The dynamic coupling and spatio-temporal differentiation of green finance and industrial green transformation: Evidence from China regions

Promoting the development of green finance and industrial green transformation is of great significance for achieving high-quality economic development in China's regions. A deep exploration of the dynamic coupling relationships and interaction mechanisms between green finance development and industrial green transformation has important theoretical value and practical implications. Based on relevant data from 2014 to 2019 for 30 provincial regions in China, this paper selects the Eastern, Central, Western, and Northeastern regions as the subjects of study. It constructs a comprehensive evaluation index system for the levels of green finance development and industrial green transformation. Since sorting out the interactive coupling theoretical mechanisms between the two, the paper employs a coupling coordination model to explore the coupling and coordinating relationships between green finance and industrial green transformation. Furthermore, using the Theil index, Moran's index, and Markov chain algorithms, the paper conducts a comparative analysis of the spatiotemporal differences and patterns in coupling coordination degrees between green finance and industrial green transformation in the four major regions, and identifies their causes. The results show that: overall, there is regional heterogeneity between green finance and industrial green transformation, and the mean coupling coordination degree is east, west, central and northeast in order from high to low. From the perspective of dynamic distribution, the coupling coordination of the four regions is moving to a high level, and it is difficult to achieve leapfrog development. As far as the sources of differences are concerned, intra-regional differences are the main cause of the differences in the coupling and coordinated development of the four regions, but the contribution rate shows a downward trend, and the gap between the four regions is gradually narrowing. To further reduce the coupling and coordination differences between green finance and industrial green transformation and development in the four regions, the region should strengthen mutual penetration and mutual radiation, increase the innovation of green financial products, improve the efficiency of green finance allocation, and provide an important reference for the realization of high-quality development of China's industrial green transformation.