This study investigates the impact of green financing in China's cultural industry on green growth across 32 provinces from 2010 to 2021. Using the CCEMG estimator, the research finds that a 1% increase in cultural sustainability investment correlates with a 0.63% rise in green growth, while a 1% increase in CO2 emissions corresponds to a 0.14% decline. Financial market size shows no significant effect. Interestingly, a higher ICT diffusion index is associated with a reduction in green growth (-0.25%). The study suggests strategies like advancing cultural industry digitalization through fintech and big data, establishing supportive regulations, and fostering collaborations between financial institutions and cultural organizations.

Hanzhi Zhang, Jingfeng Zhang, Chih-Hung Pai