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The establishment of pilot zones for green finance reform and innovation (PZGFRI) is one of the important green finance policies in China and also an important means to achieve the goals of reaching peak carbon emissions and carbon neutrality. To further study the improvement effects of the PZGFRI on air quality, this study selected near-ground ozone concentration as the research object and empirically analyzed the impact of the PZGFRI on urban near-ground ozone pollution using the panel data of 215 cities in China from 2014 to 2019 by using the differential method and the synthetic control method. It further explored the moderating effect of foreign direct investment and financial development level and carried out robustness test by using event study, the placebo test, substitution of explained variables, control of other environmental policies, and quarterly data. The conclusions were as follows: ① During the sample period, the PZGFRI significantly reduced near-ground ozone pollution. There was heterogeneity in the impact of the PZGFRI in different geographical regions on near-ground ozone pollution. ② In the samples from the national level and the eastern region, foreign direct investment itself did not directly cause a significant‘ Pollution Heaven’ effect, but the increase of foreign direct investment was not conducive to the control of ozone pollution in the PZGFRI and indirectly caused the‘ Pollution Heaven’ effect. However, in the central and western regions, the increase of foreign direct investment was conducive to promoting the control of ozone pollution in the PZGFRI, which indirectly brought about the‘ Pollution Halo’ effect. ③ In the samples from the national level and the eastern region, the financial development level had no significant impact on ozone pollution itself, but the PZGFRI had a better effect on controlling ozone pollution in cities with a higher financial development level, i.e., the improvement of financial development level had strengthened the control effect of the PZGFRI on ozone pollution. However, in the central and western regions, the improvement in the financial development level did not significantly enhance the ozone pollution control effect of the PZGFRI. [ABSTRACT FROM AUTHOR]

As urban agglomerations have become the main spatial organization form in China, it is of great significance to carry out environmental cooperative governance based on urban agglomerations. Research on the interaction of environmental regulation enforcement among cities can provide a new explanation for the competition and cooperation in terms of pollution control in urban agglomerations. This article selected three types of environmental regulation policy tools: market-incentive, command-and-control, and their combinations, and analyzed the interaction pattern of environmental regulations based on the theoretical mechanism derivation and the two zone spatial Durbin model by using the panel data of 103 cities in China. Then, the SLX model was used to explore the impact of the interaction of environmental regulations on the cooperative governance of pollution in five urban agglomerations. The results showed that the market-incentive environmental regulation was not fully implemented, which meant that some cities adopted a 'race to the bottom' strategy in response of the competition with their neighbors. After combining market-incentive environmental regulation with command and-control environmental regulation, the pattern of environmental regulation interaction between cities changed from ' race to the bottom' to 'race to the top'. This interactive characteristic was particularly significant in the Yangtze River Delta and the Chengdu Chongqing urban agglomerations. However, the 'racing to the top' characteristic of these two urban agglomerations had different effects on the intercity environmental cooperation: there was a synergy effect caused by strong spillover effect of environmental regulation implementation in the Yangtze River Delta urban agglomeration rather than in the Chengdu-Chongqing urban agglomeration. [ABSTRACT FROM AUTHOR]

In order to explore the impact of technological innovation on economic performance all regions in China is studied from different environmental regulation. The panel data of 30 provinces from 2007 to 2017 are collected, and variables reflecting environmental regulation and technological innovation are designed. Multivariate linear regression analysis is used to verify how technological innovation affects economic performance before and after environmental regulation is added. The results show that technological innovation has a significant positive impact on economic performance, and technological innovation has still a positive impact on economic performance after addingenvironmental regulation.The eastern region is superior to the central and western regions in terms of environmental regulation policy, technological innovation and economic performance, and in dealing with the relationship among those three. Therefore, on the basis of implementing appropriate environmental regulations, the government encourages technological innovation and increases D expenditure appropriately, which is conducive to improving sales revenue of new products and increasing economic performance. [ABSTRACT FROM AUTHOR]