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Financial agglomeration is a key way to promote the green transformation of the global economy and environmental governance. The existing literature mainly analyzed the impact of financial agglomeration on economic development, but rarely examines its comprehensive impact on economic growth and environmental governance considering spatial spillover effects. Based on the perspective of spatial spillover effects, this paper uses panel data of 285 cities above the prefecture-level in China to examine the impact and mechanism of financial agglomeration on green development. The results show that: (1) During the study period, financial agglomeration and green development in China are significantly different in directions of spatial distribution and expansion, but the spatial correlation between the two is relatively high. (2) Financial agglomeration can exert significant spatial spillover effects on green development. (3) Financial agglomeration has more obvious positive spatial spillover effects on green development of cities in the servitization stage or with high administrative level. (4) Industrial structure upgrading effect, labor upgrading effect and technological innovation effect are the main paths that financial agglomeration affects green development. The research results can provide a new perspective and approach to promote the green transformation of economy and sustainable development of the world. [ABSTRACT FROM AUTHOR]

The implementation of environmental regulation needs to consider not only pollution control but also its impact on economic growth. Using the provincial panel data in China from 2000 to 2017, this paper constructs dynamic spatial panel models and employs system GMM approach to evaluate the nonlinear and spatial effects of environmental regulation on economic growth and CO 2 emissions, respectively. The results suggest that, first, environmental regulation presents a significant "N"-shaped effect on economic growth and an inverted "N" effect on CO 2 emissions at the national level and in the eastern and central regions; while the effects are both"N"-shaped in the western region. Second, environmental regulation presents significant spatial effects on economic growth and CO 2 emissions. The enhancement of regional environmental regulation helps the economic growth and CO 2 emissions reduction in neighboring provinces at the national level and in the eastern and central regions, however, the spatial effects are opposite in the western provinces, proving the co-exists of "race to the top" and "race to the bottom" strategies of environmental regulation competition among China's regions. Third, the effects of environmental regulation on economic growth and CO 2 emissions are affected by FDI, and the moderating effect of FDI is regional heterogenous. • Building a dynamic spatial panel model based on the spatial spillover theory. • Proving an "N"-type effect of environmental regulation on economic growth. • The effect of environmental regulation on CO 2 emissions is regionally different. • Environmental regulation affects the role of FDI on economy and CO 2 emissions. • The spatial spillover effects of environmental regulation are proved. [ABSTRACT FROM AUTHOR]

This paper aims to examine the causal relations between economic growth, electricity consumption, and urbanization indicators. Heterogeneous panel data techniques are performed to help shed light on the importance of the heterogeneity among three economic regions within China from 2000 to 2017. Our results show that the three indicators are all stationary and cointegrated after the first difference. Heterogeneity of the Granger causality is found between these three variables varies across the eastern, central, and western economic regions in China. In the long run, the eastern region presents a similar trend as the national level that long-run Granger causality of the three variables is found. Conversely, there is a unidirectional long-run causal relationship from economic growth to electricity consumption in the central region, while there is a bi-directional long-run causal relationship between economic growth and electricity consumption in the western region in China. Our empirical findings highlight the "urbanization ladder" effect which implies that as development, urbanization factor in the eastern region may play a promotion role in the tri-variate system when the urbanization reaches a higher level, while it may lack the influence in the central and western regions of China. From a regional perspective, it is further indicated that the improvement of urbanization can be practical measures in the central and western parts of China in the long run. • Economic growth, electricity consumption, and urbanization are cointegrated in eastern, central, and western China. • Granger causalities between the three variables vary across the three economic regions in China. • Urbanization does not have a causal effect on economic growth & electricity consumption in central-western China. • It is essential to accelerate the urbanization process in the central-western areas in China in the long run. [ABSTRACT FROM AUTHOR]

We investigate the effect of frequency and predictability of turnover among Chinese city officials on air quality in their jurisdiction. Existing studies examining the relationship between the political cycle and pollution assume that local officials have perfect information on the turnover timing. We relax this crucial assumption by explicitly accounting for a turnover anticipation effect which we proxy via a nonparametric model. Based on city panel data, we find that there is a spike in air pollution in the year prior to the leadership turnover, but only if the turnover is anticipated by the incumbent. Beyond this cyclical anomaly, less frequent turnovers are generally conducive to lower air pollution. A key contribution of this study is the incorporation of the anticipation effect, which turns out to be critical for understanding the effect of turnover on air pollution. Our findings offer refinement to previous studies, indicating that when turnover is frequent and predictable, local leaders are more likely to focus on policies that encourage economic activity to signal their competence to upper-level authority, at the cost of damaging air quality. If a leader correctly anticipates turnover, there is a spike in API before the turnover. Allowing the leader to serve the current term in full partially offsets such spike. [Display omitted] • In China, the timing of local political turnover is uncertain. • Local leaders try to signal competence through economic growth at the cost of air quality. • Local political turnover induces an 18% increase in air pollution if the local leader correctly anticipates such turnover. • Anticipated turnover is modeled through a nonparametric approach. • Less frequent turnover partially alleviates turnover-induced air pollution. [ABSTRACT FROM AUTHOR]

The complex impact of urbanization and the enormous pressure to reduce carbon emissions are two major challenges facing China. However, few studies have considered how urbanization affects carbon emission efficiency. To explore the impact of urbanization on carbon emission efficiency, this study evaluates the carbon emission efficiency based on the panel data of 30 provinces in China from 2000 to 2016. The correlations between six factors, including the level of urbanization, and carbon efficiency were analyzed by using a stochastic frontier model that combines with the translog production function. The results suggest that, first, despite the steady improvement in China's carbon efficiency, the average carbon efficiency is 0.5730 in 2016, with room for improvement of 42.70%. Second, there is an inverted U-shaped relationship between urbanization and carbon emission efficiency. The coefficient of the urbanization level is −0.6370, and the coefficient of its square is 1.2310. In the early stage, the expansion of the scope of urbanization promotes the improvement of carbon emission efficiency. Once the urbanization level passes the critical point, the economic growth rate will lag behind the growth rate of carbon emissions. Third, economic development level, energy consumption structure, foreign trade, and government intervention are positively correlated with carbon emission efficiency. Industrial structure inhibits the improvement of carbon emission efficiency. The conclusion provides a theoretical reference for urban planning and the green economy for government policymakers. Image 1 • China's average carbon efficiency is 0.5730. • There is spatial heterogeneity in carbon emission efficiency. • The relationship between urbanization and emission efficiency is inverted U-shaped. • The economic level and energy structure are negatively correlated with efficiency. • Foreign trade and government intervention inhibit carbon emission efficiency. [ABSTRACT FROM AUTHOR]

Green development is the direction of China's agricultural sector. Investigating the main influencing factors of the agricultural sector's CO 2 emissions will help plan agricultural development and achieve low-carbon growth. This paper selects 2001–2016 panel data of China's 30 provinces, and uses the nonparametric additive regression models to investigate the agricultural sector's CO 2 emissions. The empirical results show that economic growth, financial capacity, and energy intensity all have a "pull first, then restrict" inverted U-shaped nonlinear effect on CO 2 emissions. However, the influencing mechanisms of these three influencing factors are different and need to be paid attention by relevant government departments. More complicated, the impact of urbanization on CO 2 emission shows a gentle "M-shaped" pattern. In addition, an inverse "N-shaped" nonlinear link exists between trade openness and CO 2 emissions. Therefore, government departments should formulate differentiated emission reduction policies at different stages. • The drivers of CO 2 emissions in China's agriculture sector are investigated. • Financial capacity has an inverse "U-shaped" effect on CO 2 emissions. • The impact of urbanization on CO 2 emission shows a gentle "M-shaped" pattern. [ABSTRACT FROM AUTHOR]

This study aims to assess the impact of circular economy on economic growth. In the process of rapid economic growth, China has been facing with the pressure of insufficient supply of resources and environmental pollution, which makes the development model of circular economy (CE) an imperative transformation. China has carried out two batches of CE pilot cities to promote the construction of ecological economy and change the traditional economic development model, which is employed as a quasi-natural experiment in this study. The effect of this CE policy on the local economic growth is explored using the Propensity Score Matching (PSM) method and Difference-in-Differences (DID) model and a panel data of 163 Chinese cities from the year of 2001–2012 has been used. The results show that the growth rate of GDP of the pilot cities decreases significantly but the economic decline gradually recovers as time goes on. In addition, this study further conducts the regional heterogeneity analysis to compare the economic growth of CE pilot cities in three economic zones, i.e., eastern, central and western economic zones, and the sectoral heterogeneity analysis to compare the economic growth of three main industries, i.e., primary, secondary and tertiary industries. Finally, discussion of above results is presented and recommendations for the promotion of urban CE are proposed. [ABSTRACT FROM AUTHOR]