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Economic freedom has central importance among the nations, however, Chinese economic freedom index declining continuously, leading to the several issues. Particularly, economic freedom is low among the Chinese female population. The world average of economic freedom index in 2022 based on 175 countries is 60 index points, but the Chinese index is 48. To address this issue, this study introduced green microfinance institutions based on Mayoux’s Feminist Empowerment Theory. The objective of this study is to examine the role of green microfinance institutions in women economic freedom in China. A survey questionnaire is used to collect data from female clients of microfinance institutions. 315 respondents responded to the survey and data analysis is carried out by using Structural Equation Modeling (SEM). Results of the study identified that, green microfinance institution’s services such as credit and insurance can facilitate green micro enterprises. The promotion of green micro enterprises causes to increase women economic security, leading to the economic freedom. Additionally, green microfinance policy is a critical factor to promote the positive relationship between green microfinance institution’s services and women economic freedom. Findings of this are helpful for the practitioners to increase women economic freedom in China by providing various services of green microfinance institutions. [ABSTRACT FROM AUTHOR]

The green credit policy (GCP) is an institutional framework aimed at guiding enterprises towards green transformation and promoting high-quality development, which serves as a crucial tool for supporting the establishment of a green technology innovation system. In this study, utilizing the green credit guidelines as a quasi-natural experiment and constructed a continuous difference-in-difference (DID) model, examines the impact of GCP impact on enterprise green innovation and its internal mechanisms by analyzing data from Chinese A-share listed companies between 2006 and 2021. Our findings indicate that the GCP had a significant impact on enterprise green innovation, inhibiting companies from independently developing green innovation while promoting joint green innovation with other institutions; These results were robust and consistent, even after conducting several sensitivity analyses; This mechanism indicate that the commercial credit plays an important regulatory role in the process of GCP affecting green innovation of enterprises and the financing constraints act as an intermediary factor in the process of GCP affecting green innovation. Based on our research, we offer policy recommendations aimed at improving the GCP and fostering a market-oriented green technology innovation system. [ABSTRACT FROM AUTHOR]

Low-carbon pilot city (LCPC) plays a pivotal role in stimulating green innovation among enterprises. However, relying solely on policy often proves less effective, necessitating support from financial development. Yet, current research frequently overlooks the impact of financial development on LCPC policy. Drawing on economic, management, and organizational psychology theories, we investigate the influence of the financial development level on enterprise green innovation in LCPC, utilizing data from listed companies between 2010 and 2018. The main finding is that LCPC facilitates institutional-level green innovation. Concurrently, financial development augments the effectiveness of LCPC policy, further expediting green innovation activities among enterprises in these pilot cities. Heterogeneity analyses reveal that financial development significantly promotes green innovation, particularly among state-owned enterprises, those with myopic management, non-high technology industries, and businesses in the southern region within LCPC. Mechanism tests identify enterprises' financing constraints and R&D investment levels as key pathways through which financial development fosters green economic development in LCPC. This study provides micro-level evidence from China elucidating the effects of environmental policies and offers practical implications for the low-carbon transformation of the manufacturing sector amid peak emissions and carbon-neutral targets. Additionally, it provides valuable guidance for other emerging economies seeking enhanced resource and environmental protection through the implementation of energy-saving and emission-reduction fiscal policy. [ABSTRACT FROM AUTHOR]

The rapid evolution of the digital economy has significantly accelerated progress towards achieving green and sustainable processes, particularly in the field of green production. While existing research has delved into the effects of the digital economy on Green Innovation (GI) and the consequences of digital transformation on Corporate Value (CV), there remains a notable gap in the literature regarding the potential for synergistic enhancements in firms' GI&CV through the ongoing digital revolution. This study utilizes an evolutionary game model and employs system dynamics methods to simulate the dynamic evolution trajectory of the influence of the digital economy on the synergy between GI&CV. Subsequently, it empirically assesses the interconnected synergies between GI&CV using a dataset comprising information from Chinese listed firms spanning from 2011 to 2020, examining the impact of the digital economy on these synergies. Moreover, the study delves into the analysis of the transmission mechanism and conducts an extended investigation to further explore this phenomenon. The findings of this paper including: (1) The digital economy acts as a driving force behind the synergistic enhancement of firm GI&CV. Moreover, this effect is further augmented by governmental environmental regulation and green subsidy policies. (2) Drawing upon the information asymmetry theory and the resource-based theory, the regional marketization level and firms' digital transformation play intermediary roles. (3) The heterogeneity test indicate that firms situated in eastern regions and those classified as non-heavily polluted benefitted to a greater extent. This study sheds light on the incentive implications of digital economy for the synergistic upgrading of GI&CV, thereby extending the breadth of study on the consequences of digital economy. Moreover, it offers actionable suggestions for enterprises to leverage digital economy development towards achieving a synergistic improvement of GI&CV. [ABSTRACT FROM AUTHOR]

With the energy structure transition and the development of the green power market, the role of electricity retailers in multi-market green power trading has become more and more important. Particularly in China, where aggressive green energy policies and rapid market transformations provide a distinct context for such studies, the challenges are pronounced. Under demand-side response, electricity retailers face the uncertainty of users' electricity consumption and incentives, which complicates decision-making processes. The purpose of this paper is to explore the optimization decision-making problem of multi-market green power trading for electricity retailers under demand-side response, with a special focus on the Chinese market due to its leadership in implementing substantial green energy initiatives and its potential to set precedents for global practices. We first construct a two-party benefit optimization model, which comprehensively considers the profit objectives for electricity retailers and utility maximization for users. Then, the model is solved by the Lagrange multiplier method and distributed subgradient algorithm to obtain the optimal solution. Finally, the effectiveness of the incentive optimization strategy under the multi-market to promote green power consumption and improve the profit of electricity retailers is verified by arithmetic simulation. The results of this study show that the incentive optimization strategy under multi-market, particularly within the Chinese context, is expected to provide a reference for electricity retailers to develop more flexible and effective trading strategies in the green power market and to contribute to the process of promoting green power consumption globally. [ABSTRACT FROM AUTHOR]

In order to reveal the impact of pilot free trade zones policy on green development, we use multi-period difference-in-difference estimation and fixed effect model to explore the impact and impact mechanism of the establishment of free trade zones on the green transformation of enterprises from the micro perspective, based on the panel data of China's A-share listed companies from 2009–2021, The results show that pilot free trade zones policy significantly improves the green transformation of enterprises in the zones. Pilot free trade zones policy affects the corporate green transformation through industrial agglomeration and financial constraints. The green transformation of state-owned enterprises, non-heavy polluting enterprises and high-tech enterprises are significantly impacted by pilot free trade zones policy. Urban innovation and green subsidies play a positive moderating role in the impact of free trade zones on enterprises' green transformation. The research conclusions provide a valuable policy basis for how to promote the green transformation of enterprises under the free trade zones policy. [ABSTRACT FROM AUTHOR]

The transformation and upgrading of China's manufacturing industry is supported by smart and green manufacturing, which have great potential to empower the nation's green development. This study examines the impact of the Made in China 2025 industrial policy on urban green economic growth. This study applies the super-slacks-based measure model to measure cities' green economic growth, using the double machine learning model, which overcomes the limitations of the linear setting of traditional causal inference models and maintains estimation accuracy under high-dimensional control variables, to conduct an empirical analysis based on panel data of 281 Chinese cities from 2006 to 2021. The results reveal that the Made in China 2025 strategy significantly drives urban green economic growth, and this finding holds after a series of robustness tests. A mechanism analysis indicates that the Made in China 2025 strategy promotes green economic growth through green technology progress, optimizing energy consumption structure, upgrading industrial structure, and strengthening environmental supervision. In addition, the policy has a stronger driving effect for cities with high manufacturing concentration, industrial intelligence, and digital finance development. This study provides valuable theoretical insights and policy implications for government planning to promote high-quality development through industrial policy. [ABSTRACT FROM AUTHOR]

Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

The government's environmental protection policy can significantly contribute to alleviating resource shortages and curbing environmental pollution, but the impact of various policy instruments implemented by the government on energy efficiency is unclear. Based on the panel data of 30 provinces in China from 2005 to 2021, this paper analyses the impact of environmental regulation and the industrial structure on energy efficiency from the perspective of resource taxes. The U-shaped relationship between environmental regulation and energy efficiency and between the optimization of industrial structure can significantly improve energy efficiency, and the optimization of industrial structure is conducive to weakening the initial inhibitory effect of environmental regulation. In addition, the analysis of regional heterogeneity showed that the impact of environmental regulation was stronger in the central and western regions, while the impact of industrial structure was stronger in the eastern and western regions. The conclusions of this study can help to expand the understanding of the relationship between environmental regulation and industrial structure on energy efficiency, provide policy enlightenment for the realization of green development and high-quality development, and provide Chinese examples and experiences for developing countries to improve energy efficiency. [ABSTRACT FROM AUTHOR]

As an emerging business modality and Internet format, live streaming e-commerce has developed rapidly since its emergence in 2016, especially since the outbreak of the COVID-19 epidemic in late 2019, when an increasing number of businesses from other industries attracted participation. However, with the development of the live streaming e-commerce industry, the industry's market environment is becoming increasingly chaotic. Therefore, during this period, government departments continuously formulate and implement relevant industry policies. In order to exploring the cooperation network structure, policy content distribution, and implementation effectiveness characteristics among publishers, this paper constructs a three-dimensional analysis framework of policy from the perspective of policy tools, policy effectiveness evaluation and policy publishers. The results show that in terms of policy tools, the overall structure of policy tools in the live streaming e-commerce industry is unreasonable, and different types of policy tools are significantly diverse. The proportion of environmental policy tools is greater than that of demand-based and supply-based policy tools, accounting for 62.97%, and among them, the tools related to industry regulation and management account for the largest proportion of the total, which greatly suppresses the enthusiasm of various entities in the industry for development. In terms of policy effectiveness evaluation, most of the policies do not formulate detailed long-, medium-, or short-term goals, nor are the policy priorities, incentive measures, or action modes perfect, indicating that the government's pushing and pulling forces for the live streaming e-commerce industry are insufficient. Finally, in the subject dimension of policy release, the synergy of relevant subjects is constantly improving, but there is also a phenomenon of over-concentration in the synergistic departments. [ABSTRACT FROM AUTHOR]

Carbon emissions have become a global challenge, and China, as the world's largest developing country, has a serious emissions problem. Developing green buildings is an important way of reducing carbon emissions. China's low-carbon city pilot policy may be an effective way of promoting green building development and reducing these emissions. This study uses the low carbon city pilot policy as a quasi-natural experiment and employs the staggered difference-in-differences method to investigate its impact on green building development. The results show that the low-carbon city pilot policy promotes green building development, and this policy promotes it by enhancing regional green innovation capacity, improving green total factor productivity at the firm and regional levels, and reducing the financing constraints of firms in the construction and real estate sectors. In addition, the promotion effect of the policy on green building development is stronger in western and non-resource-based regions and large-scale cities in China. This study contributes to the literature related to environmental policy, green building, and carbon emissions and supports the promotion of green building development and the reduction of carbon emissions. [ABSTRACT FROM AUTHOR]

The development of urbanization has brought new challenges to the ecological environment, and the promotion of green technology innovation and development is widely recognized as an essential method to achieve cities' economic benefits and environmental protection. This paper examines whether the new urbanization pilot policies (NUP) increase green technology innovation (GTI) from both theoretical and empirical perspectives. This paper examines the impact of new urbanization on GTI by analyzing data from 285 cities in China between 2010 and 2021, using the multi-period DID model with the implementation of NUP as an exogenous policy shock. The study results indicate that NUP significantly affects GTI, and the conclusion still holds after the parallel trend test, placebo test, and other robustness tests. Heterogeneity analysis shows that the NUP significantly enhances GTI in low environmental pollution, non-resource-based, Medium-sized, and Central Region cities. The test of moderating effect shows that NUP has a "linkage effect" with the government's environmental attention, financial investment in innovation, and regional talent pooling. The findings of this paper provide empirical evidence and decision-making reference for promoting NUP and sustainable development of cities. [ABSTRACT FROM AUTHOR]

In the context of the continued advancement of the green economy transition, the proactive pursuit of carbon emissions reduction and the early attainment of carbon neutrality goals have emerged as essential components in promoting high-quality economic development. Not only does it contribute to the creation of a community of human destiny, but it is also vital to the realization of sustainable development for human civilization. A dynamic evolutionary game model, which encompasses the interactions among government, enterprises, and the public, was constructed to examine the inherent impact mechanisms of the behavior of three players on the development of a green economy under the context of energy saving and emission reduction subsidies. The results showed that the incentive and punishment mechanisms served as effective tools for harmonizing the interests of system members. Within the mechanisms, the public demonstrated a higher sensitivity to rewards, while enterprises exhibited greater responsiveness to fines. Consequently, the government could influence the behavior of enterprises by incentivizing the public to serve as a third-party inquiry and oversight body. Simultaneously, the government could encourage enterprises to expedite green technology innovation by employing a combination of incentive and punishment mechanisms. [ABSTRACT FROM AUTHOR]

Housing industry is one of the major threats to global environment and resource depletion. Particularly in China, it is regarded as a major challenge due to massive population growth. The most common barriers involve; economic barriers and environmental barriers. Therefore, to promote sustainable housing development, the management of these barriers is most crucial. This study is an attempt to overcome these barriers with the help of financial institutions in the context of China. The sample of the study are construction sector employees which are selected through simple random sampling method. Partial Least Square (PLS) is employed as statistical tool to analyze the primary data. Results revealed the positive role of financial institutions to overcome the challenges related to the economic barriers and environmental barriers. Financing from banks for the sustainable housing schemes can reduce the economic barriers and help to fulfil the sustainable housing criteria. Similarly, the environment requirements can also be achieved through environmental policy developed by the banks in China. This study recommended the Chinese government to promote sustainable hosing development through the promotion of bank financing and implementation of banks environmental policies. [ABSTRACT FROM AUTHOR]

Using NVivo12plus software, this study constructs a generation model of the policy implementation environment in China's grassroots digital construction by examining the data from interviews with 37 Chinese grassroots civil servants as its research object. At the same time, with the help of the csQCA method and on the basis of rooted coding, using Tosmana software, the model validation and model expansion of 37 cases were carried out. This study shows that the main components of the policy implementation environment in China's grassroots digital construction include five main dimensions: cognitive, emotional, behavioral, normative and control. At the initial stage of China's grassroots digital construction, the cognitive environment dimension is the most critical link in the environmental governance of policy implementation. The cognitive and normative environments dominate the effect pattern of China's grassroots digital policy implementation. There are six types of motivation patterns for the environmental effect of the implementation of grassroots digital policy: know-doing-norm, cognitive-dominant, know-doing-control, emotion-control, behavior-lacking and regulation-dominant types. Based on the above analysis, there are three main policy suggestions to promote the generation of a productive policy implementation environment and positive policy effects in China's digital construction: "degree", "force" and "sense". These suggestions include strengthening the top-level design, improving the integration and cooperation degree of the environment, taking the root at the grassroots level to improve the adaptability of the environment, as well as increasing publicity and promotion to improve the sense of environmental experience. [ABSTRACT FROM AUTHOR]

This study explores the impact of China's low-carbon city policy on employment using a quasi-natural experiment approach based on microdata from A-share listed companies (2007–2021). The findings indicate a statistically significant positive effect on employment levels, with an average increase of 7.27% in pilot compared to non-pilot cities. This boost in employment is primarily linked to green innovation, improved financing conditions, and increased sales activities. The policy disproportionately benefits high-skilled workers and positively affects employment in sales, research and development, and management while having a lesser impact on low-skilled and production workers. The employment gains are particularly significant in non-polluting sectors, regions with high marketization, and in the eastern areas of China. This study underscores the complex interplay between environmental policies and labor markets, emphasizing the need for skill differentiation in policy frameworks. [ABSTRACT FROM AUTHOR]

Coordinating policies is an essential guarantee for carbon emission reduction and sustainable development. Based on the theoretical framework of the policy paradigm, we quantitatively analyze 266 policy documents on promoting carbon emission trading and green financial policies from 2011 to 2022 using the content analysis research method. Based on the matching network of "policy objectives-policy tools," we analyze the synergistic characteristics of carbon emission trading policies and green financial policies in promoting carbon emission reduction targets and reveal the matching mode of "objectives-tools" of green financial policies by using social network analysis. It is found that, first, from the perspective of policy objectives, the main policy objectives of carbon emissions trading are to promote green innovation of enterprises, and the main policy objectives of green finance are to promote green development, which reflects the consistency and endogenous motivation of policy objectives. Secondly, command-control and market incentive policy tools are the main policy tools in the structure of policy tools. The proportion of public participation policy tools is small, and there is a structural asymmetry. Third, carbon emissions trading tools focus on supervision, adjustment, and platform construction. The green financial policy tools have the characteristics of guidance, public welfare, and externality. The two constitute a complementary, embedded, and integrated ' double synergy ' carbon emission reduction policy. Based on this, this paper puts forward some suggestions to promote policy coordination and provides a reference for China to achieve the dual carbon goal. [ABSTRACT FROM AUTHOR]

In recent years, the intensification of global industrialization coupled with the enterprise's production and operating activities have caused pollution, increasing the current environmental pressure. Relevant government departments in China have instituted several stringent measures (environmental protection sensitization and awareness activities, training sessions, and exchange activities targeted towards enterprise managers) to address these rising environmental problems. Though these measures have gained traction over the years, there is a dearth of research on their effectiveness on the green innovation performance of enterprises. To bridge the gap, this research explores the effect of environmental awareness training, knowledge exchange activities, and commitment on green innovation performance with survey data from 285 medical equipment manufacturing companies in China. It further expands the theoretical application of environmental awareness training, commitment, and innovation performance from the lens of the Knowledge-Based View. The findings depict a positive relationship between environmental awareness training and innovation performance. It also finds a mediating influence of environmental commitment in the relationship between environmental awareness training and green innovation performance. Furthermore, environmental knowledge exchange activities positively moderate the relationship between environmental awareness training and environmental commitment. These findings offer valuable insights for the green development of medical equipment manufacturing enterprises and the government to formulate environmental protection policies. [ABSTRACT FROM AUTHOR]

The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. [ABSTRACT FROM AUTHOR]

The establishment of green finance reform and innovation (GFRI) pilot zone is an important measure of the Chinese government to urge enterprises to develop green transformation. This paper explores the impact of pilot policies in the GFRI pilot zone on corporate environmental investment. Based on 819 A-share listed enterprises from 2010 to 2020, our staggered difference-in-differences (staggered DID) estimation documents revealed that enterprises in the GFRI pilot zone significantly increased the corporate environmental investment efficiency but reduced the scale of corporate environmental investment.This conclusion remained robust after Propensity Scores Matching difference-in-differences (PSM-DID), replacing dependent variables, and shortening the time window. We contend that the increased research and development (R&D) expenditure and technological innovation are the potential mechanisms at work. Heterogeneity analysis showed that the establishment of GFRI improved the environmental investment efficiency of polluting enterprises but had no effect on green enterprises.Meanwhile, the effect of GFRI exhibited heterogeneity in the type of enterprise ownership. This paper evaluates the implementation effect of GFRI from the perspective of corporate environmental investment, and provides theoretical support and an empirical basis for green finance policy to serve China's green economy. [ABSTRACT FROM AUTHOR]

As the world's largest emitter of carbon, China has implemented a series of environmental regulatory policies to reduce emissions. However, most of these environmental regulations have been at the expense of increased corporate environmental costs. Therefore, research on how to efficiently control these costs is of significant practical importance. This paper uses the China's carbon trading policy (CTP) implemented in 2013 as a quasi-natural experiment, utilizing data from Chinese listed manufacturing firms between 2008 and 2020. Employing a difference-in-differences (DID) model, the study investigates the impact of market-incentive environmental regulatory policies (ERP) on environmental costs. The findings reveal that CTP significantly reduced the environmental costs of firms, confirming the positive and vital role market-incentive ERP can play in environmental protection and cost control. These conclusions remain robust after a series of stability tests. Mechanism analysis suggests that the cost reductions brought by market-incentive ERP are primarily achieved through increasing green innovation. Heterogeneity analysis shows that non-state-owned enterprises (non-SOEs), key polluting firms, firms with lower financial constraints, and firms with lower total production efficiency benefit more from market-incentive environmental regulatory policies. This study provides new empirical evidence for government policy-making aimed at achieving long-term sustainable development. [ABSTRACT FROM AUTHOR]

Developing new energy vehicles is vital to promote green development and the harmonious coexistence of humans and nature. It is also the only way to help China move from a significant automobile country to a powerful automobile country. Based on the background of the "recession" of government subsidies and considering the importance of green credit in promoting green and low-carbon transformation, this paper constructs a four-party evolutionary game model that includes government, automotive companies, banks, and consumers to analyze the stability of the strategic choices of various parties in the development process of the new energy vehicle industry. It uses MATLAB simulation tools to analyze the impact of relevant factors on system stability. The research shows that: (1) The government's subsidy mechanism significantly promotes the development of the new energy vehicle industry. Still, there is a subsidy threshold, beyond which the effect will weaken and quickly bring financial pressure. (2) With the gradual decline of government subsidies, the bank's green credit policy has a specific policy complementary effect on the decline of government subsidies. (3) Considering that costs and benefits are the main influencing factors for automotive companies and consumers' strategic choices, the impact of factors such as the punishment of violations, adjustment of subsidy policies, and consumers' environmental awareness must also be paid attention to. [ABSTRACT FROM AUTHOR]

Green credit is changing industrial structure and corporate behavior, but little attention has been paid to the relationship between green credit and corporate cash management behavior. Based on the typical fact that the allocation of traditional bank credit funds is biased towards heavily polluting industries and the exogenous impact event of green credit policy, this paper takes A-share listed companies in China's capital market from 2008 to 2015 as samples, and uses the DID model to investigate the impact of green credit policy on excess cash holdings of heavily polluting enterprises. The findings indicate that the green credit policy has reduced the excessive cash holdings of heavily polluting enterprises, suggesting that it can correct the issue and align their cash holdings with the requirements of normal production and operations. The mechanism test demonstrates that the green credit policy can alleviate agency conflicts and influence enterprise cash holdings. Moreover, a cross-sectional investigation reveals that the inhibitory effect of the green credit policy on cash holdings is more pronounced in large-scale and state-owned enterprises compared to small-scale and non-state-owned enterprises. Finally, an analysis of the economic consequences reveals that the green credit policy indirectly enhances corporate value by reducing excessive cash holdings. Based on this, banks and financial institutions continue to treat the credit granting of heavily polluting enterprises cautiously, optimize the structure of green financial products, fully consider the different types and nature of customers, and develop differentiated lending conditions and diversified evaluation mechanisms. This paper has enriched the research on the economic consequences of green credit and the influencing factors of corporate cash holdings, and provided policy enlightenment for regulators and listed companies to correctly understand and make full use of green credit policies to keep corporate cash stable through the crisis. [ABSTRACT FROM AUTHOR]

This article explores the impact mechanism of different types of environmental regulations on corporate green technology innovation (GTI). The research focuses on analyzing three types of environmental regulations: command based environmental regulation (ER1), market-oriented environmental regulation (ER2), and voluntary environmental regulation (ER3), and how they affect corporate GTI. This study selected enterprise GTI as the dependent variable and measured it by the number of applications for green invention patents and green utility model patents. The independent variables are the three types of environmental regulations mentioned above. According to data from Chinese A-share listed companies. Using benchmark regression models to analyze the impact of different environmental regulations on GTI, and constructing a moderating effect model to study the role of corporate R&D investment and government support in the process of environmental regulations affecting GTI. The results indicate that (1) ER1, ER2, and ER3 can all promote enterprise GTI, and the three environmental regulatory methods have a better synergistic effect. (2) R&D investment has a positive correlation with the relationship between ER2 and GTI, and a negative correlation with ER 3 and ER 1. (3) There are differences in the GTI performance of enterprises in different regions, ownership nature, factor density, and industry types under the influence of environmental regulations. (4) The impact of environmental regulatory policies on corporate GTI is mainly short-term. This study provides a new perspective on how environmental regulations affect corporate GTI, especially in the context of developing countries like China. The research findings emphasize the role of different types of environmental regulations in incentivizing corporate GTI, while also pointing out factors that governments need to consider when formulating environmental policies, such as regional differences and corporate characteristics, which are of great significance for promoting green development of enterprises and achieving broader sustainable development goals. [ABSTRACT FROM AUTHOR]

The proliferation of green industrial policy strategies around the world is taking place within a broader global context of a turn toward deglobalization and the pursuit of national self-sufficiency. The political economy of domestic renewable energy support and the basic principles of global trade regimes are in direct conflict, with direct implications for nations' abilities to transition to low-carbon economies. Many are calling for decoupling clean energy supply chains from China, yet such responses could slow the global clean energy transition, increasing the cost of deployment in developing countries. [ABSTRACT FROM AUTHOR]

The large-scale loss of ecosystem assets around the world, and the resultant reduction in the provision of nature's benefits to people, underscores the urgent need for better metrics of ecological performance as well as their integration into decision-making. Gross ecosystem product (GEP) is a measure of the aggregate monetary value of final ecosystem-related goods and services in a specific area and for a given accounting period. GEP accounting captures the use of many ecosystem services in production processes across the economy, which are then valued in terms of their benefits to society. GEP has five key elements that make it transparent, trackable, and readily understandable: (1) a focus on nature's contributions to people; (2) the measurement of ecosystem assets as stocks and ecosystem services as flows; (3) the quantification of ecosystem service use; (4) an understanding of ecosystem service supply chains through value realization; and (5) the disaggregation of benefits across groups. Correspondingly, a series of innovative policies based on GEP have been designed and implemented in China. The theoretical and practical lessons provided by these experiences can support continued policy innovation for green and inclusive development around the world. [ABSTRACT FROM AUTHOR]

Low-carbon city pilot (LCCP) policy is a progressive pollution regulation policy. Besides its role in carbon emission reduction, it has a profound impact on green growth performance and green innovation efficiency. Based on the data of 12 pilot cities and 14 non-pilot cities in the Yangtze River Delta (YRD), this study applies the PSM-DID and spatial mediating model to investigate the multi-dimensional policy effects of LCCP policy on green growth performance and green innovation efficiency. First, the direct effect of LCCP policy on green growth performance has reached 1.46%, ever since its implementation in 2017. Second, considering the intercity innovation cooperation in YRD, LCCP policy has influenced green innovation efficiency by an increase of 12.6%. Furthermore, the time-spatial DID model and multiple mediating effect model identify that LCCP policies have significantly improved green innovation cooperation. Such policies act on the industrial structure upgrading path to achieve the ultimate objective of carbon emission reduction and green growth performance. Third, the green innovation cooperation and substantial transformation of industrial structure upgrading played an important role in realizing the LCCP policy's effect, with its mediating effect reaching 33.63%. [ABSTRACT FROM AUTHOR]

This study examined villagers' intention of pro-environmental behavior while supporting the Landcare Policy in China. The research team conducted field surveys of villagers from four famous scenic spots of Cili, which is near the world natural heritage site of the Zhangjiajie natural landscape core area. This area has developed rural tourism, many local villagers rely on tourism to obtain their livelihood income. However, the area is now affected by the environmental remediation policy called Landcare Policy. Cultivated land near the tourist area needs to be repaired, which affects the tourism income of some local villagers. Therefore, local villagers are facing a contradiction between tourism development and environmental protection. The study chose the change in local villagers' pro-environmental intention as the research content. Then we adopted an empirically validated norm activation model (NAM) from Schwartz, and merged the NAM with the expectancy theory of Vroom, based on 511 valid responses from the field questionnaire surveys, we aimed to develop a theoretical framework for researchers to understand the change in villagers' pro-environmental behaviors, concerning the balance between rural tourism livelihood benefits and environmental remediation behavior. Structural equation modeling was conducted for each index of the responses, the findings showed that the merged model had 76.46% better predictive accuracy of villagers' pro-environmental intentions than applying Schwartz's NAM independently. This study found that the motivational force of this new theory significantly influences environmental personal norms due to the joint impact of valence, instrumentality, and expectancy. Villagers with a positive pro-environmental behavior intention expect good tourism benefits and environmental living conditions under the impact of the Landcare policy in rural tourism destinations near the famous natural heritage site. [ABSTRACT FROM AUTHOR]

This study aims to explore the role of China's Ecological Civilization Pilot Policies in carbon emissions reduction within the urban green energy industry. It further investigates how these policies influence carbon emissions. To achieve this, a unique incentive–constraint model is established considering China's distinctive political system. The DID model was used in this study, employing Chinese city data spanning from 2009 to 2020 and analyzing urban panel data with the use of two specific policies as quasi-natural experiments. The analysis reveals the following key findings: (i) Ecological Civilization Pilot Policies in the energy industry substantially contribute to carbon emission reduction through the effects of technological progress and industrial structure optimization; (ii) the unique incentive–restraint mechanism within these policies enhances their effectiveness, with short-term incentives and carefully designed assessment criteria playing a pivotal role in their successful implementation. These findings carry substantial implications for shaping environmental policies within the energy industry, emphasizing the importance of such policies in the ongoing global effort to reduce carbon emissions and promote sustainability. [ABSTRACT FROM AUTHOR]

China's economy has made remarkable achievements in the past 40 years. However, the economic development is accompanied by serious environmental pollution. Chinese government has promulgated many policies to reduce environment pollution. However, it is doubtable whether the increased uncertainty in environmental policies inhibits enterprise development. Therefore in this study we use Mathematical Derivation, Stepwise Regression Method and Regulated Effect to investigate the impact of environmental policy uncertainty on enterprise productivity. The results show that (1) environmental policy uncertainty significantly inhibits the improvement of enterprise productivity. (2) environmental policy uncertainty inhibits enterprise productivity by enterprise innovation, human capital and foreign direct investment; (3) environmental policy uncertainty has heterogeneous impact on enterprise productivity. According to this study we also provide some beneficial environmental policy suggestions for the Chinese government. Such as the government should build a stable economic environment, maintain the sustainability of local environmental regulation policies and formulate more detailed measures to adapt different types of enterprises. [ABSTRACT FROM AUTHOR]

Even though previous studies have investigated the effect of environmental regulation policy on stock price crash risk, little is known about how the firm-specific environmental punishment would impact stock price crash risks. By applying difference-in-difference method with manually collected firm-specific environmental punishment data for the listed firms in China, our study finds that the implemented environmental punishment leads to larger stock price crash risk accumulation of the punished firms. This effect can be mitigated by better information disclosure behavior, higher media reputation, healthy fundamentals, and optimal capital structure. Our study also finds the consecutive punishment effect only exists in a long period. Our work is among the first to rigorously analyze the effect of firm-specific environmental punishment on firm's stock price crash risk. This research provides relevant policy suggestions on the environmental punishment practice. [ABSTRACT FROM AUTHOR]

Energy infrastructure connectivity is a key implementation area for the success of the Belt and Road Initiative. In the current complex international environment, China's energy infrastructure investment in the countries along the Belt and Road is often restricted due to varying degrees of heated disputes with the host countries, thus facing the political risk of investment loss or even failure. This paper used the Heckman two-stage selection model to overcome the sample selection problem in traditional literature and systematically studied the political risks to China's energy infrastructure investment in countries along the Belt and Road within a unified framework. The results showed that Chinese energy infrastructure investments exhibited market-seeking and energy resource-seeking features; while political risks had a significant impact on choosing the locations of energy infrastructure investments, socio-environmental factors were not given sufficient attention. At the national level, the implementation of the Belt and Road Initiative was beneficial to China's foreign energy infrastructure investments under certain regulatory levels and environmental policy performance. [ABSTRACT FROM AUTHOR]

This study examined villagers' intention of pro-environmental behavior while supporting the Landcare Policy in China. The research team conducted field surveys of villagers from four famous scenic spots of Cili, which is near the world natural heritage site of the Zhangjiajie natural landscape core area. This area has developed rural tourism, many local villagers rely on tourism to obtain their livelihood income. However, the area is now affected by the environmental remediation policy called Landcare Policy. Cultivated land near the tourist area needs to be repaired, which affects the tourism income of some local villagers. Therefore, local villagers are facing a contradiction between tourism development and environmental protection. The study chose the change in local villagers' pro-environmental intention as the research content. Then we adopted an empirically validated norm activation model (NAM) from Schwartz, and merged the NAM with the expectancy theory of Vroom, based on 511 valid responses from the field questionnaire surveys, we aimed to develop a theoretical framework for researchers to understand the change in villagers' pro-environmental behaviors, concerning the balance between rural tourism livelihood benefits and environmental remediation behavior. Structural equation modeling was conducted for each index of the responses, the findings showed that the merged model had 76.46% better predictive accuracy of villagers' pro-environmental intentions than applying Schwartz's NAM independently. This study found that the motivational force of this new theory significantly influences environmental personal norms due to the joint impact of valence, instrumentality, and expectancy. Villagers with a positive pro-environmental behavior intention expect good tourism benefits and environmental living conditions under the impact of the Landcare policy in rural tourism destinations near the famous natural heritage site. [ABSTRACT FROM AUTHOR]

Analyzing and investigating the impact of implementing an environmental policy mix on carbon emission from private cars and social welfare holds significant reference value. Firstly, based on vehicle trajectory big data, this paper employs reverse geocoding and artificial neural network models to predict carbon emissions from private cars in various provinces and cities in China. Secondly, by simulating different scenarios of carbon tax, carbon trading, and their policy mix, the propensity score matching model is constructed to explore the effects of the policy mix on carbon emission reduction from private cars and social welfare while conducting regional heterogeneity analysis. Finally, policy proposals are proposed to promote carbon emission reduction from private cars and enhance social welfare in China. The results indicate that the environmental policy mix has a significant positive impact on carbon emission reduction from private cars and social welfare. Furthermore, in the regional heterogeneity analysis, the implementation of the policy mix in eastern regions has a significant positive effect on both carbon emission reduction from private cars and social welfare, while in central and western regions, it shows a significant positive impact on social welfare but has no significant effect on carbon emission reduction in the private car sector. [ABSTRACT FROM AUTHOR]

To achieve the goal of sustainable development, China has implemented the energy conservation and emission-reduction policy. So far, there is still little evidence of the impact of the policiy on corporate behaviour. Therefore, this study collects data on Chinese A-share listed companies from 2010 to 2017 and applies the staggered difference-in-differences method to analyse the impact of the energy conservation and emission-reduction policy on the environmental, social and governance performance of companies in China. The result shows that the energy conservation and emission-reduction policy reduces environmental, social and governance performance, and this negative effect increases over time. Meanwhile, a further mechanism analysis confirms that the negative impact on environmental, social and governance performance operates through the incentive effect on environmental performance, the crowding-out effect on social performance and the spillover effect on governance performance. Furthermore, the negative effect is heterogeneous across companies and cities. Overall, our results provide empirical evidence for optimising energy conservation and emission-reduction policies in developing countries. [ABSTRACT FROM AUTHOR]

As the world becomes more concerned about carbon emissions, the Chinese government, which is a large contributor to carbon emissions, has also begun to pay attention to the issue of carbon emissions. Environmental regulatory policies have been implemented to improve the environment, but are these policies really conducive to improving firms' eco-innovation performance? This paper empirically investigates the relationship between environmental regulation policies and firms' eco-innovation performance in China and finds that: firstly, environmental regulation in China is inadequate and that manufacturing eco-innovation performance is generally low; secondly, there is a U-shaped relationship between environmental regulation policies and firms' eco-innovation performance; thirdly, there is significant industry and regional heterogeneity in the induced effects of environmental regulation tools; and fourthly, there is a mediating effect of industrial agglomeration on the promotion of firms' eco-innovation performance. The conclusions of this paper are: firstly, that the Chinese government should continue to improve environmental regulations and strictly enforce them so that green becomes the colour of 'economic recovery'; secondly, that the Chinese government should develop scientific and reasonable environmental regulatory policies according to local conditions; thirdly, that Chinese companies should increase their spending on research and development; and fourthly, that the Chinese government needs to optimise the industrial layout and support mechanisms. The Chinese government should play an active role in industrial agglomeration in technological innovation. [ABSTRACT FROM AUTHOR]

The heavy-polluting industry is inexorably to responsible for the deterioration of the environment. Improving environmental performance is an unavoidable decision for heavy-polluting firms to ensure sustainable development under the policy framework of the carbon peak target. This study provides theoretical and empirical evidence for the effect of environmental protection subsidies on environmental performance. This study constructs basic and mediating effect models to measure how environmental protection subsidies affect environmental performance using panel data of China's heavy-polluting listed firms from 2008 to 2019. This is an important outcome of industrial green transformation in environmental governance and provides a scientific basis for government departments to formulate environmental policies. The results of the empirical analysis show that environmental protection subsidies can improve the environmental performance of heavy-polluting listed firms. After receiving environmental protection subsidies, firms engaged in clean and green production through green technology innovation, thereby reducing external environmental pollution and improving their environmental performance. The mediating role of green technology innovation in the relationship between environmental protection subsidies and environmental performance is significant only in state-owned firms and firms in Eastern China. The research results may further guide the direction of green development of heavy-polluting industries, and thus promote harmonious development between the environment and the economy. [ABSTRACT FROM AUTHOR]

Ecological efficiency (EE) provides much reference for formulating appropriate regional economic, social and environmental policies to promote sustainable development. Interactive subsystems of economy, society and environment within EE system have been considered in this paper. By innovatively integrating the merits of two advanced economic research methods (global super efficiency network data envelopment analysis (GSE-NDEA) and panel vector autoregression (PVAR) and updating the EE evaluation indicator system by following the new features of sustainable development in the recent China, this paper comprehensively evaluates EE by drawing evidence from 3 regions in China during the period of 2011–2020, and further reveals how the three subsystems within EE system interact to achieve EE enhancement. The findings show EE and its three subsystems’ trend, the major constrains of EE development, the regional discrepancies in EE progress, and the interactions among the subsystems of economy-society-environment within the EE system in different regions of China. The policy implications are proposed accordingly. [ABSTRACT FROM AUTHOR]

Under the background of global response to climate crisis and environmental pollution, environmental regulation plays an increasingly important role in green technology innovation. This paper uses data from 280 Chinese cities from 2003 to 2019 to empirically answer the question whether environmental regulation can improve the level of urban green technology innovation. It is found that environmental regulation has a significant positive effect on green technology innovation. Under the heterogeneity of economic geographical region and resource-based city, environmental regulation has positive promoting effect on urban green technology innovation. Heterogeneity results also show that environmental regulation significantly promotes green technology innovation in central and resource-based cities, but does not significantly promote green technology innovation in eastern and western cities and non-resource-based cities. Further research shows that environmental regulation can promote the level of green technology innovation through the two transmission mechanisms of government technology input and foreign direct investment. For the Chinese local government which is implementing the policy of green economic transformation, the formulation of scientific regional environmental policy is beneficial to improve the level of green technology innovation, increase government technology input and optimize the foreign investment environment. [ABSTRACT FROM AUTHOR]

This perspective paper elaborates on how the burden of environmental issues on public health and the economy led China's government to declare its revised environmental policies or "war on pollution". It explains the importance of photovoltaic solar (PV), electric vehicles (EV), and carbon capture and storage (CCS) in helping China to mitigate its environmental concerns while maintaining economic growth. China already leads PV solar and EV manufacturing; however, it has not made a tangible contribution to CCS technology yet. On the other hand, CCS is far behind its envisaged role in contributing to the reduction of greenhouse gas emissions and supporting countries to meet their net carbon zero targets. China's existing coal power plants are good candidates to be retrofitted with CCS. Similar to PV and EV technologies, China could influence this technology globally, by reducing the uncertainties, demonstrating the viability, and driving the costs lower. China's revised policies have been effective and shown global impacts, but their implementations remain as strong as the political will behind them. [ABSTRACT FROM AUTHOR]

• The global tropospheric NO 2 columns have generally decreased in the past 18 years. • Several hotspots tropospheric NO 2 are observed over industrialized and highly populated coastal zone areas. • Atmospheric nitrogen deposition plays an important role in nitrogen pollution in Bohai Sea. • The highest tropospheric NO 2 occurs in winter, and the highest near-surface NO 2 occurs at 08:00 and 20:00 LT. • NO 2 trends observed from ground-based measurements and satellite-derived retrievals is consistent. Tropospheric and ground-level levels of nitrogen dioxide (NO 2) may have changed due to environmental policies and technological changes. Here, multiyear ground-based measurement (2014–2022) and satellite-derived retrieval (October 2004 to May 2023) datasets of NO 2 concentrations are used to study the long-term ground-level and tropospheric NO 2 patterns and trends at four time scales (interannual, quarterly, monthly, and hourly) over the three regions with the highest global NO 2 concentrations. Several tropospheric NO 2 hotspots are observed over industrialized and highly populated coastal zone areas. Over the past 18 years, these hotpots have generally decreased due to the implementation of strong and effective environmental protection policies. A significant trend reversal was observed in 2011 in East-central China. The maximum values of tropospheric NO 2 occurred in winter over East-central China, Western Europe and East-central USA, with concentrations of 13.010, 4.243 and 4.149 × 1015 molecules cm−2, respectively. The Bohai Sea exhibited disproportionately high tropospheric NO 2 levels, suggesting it as a significant contributor to regional nitrogen pollution. Ground-level NO2 shows similar temporal patterns to tropospheric concentrations, with over 82.8 % of sites in East-central China exceeding 30 μg m−3, compared to 12.8 % in Western Europe and 3.8 % in East-central USA. The analysis of diurnal variations in ground-level NO 2 concentrations shows a significantly decrease during the daytime compared to nighttime, reflecting that the peak occurs at approximately 08:00 and 20:00 LT, while the lowest concentrations at around 12:00 LT. These insights clarify the impacts of environmental policies on NO 2 levels and identify critical areas for targeted pollution control, enhancing our understanding of NO 2 dynamics in high-pollution regions globally. [ABSTRACT FROM AUTHOR]

China's coastal region is the major geographical unit for the future development of China's industrial sector. The transformation of basic structure to high-class development in China's coastal places is a significant tool for promoting the changes related to quality, power and efficiency in regional economic development. In the 21st century, environmental and energy issues have increased worldwide, and challenges related to environmental pollution, energy crises, and ecological imbalances have emerged. To climate change and energy utilization, the sustainable progress of clean energy is the new route of future energy development. Based on China's non-polluting energy growth process in the last ten years, this article explores China's clean/green energy policies and economic growth development plans. Clean energy utilization is crucial for sustainable development in the context of high-quality economic growth and climate change. However, the monetary evolution and carbon emission are not investigated whole from the clean energy aspects. Using Wind energy sources as the acceptable variable, this paper employs threshold regression and impulse functions to assess the energy consumption and economic growth on carbon emission in 30 Chinese provinces over the 2000 to 2020 period. The Deep Belief Network (DBN) model predicts wind energy utilization and efficiency. The results show that economic development and carbon emissions are connected. Further, growth influences promote the offset of carbon emissions. Green innovation alters the nexus of carbon emissions, and China's economy reduces carbon usage. It provides the decision-making policies for clean energy development. • China's Coastal region is the major geographical unit for the future development of China's industrial. • In high-quality economic growth and climate change, clean energy use is vital for sustainable development. • The utilization of wind energy and it's efficiency is predicted using Deep Belief Network (DBN) model. • Empirical results link economic growth with carbon emissions, showing growth promotes emissions offset. • Green innovation changes the economic growth-carbon link, aiding China's carbon reduction efforts. [ABSTRACT FROM AUTHOR]

In the domain of global socio-economic dynamics, the pivotal role of food production (FP) cannot be overstated. It constitutes the bedrock of fundamental human necessities while being inexorably linked with critical aspects such as economic expansion, societal equilibrium, and geopolitical interplays. The multifaceted nature of FP appears through its direct impact on macroeconomic indicators and its latent influence on international relations and policy-making. This critical nexus underscores the imperative for a comprehensive understanding and strategic management of food production processes to sustain and enhance global socio-economic stability and growth. Investigating the nexus between green finance (GF) and FP is pivotal for ensuring national security and promoting sustainable economic development. This research thus paper examines GF's impact on FP in China as outlined in the 2017 green finance policies. It employs the difference-in-differences (DID) method and analyzes a balanced panel dataset comprising 282 cities in China from 2009 to 2020. The results show that GF has an inhibitory effect on FP, and this remains valid after a range of reliability checks, including parallel trend assessments and placebo tests. Further findings of transmission mechanism analysis indicate that non-agricultural factors and financial exclusion are critical for GF's inhibitory effect on FP. Heterogeneity analyses show that GF's inhibitory effect on FP is more pronounced in the main food-producing areas, the main food-marketing areas, and cities with better infrastructure. The empirical results of this paper comprehensively illustrate GF's impact on FP and how it contributes to the achievement of food security objectives. [ABSTRACT FROM AUTHOR]

The joint participation of multiple subjects is crucial for environmental governance. Using panel data for 273 Chinese cities during 2013–2019, this study investigates the impact and mechanism of public demands on environmental pollution. The results demonstrate that public demands measured by the number of environmental complaints placed on government leaders significantly reduce environmental pollution. Furthermore, increases in the rate and speed of government responses improve the effect of public demands on environmental governance. Public demands placed on provincial leaders reduce local environmental pollution to a greater extent than public demands placed on prefectural and county leaders. Province-level governments are more willing to consider public opinions and attach more importance to environmental governance; Prefecture-level governments prioritize province-level governments' attention to the environment when implementing environmental governance. Moreover, strong political ties between provincial and prefectural leaders and long tenures among prefectural leaders strengthen the pollution reduction effect of public demands placed on provincial leaders. The reduction effect of environmental complaints on pollution emission is more significant in cities with high level of Internet construction and environmental disclosure. Our results illustrate the role of public demands in environmental governance, offering a reference for developing effective environmental policies. • Public demands placed on government leaders reduce environmental pollution. • Effects are strengthened under effective government response. • Demands to provincial leaders are more effective than those to prefectural leaders. • Strong political ties and long tenures of prefectural leaders enhance the effects. [ABSTRACT FROM AUTHOR]

Although our knowledge of national carbon emission trading system and green certificate trading system are powerful incentive instruments that can deliver on increasingly ambitious climate targets in China, there remains an uncertainty of systems' structural reforms. This study builds on and extends a well-established dynamic computable general equilibrium (CGE) model to incorporate carbon trading system and green certificate trading system into the modeling framework, simulating a diverse of system development pathways further allows an exploration of the many possible policy effect. Then, using total factor productivity as a comprehensive indicator to asses policy effectiveness, the evolutionary trend of comprehensive effects under different paths are separately evaluated to discover the reforms' optimal range. Our work offers main results: First, these instruments provide a price signal. The introduction of a carbon allowance auction drive up carbon prices, while the implementation of a green certificate punishment and the expansion of the trading scope promote an increase in green certificate prices. Second, all policy scenarios that help reduce carbon emission intensity and optimize the power supply structure. However, in achieving the net-zero goal, the green certificate policy incurs more economic costs than the carbon trading policy. Indeed, the combination of multiple policy tools alleviates the decline of social welfare levels. Third, synergism design among policy tools: the focus should be on carbon trading policy from 2021 to 2030, green certificate trading policy from 2030 to 2050, and strengthened policy from 2050 to 2060. Reform measures within policies may need to be introduced in a timely manner. This study offers specific insights and tailored policy proposals to support policymakers in balancing environmental goals with economic and social needs in light of the aforementioned findings. Fig. 1. Introduction of the research questions Fig. 2. Framework of this paper. [Display omitted] • Carbon emission trading and green certificate trading policies were introduced into a dynamic CGE model. • The comprehensive performance of different scenarios were measured using total factor productivity index. • The policy effects of different scenarios were explored from 2020 to 2060. • The even more effective reform measures were adopt, within a single policy. • A sensible mix were proposed, within different policies. [ABSTRACT FROM AUTHOR]

This paper uses a double-difference model to test the impact of green credit policy on the default risk of heavy polluters based on the data of China listed companies from 2008 to 2021. It is found that green credit policy can significantly reduce the default risk of heavy polluters, and the reduction effect is more significant in state-owned enterprises. Further mechanism tests show that green credit policy reduces default risk by guiding heavily polluting firms to reduce financial leverage. Government environmental regulation and corporate green innovation capacity affect the role of green credit policy on corporate default risk. With the strengthening of regional environmental regulations and the enhancement of corporate green innovation capabilities, the effect of green credit policies in diminishing the default risk for companies with high pollution levels is increasingly evident. This study not only enriches the literature on green credit but also demonstrates the effectiveness of directing banks and various financial entities to allocate resources reasonably, guiding heavily polluting enterprises to control risks, and steadily achieving green transformation. These findings hold significant implications for decision-making in designing environmental policy and management strategies. [ABSTRACT FROM AUTHOR]

The trading of carbon emissions is a crucial regulatory method to address environmental pollution issues. This study takes China's carbon emission trading pilot policy established in 2013 as a quasi-natural experiment and uses the DID model to empirically test the urban panel data from 2006 to 2019. The results show that the carbon emission trading pilot policy can effectively reduce urban environmental pollution, and this effect is more noticeable in mid-western cities, northern cities, cities with fewer resources, and large-scale cities. In addition, to address the urban environmental pollution problem through this policy, the government is encouraged to raise its environmental protection awareness and put more effort into the innovation of technology. In general, this study uses carbon emission trading policies from China to confirm that market-based incentive environmental regulation tools can effectively reduce environmental pollution in urban areas. These findings can provide more theoretical support and empirical evidence for the government to use mechanisms of the market to effectively solve pollution problems, improve ecological environment quality, and accelerate the realization of green economy. • The DID model is used to track pilot policy impact on urban environmental pollution. • Carbon emission trading pilot policy can reduce urban environmental pollution. • The government's environmental awareness is the channel of action. • The government's technological innovation efforts are the channel of action. [ABSTRACT FROM AUTHOR]

This study examines how urban greening policies affect urban ecological resilience through a quasi-natural experimental analysis of various cities in China. Leveraging the country's large-scale promotion of forest city development, we assess the effectiveness of these policies using differences-in-differences modeling across multiple time periods. The results affirm the positive impact of urban greening on resilience, as designated forest cities demonstrated enhanced resilience levels compared to control cities. Notable disparities were also found among the three major Chinese urban agglomerations - the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei regions - in terms of policy effects. While short-term resilience increased under central government oversight, long-term gains relied more on intercity cooperation within agglomerations. It highlights the limitations inherent within China's "experiment under hierarchy" paradigm but also benefits from regional integration. This study contributes novel insights regarding the dynamic relationship between governance structures and urban ecosystem resilience under authoritarian contexts. Innovatively, we explore how intercity cooperation among urban agglomerations affects the long-term effectiveness of urban ecological governance, thereby contributing to a deeper understanding of the complexities involved in fostering resilient urban ecosystems under such governance models. • An evaluation index for urban ecological resilience (UER) was built based on DPSIR framework. • Multi-period DID model was used to analyze the impact of forest city on UER. • Yangtze River Delta had the highest resilience. • National Forest City Certification significantly improved UER of the three megacity clusters. [ABSTRACT FROM AUTHOR]

We attempt to investigate how and when foreign direct investment (FDI) impacts different types of environmental pollution in host countries. Using provincial data from China between 1995 and 2015, we find that FDI mitigates air pollution, yet it has insignificant effect on water and solid pollution. We further reveal that it is the combination of the technology, scale and structure effects that jointly determines the impact of FDI on environmental pollution. Among them, the technology effect takes the most dominant role, followed by the scale effect and structure effect. In addition, by considering the time effect on environmental policy change, we suggest that the pollution halo effect mainly occurs after air pollution policy revision. Our findings provide insight on the complex mechanisms and theoretical boundary of FDI on different types of environmental pollutants. [ABSTRACT FROM AUTHOR]

The lower price of energy leads to higher coal consumption in China. The idea of an "environment-for-trade policy" could be used to achieve an international competitive advantage, which, in turn, has important implications. To address the issue, we develop properties to examine the link between the low price of energy and strategic environmental policy in China and investigate the choice of policy instruments in a strategic environmental policy model with vertical contracts. In addition, to contribute to the literature on strategic environmental policy, this paper also develops properties to investigate different choices of instruments for the environmental policy and includes the degree of energy marketization for the wholesale price in the study. To do so, we assume that the wholesale price of the polluting input increases with the market price. By using this assumption, this paper analyzes the effects of two instruments of the environmental policy on social welfare and concludes that there is no reason to expect both downstream and upstream firms to establish a high wholesale price. Due to the low level of marketization, when the government selects an emission tax as the policy instrument, the optimal tax rates should be higher than the marginal damage of emissions. However, the optimal resource tax is uncertain when its effect on environmental damage is taken into account. In other words, the resource tax is ineffective as a policy instrument. Our results can be used to draw some practical policies for countries to use their energy effectively. To promote energy sustainability, governments should liberate resource prices and reform the system to get efficient environmental policies. [ABSTRACT FROM AUTHOR]