RETRACTED ARTICLE: Impact of the COVID-19 outbreak on China’s tourism economy and green finance efficiency

Abstract

As a result of the COVID-19 pandemic, production costs have grown, while human and economic resources have been reduced. COVID-19 epidemic costs can be reduced by implementing green financial policies, including carbon pricing, transferable green certificates, and green credit. In addition, China's tourist industry is a significant source of revenue for the government. Coronavirus has been found in 30 Chinese regions, and a study is being conducted to determine its influence on the tourism business and green financial efficiency. Econometric strategies that are capable of dealing with the most complex issues are employed in this study. According to the GMM system, the breakout of Covid-19 had a negative effect on the tourism business and the efficiency of green financing. Aside from that, the effects of gross capital creation, infrastructural expansion, and renewable energy consumption are all good. The influence of per capita income on the tourism industry is beneficial but detrimental to the efficiency of green finance. Due to the current pandemic condition, this report presents a number of critical recommendations for boosting tourism and green financial efficiency.

A Study on the Impact of Green Finance on the High-Quality Economic Development of Beijing–Tianjin–Hebei Region

“…With the improvement of green finance, the HQED showed a trend of first declining and then rising. Based on the spatial Durbin model, Zhu et al discovered that green finance's impact on local green economic efficiency is U-shaped, whereas its effect on the green economic efficiency of adjacent areas is inverted U-shaped, demonstrating a single-threshold effect in enhancing green economic efficiency [41].…”

The Impact of the COVID-19 Epidemic on the Chinese Tourist Industry

“…The results indicated that the impact of COVID-19 on major cities was more significant compared to peripheral regions, and there was a decrease in the prevalence of non-commuting travel. It examines the ways in which older individuals in Kunming, China, adjusted their accessibility structures and travel habits in response to the COVID-19 epidemic (Hu & Zhu, 2023). The findings suggested that those over the age of 60 had difficulties while using public transportation.…”

“…This study examines the current literature on crisis management in the tourism sector, specifically addressing the consequences and significance of COVID-19 for the worldwide tourism industry. The research discovered that the COVID-19 pandemic presented tourism stakeholders with the chance to reconsider and reform their tourist strategies (Hu & Zhu, 2023). This included improving health and safety protocols, using digital technologies, and reinforcing cooperation and coordination efforts.…”

Impactos económicos del turismo en proveedores de servicios turísticos a nivel mundial: Una revisión sistemática

“…Es claro que se trata de un sector volátil, más aún cuando no ha sabido recuperarse a la fecha del golpe de la pandemia (Chen, 2023;Hu & Zhu, 2023). Mientras que los gobiernos han brindado estímulos económicos al sector y por ende a los prestadores de servicio, los resultados indican que, si bien los paquetes de estímulo económico contribuyen a la mejora de la recuperación del sector turístico tras la pandemia de COVID-19, esta influencia varía según el nivel de resiliencia de un país (Xue et al, 2023).…”