The spatial pattern and association network of green finance development: Empirical evidence from China

Abstract

Green finance is a market‐driven approach to achieve the “double carbon” goal. However, the existing research predominantly focuses on the connotations and empowerment aspects of green finance. Notable regional disparities exist in China's financial markets and resource endowments, resulting in uneven levels of green finance development among various areas, significantly impeding the overall green transformation of the economy and society. In light of this, our paper explores the spatial patterns and association network of green finance development in China. The research findings indicate that: (1) The development of green finance in China exhibits an “east high, west low” spatial distribution pattern, with significant spatial clustering observed among neighboring provinces. The eastern region displays a “H‐H” clustering, while the western region shows an “L‐L” clustering. (2) The spatial correlation distribution of provincial green finance in China demonstrates an eastward concentration and westward dispersion trend, with strong correlation areas gradually expanding. Notably, Jiangsu, Zhejiang, Shanghai, and the Beijing‐Tianjin‐Hebei urban agglomerations lead nationally in attractiveness. (3) The external radiation capability of provincial green finance is progressively improving, with provinces such as Beijing, Hebei, Hubei, and Sichuan likely to occupy strategic structural positions, possessing greater development advantages. This study not only expands the theoretical scope of existing green finance research but also provides a practical reference for coordinating and achieving the high‐quality development of regional green finance from a practical perspective.