Analysis of the Relationships between Financial Development and Sustainable Economic Growth: Evidence from Chinese Cities

Abstract

At the stage of high-quality economic development, sustainable economic growth is worthy of attention. The supporting role of financial development for sustainable economic growth will become more important. This article aims to identify the influence of financial development on sustainable economic growth and its impact mechanism. Based on measuring the level of sustainable economic growth, this article theoretically and empirically identifies the impact of financial development on sustainable economic growth and its mechanism by adopting the panel data from 283 prefecture-level and above cities in China. The empirical results show that financial development is conducive to improving sustainable economic growth through the mechanism of capital deepening and technological innovation. Furthermore, for type I large and medium cities, financial development is conducive to enhancing sustainable economic growth, while the effect is not significant for type II large and small cities. Therefore, the local government could promote financial supply-side reform and implement differentiated financial development strategies for sustainable economic growth from aspects of capital deepening and technological innovation.

The Impact of the Digital Economy on Enterprise Sustainable Development and Its Spatial-Temporal Evolution: An Empirical Analysis Based on Urban Panel Data in China

“…Although previous studies have covered issues such as digital economy, sustainable development, and innovation and entrepreneurship [16,35], they have not been included in a unified analytical framework, resulting in insufficient details of relevant issues. Therefore, in this part, the researchers mainly considered two aspects: (1) the relationship between the digital economy and sustainable development of enterprises and (2) the relationship between the digital economy and regional innovation and entrepreneurship.…”

“…Meanwhile, the robustness of the benchmark regression results was tested, and the results are shown in Table 4. Model (1) and model (2) show the regression results without and after adding control variables, respectively. The results of model (1) show that, after controlling for year effect and industry effect, there is a significant positive relationship between the digital economy and enterprise sustainable development, which passes the 1% significance level test, indicating that the digital economy can significantly promote enterprise sustainable development [8].…”

“…With China's economy shifting from the stage of high-speed growth to the stage of high-quality development, achieving sustainable economic development has become the direction and core issue of China's economic development at present and in the future [1]. As the micro foothold of macro economy, the development quality of enterprises directly affects the steady and healthy development of economy [2].…”

Financial Innovation and Sustainable Development in Pakistan: An Empirical Study

“…Likewise, enhancing financial institutions and fostering growth in capital, industry, and technology, ultimately leading to economic expansion (Chou and Chin, 2011;Bernanke, 2023). Henceforth, financial innovation grab the attention of researchers as a factor of sustainable development (Ajide, 2016;Bara et al, 2016;Gao et al, 2022;Gasimli et al, 2022;Mohammed et al, 2023).…”

Analyzing the Evolution of Sustainable Product Development Studies: A Bibliometric Review of Eco-friendly Innovation and Market Adoption

“…In recent decades, the global community has witnessed an increasing urgency to address environmental concerns and strive for sustainability across various sectors [1], [2]. As industries grapple with the imperative to minimize their ecological footprint, sustainable product development emerges as a pivotal strategy in achieving environmental goals while meeting consumer demands [3], [4], [5].…”