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<p>The pursuit of sustainable development has elevated green finance to the center of environmental policy design, yet translating financial regulatory reform into genuine environmental improvement remains poorly understood. This study examines China's Green Finance Pilot Zones using panel data from 332 cities over 2007 to 2024. Pilot zone designation increased green enterprise entry rates by approximately 5.4% and reduced urban carbon emissions by around 4.3%, effects operating through strengthened regional innovation ecosystems and improved credit access for new ventures. Policy effectiveness varied substantially across cities: large and market-oriented cities exhibited pronounced responses, smaller cities with weaker institutional foundations showed more limited ones, and coastal cities outperformed inland cities by a comparable margin. These patterns point toward a broadly relevant principle for sustainable finance reform: matching policy instruments to local institutional conditions tends to improve aggregate outcomes, and reforms designed with regional heterogeneity in mind are likely to generate more consistent environmental progress.</p>

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From regulatory experiments to policy design: green finance, entrepreneurship, and carbon reduction

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年4月30日

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  • Yansong Jin,
  • Taohong Wang,
  • Huaping Sun,
  • Mo Chen,
  • Guodong Zhao,
  • Xue Lei

摘要

The pursuit of sustainable development has elevated green finance to the center of environmental policy design, yet translating financial regulatory reform into genuine environmental improvement remains poorly understood. This study examines China's Green Finance Pilot Zones using panel data from 332 cities over 2007 to 2024. Pilot zone designation increased green enterprise entry rates by approximately 5.4% and reduced urban carbon emissions by around 4.3%, effects operating through strengthened regional innovation ecosystems and improved credit access for new ventures. Policy effectiveness varied substantially across cities: large and market-oriented cities exhibited pronounced responses, smaller cities with weaker institutional foundations showed more limited ones, and coastal cities outperformed inland cities by a comparable margin. These patterns point toward a broadly relevant principle for sustainable finance reform: matching policy instruments to local institutional conditions tends to improve aggregate outcomes, and reforms designed with regional heterogeneity in mind are likely to generate more consistent environmental progress.