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The Green Effect of New Quality Productive Forces: Examined from the Perspectives of Green Finance and Technological Innovation

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  • Lei Zhuang

    (School of Economics and Management, Nanjing Tech University, Nanjing 211816, China)

  • Zhao Wang

    (School of Economics and Management, Nanjing Tech University, Nanjing 211816, China)

Abstract

Under the impetus of the “dual carbon” goals, understanding how green finance (GF) fosters the green development of New Quality Productive Forces (NQPF) is a critical issue. This study employs panel data from 31 Chinese provinces between 2011 and 2023 to empirically investigate the impact and mechanisms of GF on the green effect of NQPF, which is measured by a novel evaluation system focusing on resource conservation and environmental friendliness. The findings from the two-way fixed effects model and instrumental variable approach reveal that GF significantly promotes the green development of NQPF. Mechanism analyses confirm that industrial structure upgrading serves as a mediating channel, while green technological innovation strengthens the positive effect of GF. Furthermore, heterogeneity analysis indicates that this promoting effect is more pronounced in eastern regions and areas with medium levels of economic development. The research findings provide valuable insights for policymakers to design differentiated green finance strategies and for enterprises to leverage financial support for green transition.

Suggested Citation

  • Lei Zhuang & Zhao Wang, 2025. "The Green Effect of New Quality Productive Forces: Examined from the Perspectives of Green Finance and Technological Innovation," Sustainability, MDPI, vol. 17(22), pages 1-22, November.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:22:p:10284-:d:1796563
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