Search Results (48)

This study focuses on the impact of China’s digital economy on sustainable modernization from 2011 to 2021, using provincial panel data for empirical analysis. By applying threshold and mediation models, we find that the digital economy promotes modernization through industrial upgrading (with a mediating effect of 38%) and trade openness (coefficient = 0.234). The research reveals “U-shaped” nonlinear threshold effects at specific levels of digital development (2.218), market efficiency (9.212), and technological progress (12.224). Eastern provinces benefit significantly (coefficient ranging from 0.12 to 0.15 ***), while western regions initially experience some inhibition (coefficient = −0.08 *). Industrial digitalization (coefficient = 0.13 ***) and innovation ecosystems (coefficient = 0.09 ***) play crucial roles in driving eco-efficiency and equity, in line with Sustainable Development Goals 9 and 13. Meanwhile, the impacts of infrastructure (coefficient = 0.07) and industrialization (coefficient = 0.085) are delayed. Economic modernization improves (coefficient = 0.37 ***), yet social modernization declines (coefficient = −0.12 *). This study not only enriches economic theory but also extends the environmental Kuznets curve to the digital economy domain. We propose tiered policy recommendations, including the construction of green digital infrastructure, carbon pricing, and rural digital transformation, which are applicable to China and offer valuable references for emerging economies aiming to achieve inclusive low-carbon growth in the digital era. Future research could further explore the differentiated mechanisms of various digital technologies in the modernization process across different regions and how to optimize policy combinations to better balance digital innovation with sustainable development goals. Full article

In this work, we examine the correlation between financial inclusion and the Environmental, Social, and Governance (ESG) factors of sustainable development with the assistance of an exhaustive panel dataset of 103 emerging and developing economies spanning 2011 to 2022. The “Account Age” variable, standing for financial inclusion, is the share of adults owning accounts with formal financial institutions or with the providers of mobile money services, inclusive of both conventional and digital entry points. Methodologically, the article follows an econometric approach with panel data regressions, supplemented by Two-Stage Least Squares (2SLS) with instrumental variables in order to control endogeneity biases. ESG-specific instruments like climate resilience indicators and digital penetration measures are utilized for the purpose of robustness. As a companion approach, the paper follows machine learning techniques, applying a set of algorithms either for regression or for clustering for the purpose of detecting non-linearities and discerning ESG-inclusion typologies for the sample of countries. Results reflect that financial inclusion is, in the Environmental pillar, significantly associated with contemporary sustainability activity such as consumption of green energy, extent of protected area, and value added by agriculture, while reliance on traditional agriculture, measured by land use and value added by agriculture, decreases inclusion. For the Social pillar, expenditure on education, internet, sanitation, and gender equity are prominent inclusion facilitators, while engagement with the informal labor market exhibits a suppressing function. For the Governance pillar, anti-corruption activity and patent filing activity are inclusive, while diminishing regulatory quality, possibly by way of digital governance gaps, has a negative correlation. Policy implications are substantial: the research suggests that development dividends from a multi-dimensional approach can be had through enhancing financial inclusion. Policies that intersect financial access with upgrading the environment, social expenditure, and institutional reconstitution can simultaneously support sustainability targets. These are the most applicable lessons for the policy-makers and development professionals concerned with the attainment of the SDGs, specifically over the regions of the Global South, where the trinity of climate resilience, social fairness, and institutional renovation most significantly manifests. Full article

China leads global carp aquaculture (farming of species within the family Cyprinidae), producing 20 million tons annually in a sector shaped by favorable policies, infrastructure, and innovation. Carp farming in China is rooted in millennia of traditional practices and transformative post-1978 economic reforms. This review synthesizes the historical trajectory, technological advancements, policy frameworks, and sustainability challenges shaping China’s carp aquaculture sector. Historically, carp polyculture systems, developed during the Tang Dynasty (618–907 CE), laid the foundation for resource-efficient practices. Modern intensification, driven by state-led policies, genetic innovations, and feed-based systems, enabled unprecedented growth. However, rapid expansion has exacerbated environmental trade-offs, including nutrient pollution, habitat loss, and antibiotic resistance, while socioeconomic disparities, aging labor forces, and market volatility threaten sectoral resilience. Policy shifts since the 2000s prioritize ecological sustainability, exemplified by effluent regulations, wetland restoration, and green technologies. Despite progress, challenges persist in reconciling economic viability with environmental safeguards. Key success factors include long-term policy support, smallholder capacity building, vertically integrated supply chains, product differentiation, and adaptive management. With balanced policies emphasizing economic, social, and environmental sustainability, carp aquaculture can enhance domestic food and nutrition security. China’s experience showcases the potential of aquaculture to bolster food security but highlights the urgent need to harmonize productivity with ecological and social equity to ensure long-term resilience. Lessons from China’s model offer actionable insights for global aquaculture systems navigating similar sustainability imperatives. Full article

Climate change is a major challenge for humanity, with important implications for corporate development. Based on the data of China’s A-share listed companies from 2000 to 2021, this study evaluates the impact of climate policy uncertainty (CPU) on firms’ green innovation using a two-way fixed-effects model. It is found that CPU inhibits firms’ green innovation by reducing government support and external investment, with corporate green innovation declining by 3.3% for each unit increase in CPU. The mechanism studies reveal that CPU has impeded corporate green innovation by reducing corporate social responsibility and increasing corporate financing constraints. The heterogeneity analyses indicate that the negative effect of CPU was more noticeable in state-owned enterprises (SOEs), heavily polluting firms, and firms with a high equity concentration. Further exploration of the economic consequences suggests that CPU has weakened enterprise market competitiveness, including market share, market value, and management efficiency. Climate policy uncertainty is an important external factor for sustainable development, and this paper discusses the impact of climate policy uncertainty on corporate green innovation, which can help to realize the coordinated development of climate policy and corporate green innovation. Full article

As China’s marine economy and green high-quality development strategy both progress, traditional marine crab farming is reaching its capacity limits. In response, the land-based aquaculture farming model for saline–alkali crabs has emerged, offering new opportunities for the industry. Simultaneously, consumer demand for specialty aquatic products is rising, with growing preferences for products of varying quality and distinctive flavors. To remain competitive, developing quality and flavor differentiation strategies that align with market structures is essential. In this paper, a sequential game-theoretic model is constructed to capture supplier behavior under different market conditions while incorporating consumer heterogeneity and cost structures. The paper examines how flavor preference, quality preference, and market segmentation shape supplier strategies, focusing particularly on the interaction between market entry and segmentation under geographic and cultural influences. The model incorporates consumer utility functions, search costs, and quality investment costs, allowing equilibrium strategies to be derived and compared across scenarios. By incorporating information search costs and technology investment, this paper analyzes optimal pricing and quality decisions in order to inform effective market entry strategies. In addition, the paper explores how the timing of entry affects product quality improvements and price competition, highlighting the evolving acceptance of new products by consumers. In coastal markets, suppliers must prioritize consolidating their presence and leveraging brand equity in order to enhance pricing power. In contrast, emerging markets require accelerated penetration through product differentiation and improved information transparency. This paper proposes an integrated approach to optimizing pricing and product strategies, providing firms with precise market encroachment and competitive strategies that can enhance their market share and longterm competitiveness. Full article

Whether SMEs can become a significant player in green innovation and reshape the green innovation landscape in China largely depends on their ability to effectively address the lack of momentum for green innovation among SMEs. Utilizing data from China’s SMEs listed on the growth enterprise market between 2011 and 2022, this study empirically examines the effects and underlying mechanisms of digital financial inclusion on green innovation in SMEs, considering both the financial market supply and corporate financing constraints. The results indicate that digital inclusive finance significantly enhances both the quantity and quality of green innovation in SMEs. Moreover, digital financial inclusion particularly improves the quality and quantity of green innovation in SMEs with strong ESG performance and high equity concentration, compared to those with weaker ESG performance and lower equity concentration. Heterogeneity analysis reveals that digital inclusive finance can improve the quality and quantity of state-owned enterprises and enterprises in the eastern region. Still, it has no significant impact on the quantity of green innovation for enterprises in the central and western regions. Regarding the impact mechanism, digital inclusive finance encourages SMEs to engage proactively in green innovation by mitigating financing constraints and increasing R&D investments. The findings of this paper not only reveal how SMEs can overcome the restrictive mechanisms of green innovation through digital inclusive finance, but also provide critical insights for improving the imbalance in the structure of green innovation within China. Full article

The capital market is important to promoting the comprehensive green transformation of social development and facilitating the flow of social resources toward green innovation and low-carbon technologies. Mainland Chinese enterprises cross-listed in the Hong Kong stock market (AH cross-listed enterprises) provide a good experimental object for investigating the role of capital-market integration in promoting corporate green innovation behavior. This paper investigates the impact of Chinese AH cross-listing on corporate green innovation. Using the entropy balancing matching and difference-in-differences model (EB-DID model), we empirically analyze a sample of 13,538 valid firm-year observations (including 1206 AH-share ones) from Chinese listed firms between 2005 and 2023. Our research findings show that AH cross-listing promotes Chinese firms’ green innovation. Moreover, this effect is heterogeneous among firms with different financial constraint levels, external finance dependence, internal control quality, and audit quality. Finally, AH cross-listing spurs corporate green innovation by reducing equity capital costs and optimizing information disclosure quality. Our results are robust to alternative measurements of green innovation, alternative matching methods, alternative regression models, and various controls for endogeneity issues. The study reveals a new determinant of corporate green innovation and expands the boundaries of cross-listing’s microeconomic consequences. Full article

This study explores the ways we can evaluate green brands in the IT industry. It is important to have a method to assess the impact that these companies have on the environment and on ourselves. The model aims to provide a comprehensive evaluation framework, contributing to long-term value creation by aligning brand performance with sustainability and responsible practices. For this study, we will assess both financial indicators, such as the economic growth and economic efficiency of the brand, and non-financial indicators that deal with the environmental and social metrics. The proposed evaluation method is based on data collected through studies and literature reviews and through exploratory research, by applying a questionnaire. The study also examined key factors like energy efficiency, e-waste management, and environmental certifications. The analysis demonstrated the necessity for IT green brands to be evaluated, to have their environmental impact measured and assessed by a scoring system. Return on Green Equity (ROGE) and Return on Green Investment (GROI) are the indicators used with their corresponding mathematical formulas. The promotion of environmentally sustainable procedures for IT brands is the main goal as an evaluation model, more specifically, to distribute information to stakeholders and at the same time to support them in the transition towards efficient and sustainable production and consumption patterns. This study provides a structured framework for assessing the impact of green brands within the IT industry, using specific mathematical formulas. These indicators can influence consumer purchasing behavior, resulting in the development of a green and sustainable market, also encompassing macroeconomic impacts through changing buyer behavior. Full article

This paper explores how to promote consumer identification and acceptance of green products in the field of sustainable consumption and green marketing. Specifically, this paper examines how green factors affect consumers’ willingness to purchase new energy vehicles (NEVs) and focuses on the mediating role played by perceived price equity in this process. It is found that consumers’ green self-identity, green product experience, and green product innovation have a significant positive impact on their willingness to purchase NEVs, while perceived price fairness plays an important mediating role in this process. When consumers perceive that the pricing of NEVs is fair, they are more inclined to purchase them. Through the analysis of China’s new energy vehicle market, this paper puts forward suggestions to optimize the promotion strategy of green products from the perspective of price fairness, with a view to providing theoretical support and practical guidance for relevant enterprises. As China is the world’s number one country in terms of NEV ownership, studying its market consumption willingness not only reveals the unique characteristics of the Chinese market but also provides lessons and references for the future development of the new energy vehicle market in other countries, which is of great exemplary significance. Full article

The carbon emissions trading market is an important policy tool for the implementation of the “double carbon” goal, and the study of carbon emission quotas is an important topic for promoting green transformation, energy savings, and emission reduction in enterprises. This paper surveys the development and construction history of China’s carbon trading market, uses the VOS-viewer measurement tool to analyze the keywords co-occurrence and evolution trend of the literature about the carbon trading market from 2005 to 2024, analyzes the research hotspots, and reviews the principles of the initial carbon quota allocation, carbon quota distribution methods, and the carbon trading market carbon quota mechanism under the model construction, etc. The following conclusions can be drawn: (1) The most commonly used principles for allocating initial carbon quota are the principle of equity, the principle of efficiency, and the principle of synthesis. The equity principle focuses on the capacities and burdens of different participants; the efficiency principle maximizes incentives for participants to reduce carbon emissions; the comprehensive principle allocates carbon allowances from the perspective of enterprises, with less consideration for social responsibility and economic benefits. (2) In terms of carbon quota allocation, the initial quota should be gradually tightened, and the proportion of paid quotas should be increased. (3) The types of participants in the carbon emission reduction supply chain model are relatively simple. This paper analyzes the current situation of the research on carbon emission quota, discusses its development rules and problems, and puts forward theoretical and practical suggestions for the better development and construction of China’s unified carbon market in the future. Full article

Urban intelligence is reshaping urban innovation patterns, accelerating urban transformation, and significantly influencing green and sustainable development. By applying the non-radial directional distance function and an improved entropy method, this study measures the green development efficiency and levels across 286 Chinese cities from 2006 to 2020. The objectives of this study are twofold: first, to examine the impact of urban intelligence transformation on green development, and second, to investigate how urban intelligence influences common prosperity. The analysis employs a double/debiased machine learning model, with the “Smart City Pilot” policy as the focal point. The findings indicate that (1) urban intelligence transformation enhances both the level and efficiency of green development in Chinese cities; (2) this transformation fosters green development by driving urban innovation, upgrading industrial structures, and promoting green finance; and (3) the impact of urban intelligence varies across cities with different sizes, resource endowments, and marketization levels. Furthermore, the study constructs a common prosperity index to assess how urban intelligence contributes to residents’ well-being and social equity. The results suggest that urban intelligence transformation not only advances green development but also contributes to improving residents’ quality of life, thereby promoting a more equitable and prosperous society. These insights offer crucial policy guidance for China and other countries facing environmental and economic challenges in the digital age. Full article

In this study, we investigate the volatility spillover effects across uncertainty indices (Infectious Disease Equity Market Volatility Tracker (IDEMV) and Geopolitical Risk Index (GPR)), carbon emissions, crude oil, natural gas, and green assets (green bonds and green stock) under extreme market conditions based on the quantile connectedness approach. The empirical findings reveal that the total and directional connectedness across green assets and other variables in extreme market conditions is much higher than that in the median, and there is obvious asymmetry in the connectedness measured at the extreme lower and upper quantiles. Our findings suggest that the uncertainty caused by COVID-19 has a more significant impact on green assets than the uncertainty related to the Russia–Ukraine war under normal and extreme market conditions. Furthermore, we discover that the uncertainty indices are more important in predicting green asset volatility under extreme market conditions than they are in the normal market. Finally, we observe that the dynamic total spillover effects in the extreme quantiles are significantly higher than those in the median. Full article

In this study, we examine the critical question of whether global equity and bond assets (both green and non-green) offer effective hedging and safe haven properties against stock market risks in South Asia, with a focus on Bangladesh, India, Pakistan, and Sri Lanka. The increasing integration of global financial markets and the volatility experienced during recent economic crises raise important questions regarding the resilience of South Asian markets and the potential protective role of global assets. Drawing on methods like VaR and CVaR tail risk estimators, the DCC-GJR-GARCH time-varying connectedness approach, and cost-effectiveness tools for hedging, we analyze data spanning from 2014 to 2022 to assess these relationships comprehensively. Our findings demonstrate that stock markets in Bangladesh experience lower levels of downside risk in each quantile; however, safe haven properties from the global financial markets are effective for Bangladeshi, Indian, and Pakistani stock markets during the crisis period. Meanwhile, the Sri Lankan stock market neither receives hedging usefulness nor safe haven benefits from the same marketplaces. Additionally, global green assets, specifically green bond assets, are more reliable sources to ensure the safest investment for South Asian investors. Finally, the portfolio implications suggest that while traditional global equity assets offer ideal portfolio weights for South Asian investors, global equity and bond assets (both green and non-green) are the cheapest hedgers for equity investors, particularly in the Bangladeshi, Pakistani, and Sri Lankan stock markets. Moreover, these results hold significant implications for investors seeking to optimize portfolios and manage risk, as well as for policymakers aiming to strengthen regional market resilience. By clarifying the protective capacities of global assets, particularly green ones, our study contributes to a nuanced understanding of portfolio diversification and financial stability strategies within emerging markets in South Asia. Full article

Efficient agricultural input is crucial for agricultural green production and sustainable development. The swift evolution of information and communication technologies has diversified the avenues through which farmers access information. However, how different information channels affect farmers’ production input remain poorly understood. Leveraging a two-way fixed-effects model and the Karlson-–Holm–Breen (KHB) method, this study delves into the mechanisms underlying the influence of both traditional and modern information channels on farmers’ inputs of seeds, chemical fertilizers, and pesticides (SCFP) based on over 15,000 sample of Chinese farmers. The findings reveal the following: (1) modern information channels significantly decrease farmers’ SCFP input, whereas traditional channels exhibit the opposite effect; (2) environmental pollution perception acts as a mediator in the influence of both traditional and modern information channels on farmers’ SCFP input; (3) traditional information channels significantly promote farmers’ SCFP input in the grain production and marketing balance areas, and modern information channels inhibit farmers’ SCFP input in major grain-producing areas; and (4) traditional and modern information channels have an impact on farmers’ SCFP input in the western region, but not in the central region. To promote sustainable agricultural development, government departments should enhance rural Internet access, diversify information sources, advocate for eco-farming, ensure regional digital equity, and enhance green agri-tech promotion. Full article

Green technology innovation is an important driving force for low-carbon development of enterprises. As a market-based environmental policy to promote greenhouse gas emission reduction, whether carbon emission trading scheme (ETS) can encourage enterprises to carry out green technology innovation under the background of “dual carbon” goal deserves further research. Taking Chinese A-share listed enterprises in the five major sectors as samples, this study constructed a modified Difference-in-Differences (DID) model to test the causal effect of ETS on green innovation in high-carbon industries. Three significant results can be summarized from the empirical study. Firstly, the ETS has a significant promoting effect on green innovation of high-carbon enterprises. And it can effectively promote high-carbon enterprises to achieve an average of a 13.24–19.56% increase in low-carbon innovation capabilities. Secondly, enterprises with different characteristics have heterogeneity in the impact of ETS implementation on green innovation. Secondly, the implementation of ETS exerts heterogeneous effects on green technology innovation across enterprises that possess diverse characteristics. Enterprises with a large capital scale (low equity concentration) have a more significant promoting effect than those with a small capital scale (high equity concentration). Thirdly, the green innovation effect of ETS exhibits significant heterogeneity across different types of industries. In the mining, manufacturing, and construction sectors, the ETS has effectively stimulated green innovation to a certain extent. There has been no significant change in green innovation in the sector of electricity, heat, gas, and water production and supply. In particular, after the implementation of the ETS, green innovation has actually been weakened in the transportation sector. As such, for policy makers, differentiated ETS policies should be implemented based on the actual situation of different industries and types of carbon-emitting enterprises. Full article