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<p>This study investigates the direct effects and the interaction between green finance and technological innovation on China’s economic growth. The empirical analysis draws on a balanced panel of 30 Chinese provinces spanning 2013–2023 and estimates two-way fixed-effects models with heteroskedasticity-robust standard errors to absorb time-invariant provincial characteristics and common macroeconomic shocks. Green finance is measured with a composite indicator combining green bond and green credit, while technological innovation is measured with R&amp;D investment. The estimates point to a positive and statistically significant complementarity: the interaction item equals 0.0737% in the robust fixed-effects model, indicating that technological innovation amplifies the growth returns associated with green financial deepening. Potential endogeneity is mitigated through IV-2SLS, system-GMM and machine-learning-IV, and the interaction effect remains positive across approaches. Heterogeneity tests further suggest that the interaction is most pronounced in eastern region and weaker in western region, consistent with regional disparities in absorptive capacity and financial–innovation infrastructure. Collectively, these findings underscore the value of policy designs that align green financial instruments with technological innovation support to promote high-quality, sustainable growth.</p>

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Green finance and technological innovation interact to shape economic growth in China

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年6月22日

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  • Li He,
  • Nurhafiza Abdul Kader Malim,
  • Du Xuyang,
  • Xu Zaijuan

摘要

This study investigates the direct effects and the interaction between green finance and technological innovation on China’s economic growth. The empirical analysis draws on a balanced panel of 30 Chinese provinces spanning 2013–2023 and estimates two-way fixed-effects models with heteroskedasticity-robust standard errors to absorb time-invariant provincial characteristics and common macroeconomic shocks. Green finance is measured with a composite indicator combining green bond and green credit, while technological innovation is measured with R&D investment. The estimates point to a positive and statistically significant complementarity: the interaction item equals 0.0737% in the robust fixed-effects model, indicating that technological innovation amplifies the growth returns associated with green financial deepening. Potential endogeneity is mitigated through IV-2SLS, system-GMM and machine-learning-IV, and the interaction effect remains positive across approaches. Heterogeneity tests further suggest that the interaction is most pronounced in eastern region and weaker in western region, consistent with regional disparities in absorptive capacity and financial–innovation infrastructure. Collectively, these findings underscore the value of policy designs that align green financial instruments with technological innovation support to promote high-quality, sustainable growth.