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Green development, as a key link in the philosophy of new development, is the only way to achieve sustainable development. However, how science and technology (ST) finance affects green development remains unclear. Based on panel data of 284 cities in China from 2007 to 2020, the multi-time-point difference-in-differences (DID) model and the mediation model were utilized to analyze the influencing mechanisms and paths of the ST financial pilot policy on green development. The results show that ST financial policy can significantly promote green development, for which green innovation (GI) capability, industrial structure advancement (ISA), and industrial structure rationalization (ISR) are important paths. Moreover, the effects of ST financial policy on green development are heterogeneous: the policy exerts a stronger effect on the central region than on the eastern and western regions, a stronger effect on large cities than on small- and medium-sized cities, and a stronger effect on key cities than on general cities. Therefore, relevant governmental departments should continually optimize ST financial policy; pay more attention to cities in the western region, small- and medium-sized cities, and general cities; actively foster GI capability; facilitate industrial structure transformation and upgrading; and vigorously support cross-regional exchange and cooperation to jointly realize green development. This study sheds new light on how the ST finance related policy reform promotes sustainable growth and socio-economic welfare in developing countries.
Zou et al. (Fri,) studied this question.
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