Promoting carbon neutrality and green growth through cultural industry financing

This study delves into the influence of green financing within the cultural industry on the green growth trajectories of China's 32 provinces spanning the years 2010 to 2021. Employing the Common Correlated Effects Mean Group (CCEMG) estimator, the research comprehensively assesses the impact of various independent variables on green growth. The findings indicate that a 1% rise in cultural sustainability investment correlates with a 0.63% upswing in green growth, whereas a 1% increase in carbon dioxide emissions corresponds to a 0.14% decline in green growth. Additionally, the study posits that shifts in the scale of the financial market do not exert a significant influence on green growth. Moreover, the negative coefficient of -0.25% for the variable "ICT diffusion index" suggests that heightened use of ICT devices is associated with a reduction in green growth. Given these insights, proposed strategies involve advancing the digitalization of the cultural industry through fintech and big data, establishing supportive regulatory frameworks, and fostering collaborations between financial institutions and cultural organizations.

Hanzhi Zhang, Jingfeng Zhang, Chih-Hung Pai