The study determines the coupling degree of green investment and green ecology in China using kernel density estimation, spatial autocorrelation analysis, and standard deviation ellipse model to empirically evaluate the data of 30 Chinese provinces from 2005 to 2019. Moreover, the study investigates the temporal evolution trend, spatial clustering characteristics, and spatial evolution trend of coupling degree. Although the coupling coordination value of green investment and green ecology gradually increased, it is generally at a low coordination stage. At the same time, regional disparities narrowed with the most significant variability in the eastern region. Moreover, results found that the aggregation effect of the coupling and coordination of green investment and green ecology is more significant, and the high-value aggregation area extended from the lower reaches of the Yangtze River to the midstream region, while the western region is dominated by low-value aggregation. Similarly, the degree of synergy between green investment and green ecology is increased; however, the fragmentation trend is inevitable. At the same time, the center of gravity of coupling coordination shifted to the western regions, and the spatial pattern gradually weakened in the “northeast-southwest” direction. The findings of the study stress that local governments of China should improve the green investment system for green ecological development in the surrounding areas of the Yangtze River Economic Belt. Moreover, it is required to focus on the Northeast revitalization and Western development strategies to promote the synergistic development of green investment and green ecology.
The impact of green investment on green ecological development is still controversial. Based on the provincial panel data from 2009 to 2020, this study uses a spatial econometric model to test the impact of green investment on green ecological development and regional differences. Results found that the green investment significantly improved the local green ecological level and had less impact on the green ecological level of surrounding areas. Green innovation significantly affects green investment to promote green ecology in local and surrounding areas, inhibiting the development of green ecology. Environmental regulation improved the effect of local green investment to promote green innovation and has an inhibitory effect on surrounding areas. Moreover, environmental regulation inhibits the effect of local green investment to promote a green ecology. Finally, the promotion effect of green investment on local green ecology is only significant in the eastern region. The effect in the western region is not significant. This study has important practical significance for promoting China's green ecological development.
Whether there is an interactive relationship between green investment and green ecology, the current opinions seem to confront each other. This paper employs a panel vector autoregressive model to construct an empirical analysis on China’s provincial panel data from 2005 to 2019. Specifically, generalized moment estimation, impulse response function, variance decomposition and other measurement methods are applied to study the interactive relationship between green investment and green ecological development. The research results show that: (1) The inertial development of the green investment system seriously restricts the progress of green investment levels, and the long-term development of green ecology has a significant self-reinforcing trend. (2) The two-way interaction between green investment and green ecology exhibits a positive spillover effect in the short term, but the positive effect gradually weakens in the long run. (3) The impact of green ecology on green investment is most significant in the interactive relationship, and the positive effect of green ecology on green investment in the western region is the most prominent. Therefore, the government should standardize green investment standards and use policy guidance to promote the regional transfer of green investment and green ecological resources. Financial institutions should appropriately lower the financing threshold for polluting enterprises and municipal construction, and leverage more social funds to flow into long-term green technologies and green industries. Companies should raise awareness of environmental information disclosure, ban outdated production capacity and transition to a cleaner production model in order to obtain support from green funds.
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