Financial Development,Government Regulation and Green"The Belt and Road Initiative"
Promoting green development in"the Belt and Road"countries is an inherent requirement to practice the concept of green development and a major measure to achieve global climate and environmental goals.Based on the World Bank's Private Sector Participation in Infrastructure(PPI)database of 622 green PPP projects and mixed cross-section data of 65"the Belt and Road"countries,the paper uses Probit model and panel fixed effect to study the influencing factors of green development of"the Belt and Road"from the perspective of financial develop-ment and government regulation(including scientific and technological level,envi-ronmental regulation and government governance).The results show that the higher the level of financial development and government regulation,the higher the possi-bility of green PPP project construction.The improvement of financial development and government regulation will also make the private sector more active in participat-ing in green PPP projects,thus driving the increase of private investment.Further,based on the effective construction and measurement of the"five links"index,this paper empirically explores the green effect of the"five links"index.The results show that policy coordination,facilities connectivity,unimpeded trade,financial integration and people-to-people communication all have a positive impact on the green development of"the Belt and Road".The conclusion confirms the key role of financial development and government regulation in promoting the green develop-ment of"the Belt and Road",and puts forward relevant policy suggestions to pro-mote the green development of"the Belt and Road".
green"the belt and road"PPP modelfinancial developmentgovernment regulation
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