Utilizing green finance to promote low-carbon transition of Chinese cities: insights from technological innovation and industrial structure adjustment.

Green finance (GF) has emerged as a promising tool to promote low-carbon development, while knowledge is rather limited regarding the underlying mechanism. This article aims to address this void by constructing a city-level GF index covering seven dimensions and identifying the main pathways through which GF can facilitate the low-carbon development of cities. Using a balanced panel data covering 277 Chinese cities from 2010 to 2020, the results show that: (1) China's GF development exhibits an overall spatial differentiation of 'high in the east and low in the west', while the distribution of carbon intensity (CI) displays an overall spatial differentiation of 'high in the north and low in the south'; (2) GF significantly decreases CI of cities, which is robust to employing DID strategies and IV estimations; (3) The role of GF on CI varies with the level of CI whereas not with the level of GF. Specifically, the mitigating effect of GF on CI is significant in both high GF and low GF groups, but only in high CI group; and (4) GF promotes low-carbon transition of cities through mainly on adjusting industrial structure rather than stimulating technological innovation. Despite we also demonstrate green finance enhances green innovation, due to multi-factors, such technology progress it brings may not always translate into a tangible improvement in green productivity. For most developing countries including China, the future policy objective of green finance should focus on enhancing sustainable technological progress.

New insights into the link between pro-environmental attitudes and household food waste behaviours in China: Moderating effect of shopping distance.

Environmental attitude, value and awareness are widely believed to help reach the goal of cutting global food waste, but these psychological and cognitive factors are not always good predictors of wasteful behaviours. Notably, it is still unclear how the role of pro-environmental attitude (PEA) in reducing household food waste (HFW) changes with grocery shopping distance. To this end, using 7319 households survey data from China, this study investigates the moderating effect of shopping distance on the link between PEA and HFW behaviour. The results of Tobit regressions show that PEA is an important predictor of actual HFW behaviour in the absence of the constraint of shopping distance. However, the expansion of shopping distance will weaken the positive role of PEA in reducing HFW. It indicates that, due to the temporal and financial constraints generated by shopping distance, there is a certain degree of hypothetical deviation between the wasteful behaviours that individuals actually exhibit and their stated PEA. Our findings, from the perspective of the moderating effect of shopping distance, explain why some individuals deviate from their stated PEA in HFW behaviour, which provides a new insight into the generation of 'attitude-behaviour' gap. Therefore, policy interventions that merely enhancing environmental education may have limited effect on reducing food waste; instead, the promotion of citizen environmental ethics should be combined with efforts to improve the accessibility of retail infrastructures.

Can China's vehicular emissions regulation reduce air pollution?-a quasi-natural experiment based on the latest National Vehicular Emissions Standard (stage-VI).

The existing evidence on the environmental effects of vehicular emissions regulation almost comes from developed countries, but the effectiveness of this policy tool in developing countries, especially in China, remains unclear. This study, for the first time, examined the mitigating effects of China's vehicular emissions regulation on air pollution at the prefecture level cities, by using the latest implementation of China's National Vehicular Emissions Standard VI (CHINA-VI) as a quasi-natural experimental process of policy shocks. To this end, monthly data from 2018 to 2020 was applied to construct a difference-in-differences (DID) model. The results showed that pilot cities' air quality index (AQI) significantly decreased by 4.74 compared to non-pilot cities after the implementation of CHINA-VI. Also, the concentration of PM2.5, PM10, and O3 has decreased by 3.6 µg∕m3, 6.4 µg∕m3, and 3.0 µg∕m3, respectively, which means the new China's vehicular emissions regulation has comprehensively improved air quality. The findings are still valid after a series of robustness tests using different estimation methods such as PSM-DID and IV-2SLS. In addition, we also found heterogeneity in the environmental performance of CHINA-VI across cities. Specifically, cities with lower levels of green finance development and public environmental concern showed a greater emissions reduction effect, but smart cities showed a greater emissions reduction effect than non-smart cities.

The impacts of COVID-19 on China insurance industry-An empirical analysis based on event study.

Introduction: At the end of 2019, the sudden outbreak of COVID-19 pneumonia has developed from a mass health event to a global epidemic disaster. Its impact extends from human health to social, economic, political, international relations and global governance. In the process of fighting against the epidemic in China, almost all economic sectors were affected, and the insurance industry with epidemic sensitive characteristics was particularly affected. Methods: In order to identify the impacts of COVID-19 on China's insurance industry, this paper uses the event study method to calculate the changes in the cumulative abnormal return rate and the cumulative excess return of Chinese listed insurance companies before and after the outbreak of COVID-19. In the empirical analysis, five different typical events are examined, including the first outbreak of COVID-19 in China, the closure of Wuhan, the dredging of Wuhan, and the listing of vaccines in China. Results: The results show that the return rate of listed companies in the insurance industry showed an "inverted N" curve with the "decreasing, rising and then decreasing." The epidemic mainly has negative effects on the insurance industry in terms of premium income and indemnity expenditure. According to the supply shock theory of the new supply economics, the epidemic has a negative impact on the insurance industry in the short term and a positive impact in the long term. Discussion: In this context, insurance enterprises should attach importance to the change of business model, strengthen the development model of public-private joint venture insurance, promote product innovation and the application of insurance technology, and the experience and practice of the insurance industry in responding to the impact of the epidemic are of great significance to the transformation of China's insurance industry.

Cooperative green innovation.

Cooperative green innovation is an important tool to cope with global climate change and this article highlights cooperative green innovation with game theory. Some interesting conclusions are achieved. First, emission tax stimulates the innovation for all firms. Second, free-rider phenomena appear in cooperative green innovation. When the cooperative green innovation requires big investment, firms have intention to launch free-rider. Finally, the underinvestment of cooperative green innovation exists. This article suggests to regulate innovative investment and to subsidize to improve cooperative green innovation.

Optimal tax selection under monopoly: emission tax vs carbon tax.

Both carbon and emission taxes popularly exist all over the world. Therefore, it is important to compare carbon with emission tax. Under monopolization, this article establishes game theory model to compare carbon with emission tax. On one hand, both carbon and emission taxes reduce energy inputs, outputs, profits, and emission. On the other hand, under optimal taxes, two types of taxes affect identically. Under incomplete information carbon taxes seem more efficient than emission taxes. Based on these conclusions, we suggest to launch environmental tax based on emission function. Or the selection of taxes should consider the emission properties in production.