Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals....Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.展开更多
International climate finance is a sub-set of green finance and refers to investments specifically in climate change mitigation and adaptation activities,which primarily involve public finance and the leveraging of pr...International climate finance is a sub-set of green finance and refers to investments specifically in climate change mitigation and adaptation activities,which primarily involve public finance and the leveraging of private finance in developing countries.In addition to continued international support for scaling low carbon solutions and facilitating replicability in developing countries,there remains an important need to increase the amount of climate finance provided to innovation,particularly demonstration(for technology innovation)and pilot implementation(for policy innovation),and to channel a greater proportion of Official Development Assistance(ODA)to‘hard-to-abate'areas,such as industrial decarbonisation,international transport and cross-sectoral issues like cooling and behavioural insights,to accelerate the commercialisation and implementation of technological,linancial and policy solutions to contribute to meeting the Paris Agreement's goal of limiting global warming to‘well-below'2℃ in these countries.Linking research,development and demonstration(RD&D)support with technical assistance is important in providing the route to obtain wider donor finance(concessional finance)and private finance to enable deployment through scalability and replicability.展开更多
An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China's five-year plans during 1991–2010, we find that state-owned fi...An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China's five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state sector.Finally, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.展开更多
Based on case study of the practice of smart city development around the world,which has achieved a lot to make our life more convenient,through analysis of advantages and disadvantages,conclusion of some principles c...Based on case study of the practice of smart city development around the world,which has achieved a lot to make our life more convenient,through analysis of advantages and disadvantages,conclusion of some principles could be reached in a qualitative way.After studying the policy and economy environment of China,this paper concludes some features,identifies opportunities and challenges for smart city under the background of“The Belt and Road Initiative”,and provides suggestions on the development of China.展开更多
文摘Given the global focus on green and low-carbon development and the increasing prominence of digital finance,it is particularly important to explore how to leverage digital finance to achieve these environmental goals.This study,through mechanism analysis,deeply examines how China’s digital finance promotes green and low-carbon development and elucidates the positive interaction between digital finance and the green industry.The study found that digital finance,through more flexible and efficient financial functions,alters the cost structure of carbon emissions,and reduces the risks and costs of green investments,thereby creating a cooperative green mechanism benefiting all parties,and guiding social groups toward a green and low-carbon transformation.Additionally,the rapid development of digital finance has strengthened the implementation of environmental protection policies,effectively promoted the expansion of the environmental protection industry,and established the green ethos as a mainstream concept in financial development.This study aims to provide reference perspectives and suggestions,assist policymakers in promoting the green and lowcarbon development of digital finance,and offer insights into the integrated development of digital finance and the green environmental protection industry.
文摘International climate finance is a sub-set of green finance and refers to investments specifically in climate change mitigation and adaptation activities,which primarily involve public finance and the leveraging of private finance in developing countries.In addition to continued international support for scaling low carbon solutions and facilitating replicability in developing countries,there remains an important need to increase the amount of climate finance provided to innovation,particularly demonstration(for technology innovation)and pilot implementation(for policy innovation),and to channel a greater proportion of Official Development Assistance(ODA)to‘hard-to-abate'areas,such as industrial decarbonisation,international transport and cross-sectoral issues like cooling and behavioural insights,to accelerate the commercialisation and implementation of technological,linancial and policy solutions to contribute to meeting the Paris Agreement's goal of limiting global warming to‘well-below'2℃ in these countries.Linking research,development and demonstration(RD&D)support with technical assistance is important in providing the route to obtain wider donor finance(concessional finance)and private finance to enable deployment through scalability and replicability.
基金a generous Tier 2 grant from the Ministry of Education of Singapore, # R-521-000-024-112National Natural Science Foundation of China, # 71372032
文摘An important factor influencing corporate finance and economic growth in China lies in its government sponsored industrial policies. Examining China's five-year plans during 1991–2010, we find that state-owned firms in government supported industries enjoy faster growth in initial public offerings and higher offer prices. Further, they enjoy faster growth in loans granted by major national banks. However, this preferential access to capital by state-owned firms appears to be achieved at the expense of non-state-owned firms which are crowded out. Government support induces more investment but also brings more overinvestment, which mainly comes from the non-state sector.Finally, supported industries have higher stock market returns and cash flow growth that dampen when state ownership increases.
文摘Based on case study of the practice of smart city development around the world,which has achieved a lot to make our life more convenient,through analysis of advantages and disadvantages,conclusion of some principles could be reached in a qualitative way.After studying the policy and economy environment of China,this paper concludes some features,identifies opportunities and challenges for smart city under the background of“The Belt and Road Initiative”,and provides suggestions on the development of China.
