Digital Finance and Green Development: Characteristics, Mechanisms, and Empirical Evidences.

As the emergence of digital finance is relatively short, research results on digital finance mainly focus on products, services, coverage, policies, etc. The mechanism and role of digital finance in influencing green development are still lacking attention. In the above context, this paper used spatial analysis methods to describe spatiotemporal characteristics in detail, and empirically tested the mechanism and path of digital finance affecting green development through spatial econometric models and intermediary models. The results showed that: (1) During the study period, digital finance and green development have been improved to varying degrees, but the inter-provincial differences are still obvious. (2) The spatial trends of digital finance and green development are similar, and the overall performance is "high in the east, low in the west, high in the south, and low in the north". (3) The empirical tests found that digital finance is an effective force to reduce energy consumption per unit of GDP and improve the level of green development. It validates Hypothesis 1. Meanwhile, the Heterogeneity effect is noteworthy due to different regions, types, and levels. (4) The promotion of green development by digital finance is mainly concentrated in the local region and has not yet shown a significant green spillover effect for surrounding areas. It validates Hypothesis 2. (5) Energy structure, industrial upgrading, and technological progress are three paths for digital finance affecting green development. Hypothesis 3 is verified. Finally, the innovation of this paper lies in the design of the research framework, diversity of research methods, and policy implications. The main contribution is to enrich and expand the environmental finance theory and provide detailed empirical evidence. In addition, we put forward effective measures and suggestions including local governments, financial institutions, and enterprises based on the empirical results. Local governments should pay attention to policy implementation and operation effects, financial institutions constantly need to strengthen the supply of advanced digital financial products and services, and enterprises should attach importance to the use of digital financial tools to achieve green and low-carbon development in the future.

Industrial Co-Agglomeration and Air Pollution Reduction: An Empirical Evidence Based on Provincial Panel Data.

Industrial co-agglomeration plays a significant role in the moving up of the manufacturing industry in the value chain and in transforming China from a manufacturing giant into a world manufacturing power. This study establishes a co-aggregation index to explore spatio-temporal changes of the co-agglomeration between manufacturing and producer services in 30 provinces of China from 2004 to 2019. Furthermore, we use spatial Durbin model to analyze the impact of industrial co-agglomeration on air pollution reduction. We find that (1) the co-agglomeration index varies remarkably at spatio-temporal scale; (2) high co-agglomeration index is mainly distributed in eastern and central China, while low co-agglomeration index is mainly located in the western region; (3) the co-agglomeration index presents a cluster pattern among provinces, with the cluster of high value in eastern China and the cluster of low value in western China; and (4) the co-agglomeration between manufacturing and producer services is proven effetely to reduce air pollution, which is accompanied with spatial spillover effect. We also provided policy implications in line with diverse industries, multi hierarchies, and different regions, promoting the coordination of manufacturing and producer services and improving air quality.