Towards green economy: Environmental performance of belt and road initiative in China.

As a Chinese solution to build a community of human destiny, Belt and Road Initiative (BRI) has shown China's international responsibility by promoting its green development. Based on the annual panel data of Chinese cities from 2004 to 2018, this paper systematically explores the effect of BRI on the Green Total Factor Productivity (GTFP) of cities along its domestic route using the difference-in-differences (DID) method. The results of the study show that (1) BRI significantly increases the GTFP of cities along its domestic route, and this finding holds after excluding a series of robustness tests such as endogeneity issues and other policy disturbances. (2) BRI promotes the growth of GTFP in the region mainly through improving science and technology innovation, increasing foreign direct investment and enhancing trade cooperation. (3) From the perspective of heterogeneity, the promotion effect of BRI on the GTFP of inland cities along the route is much higher than that of coastal cities, and cities along the route with stronger environmental concerns have a more significant enhancement effect. (4) Based on the policy context and the undertaking of role functions, there is a significant positive linkage effect between BRI Initiative and the Free Trade Zone (FTZ) construction in promoting GTFP growth. (5) From a spatial perspective, BRI has not only increased the GTFP of cities along the route, but also radiated the growth of GTFP in neighboring cities along the route. The conclusion of this paper provides a policy reference and theoretical basis for further building the green "Belt and Road" and promoting the sustainable development of China's economy and high-quality transformation.

How to achieve sustainable development: From the perspective of science and technology financial policy in China.

To solve coordination between economic development and pollutant emissions, it is necessary to face the innovation problem of energy saving and emission reduction. Promoting the effective integration of tech and the financial system is an effective way to solve this problem. According to panel data for prefecture-level cities in China, this paper is based on the pilot policy of combining science and technology with finance implemented in 2011 as a quasi-natural experiment and uses the difference-in-differences (DID) method to evaluate the impact of Science and Technology Financial Policies (STFP) on the air pollutant emission, meanwhile, considering the spatial overflow effect of policy implementation. The research results show that: (1) The STFP has certain inhibitions on pollutant emissions, and this finding holds after a series of robustness tests. (2) The policy has different effects on cities that have different scale, different regions, and different government efficiency. (3) From the results of mechanism analysis, the policy mainly enhances regional pollutant emission reduction capacity through ways such as increasing regional green total factor productivity, enhancing regional science and technology levels, and promoting regional industrial structure optimization. (4) The policy shows a negative spatial spillover effect in reducing pollutant emissions.