation of green finance, the effect of green bonds on export technology complexity is greater than that of green investment and insurance. Green finance improves the export technical complexity through three intermediaries, such as green technology innovation, capital investment strength, and product upgrading capacity. This study highlights the importance of green finance and provides new methods for governments to assist in the formulation of policies that can improve export technology complexity.

Suggested Citation

  • Zhizhong Liu & Shuchi Zheng & Xinyu Zhang & Long Mo, 2023. "The Impact of Green Finance on Export Technology Complexity: Evidence from China," Sustainability, MDPI, vol. 15(3), pages 1-15, February.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2625-:d:1054225
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    Cited by:

    1. Xueying Yuan & Lixia Shang & Jinhua Xu, 2024. "Green Financial Policy, Resource Allocation and Corporate Environmental Responsibility," Sustainability, MDPI, vol. 16(15), pages 1-29, July.
    2. Zhao, Congyu & Luo, Ximing & Dong, Cong & Dong, Xiucheng, 2025. "Smart city policy and export technology sophistication: Investigating linkages and potential pathways," China Economic Review, Elsevier, vol. 89(C).
    3. Jinming Shi & Jia Li & Shuai Jiang & Yingqian Liu & Xiaoyu Yin, 2025. "Does Green Finance Facilitate the Upgrading of Green Export Quality? Evidence from China’s Green Loan Interest Subsidies Policy," Sustainability, MDPI, vol. 17(10), pages 1-30, May.
    4. H. M. N. K. Mudalige, 2023. "Emerging new themes in green finance: a systematic literature review," Future Business Journal, Springer, vol. 9(1), pages 1-20, December.
    5. Weihao Zhang & Helian Xu & Yuanyuan Xu, 2023. "Does Stronger Environmental Regulation Promote Firms’ Export Sophistication? A Quasi-Natural Experiment Based on Sewage Charges Standard Reform in China," Sustainability, MDPI, vol. 15(11), pages 1-17, June.
    6. Ma, Dan & Zhu, Yanjin & Yang, Yuhan, 2024. "How Green finance affects export production quality: Fresh evidence from China," Energy Economics, Elsevier, vol. 131(C).
    7. Kazak, Hasan & Rahman, Mohammad Mafizur & Akcan, Ahmet Tayfur & Cetintas, Halit Buluthan & Kocyigit, Nezahat & Kilic, Cuneyt, 2025. "Performance of green finance: An evaluation of the OIC countries in the scope of 2030 Sustainable Development Goals," Energy Policy, Elsevier, vol. 207(C).

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