No abstract

With the fast-growing consumption of automobiles in China, vehicle fumes appear to be one of the major contributors to PM 2.5 (fine particles with a diameter of 2.5 µm or less) emissions. As a type of green transportation, Chinese urban subway transit has developed rapidly in recent years. This paper estimates the effect of urban subway openings on PM 2.5 concentrations in Chinese cities. Using daily air quality data for 29 Chinese cities from 2013 to 2018, and using regression discontinuity design, we find that new subway openings reduce PM 2.5 concentrations by an average of 18 µg/m 3 . The potential mechanism for this emission reduction is due to the offset in on-road transportation, and the use of cleaner energy. Also, central heating in winter, population scale, and city tier play crucial roles in the emission-reducing effect of subway openings. A series of robustness tests are conducted to support the fundamental empirical results. Targeted policy implications, such as optimizing the planning of urban subway construction and road network, fostering awareness of green travel, and promoting the innovation of emission-reducing technologies, are suggested for sustainable development in Chinese cities.

“Creating conditions for more people to have property income” has become a national policy after the 17th National Congress of the Communist Party of China. Based on the micro survey data from Chinese Family Panel Studies (CFPS) in 2010, 2012, 2014, 2016 and the macro panel data at the provincial level, a logarithmic linear equation was built to estimate the impact of micro and macro factors on property income. Furthermore, the contribution of fiscal expenditure and financial development on property income equality can be recognized using the regression-based inequality decomposition method. This research revealed that fiscal expenditure improves residents’ property income and slightly reduces the inequality of property income distribution. With respect to financial development, it improves residents’ property income but aggravates the inequality of property income distribution. However, there is a significant difference between the different regions. In eastern and central regions, inequality of property income distribution greatly benefits from fiscal expenditure, while in northwest regions, fiscal expenditure makes property income inequality even worse. Therefore, the focus of financial sustainable development is to reduce property income inequality through the establishment of an effective government and the improvement of the rule of laws.

The property income growth of urban and rural residents is an important part of the continuous increase in the disposable income of these residents, which is also inseparable from the deepening development of the financial market. After sorting out the various sources of income that affect residents’ property in the existing research and controlling regional fixed effects, based on data from 31 provinces in China, this article considers important financial factors and the process of urbanization as explanatory variables to perform panel regression on the property income of provincial residents under fixed effects and random effects. In the context of large differences in the investment environment between urban and rural areas, we further examine the effects of financial factors on the property income of urban and rural residents. Only by expanding the investment opportunities and enhancing the investment ability of the residents, can the property income of the residents, especially the rural residents, be guaranteed to grow steadily and sustainably.