Will China's Financial Decentralization Curb Carbon Emissions?—Based on the Perspective of Green Finance Reform
This paper examins China's financial decentralization model,which is characterized by a"bottom-up"ap-proach.On the basis of examining the change of the overall impact of financial decentralization on carbon emissions before and after the pilot reform of green finance,this paper conducts an in-depth discussions on the differentiated effects of financial de-centralization on local and remote carbon emissions due to different local policy input choices.The results show that there is a U-shaped relationship between financial decentralization and carbon emission intensity.In terms of the impact path,the finan-cial policies that support green technology innovation in pilot reform areas to promote clean enterprises and low-carbon trans-formation have the most obvious carbon reduction effect,and will reduce the carbon emission intensity of non-pilot areas through spillover effects.The influence of policy input to restrict the financial supply of high-polluting enterprises on local car-bon emission intensity is U-shaped.It is effective in the initial stage,but long-term and large-scale implementation may cause side effects,with no spillover effect.