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Based on the TOE framework and analysing 31 Chinese provinces, this study uses fsQCA and ANN to explore key drivers of green finance. Findings indicate that green finance policies, environmental investments, financial regulation, and the digital economy significantly foster green finance development with varied pathways across regions. Public environmental awareness, technological innovation, and digital inclusive finance are also crucial. The study reveals a nonlinear development model for green finance, shaped by complex factor interactions, offering theoretical support for policymakers to design effective green finance strategies in complex economic contexts to achieve sustainable development goals.
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Cai et al. (2025) studied this question.
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