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The impact of vertical fiscal asymmetry on carbon emissions in China

Facing the double pressure of promoting economic growth and achieving the goal of “emission peak” by 2030, China must cut down the carbon emission intensity. Focusing on the typical characteristics of China’s financial system arrangement, we theoretically analyze the mechanism of vertical fiscal asy...

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Detalles Bibliográficos
Autores principales: Zhao, Heng, Liu, Jianmin, Wu, Jinguang
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10124686/
https://www.ncbi.nlm.nih.gov/pubmed/37093387
http://dx.doi.org/10.1007/s11356-023-27054-6
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author Zhao, Heng
Liu, Jianmin
Wu, Jinguang
author_facet Zhao, Heng
Liu, Jianmin
Wu, Jinguang
author_sort Zhao, Heng
collection PubMed
description Facing the double pressure of promoting economic growth and achieving the goal of “emission peak” by 2030, China must cut down the carbon emission intensity. Focusing on the typical characteristics of China’s financial system arrangement, we theoretically analyze the mechanism of vertical fiscal asymmetry affecting carbon emission intensity and use a panel data from 30 Chinese provinces to conduct an empirical examination. The results show that (1) vertical fiscal asymmetry significantly increases the local carbon emission intensity. After a series of robust tests, such as replacement variables and sample data, the conclusion is still valid. (2) The analysis of regional heterogeneity shows that the influence of vertical fiscal asymmetry in carbon emission intensity is the largest in the central area of China, followed by the eastern provinces, and not evident in the western area. The rise in carbon emission intensity brought on by vertical fiscal asymmetry can be successfully reduced by the central transfer payment. The impact of vertical fiscal asymmetry on carbon emission intensity will be greatly lessened when the central transfer payment surpasses the threshold. (3) The mechanism test shows that vertical fiscal asymmetry increases the carbon emissions intensity by three paths: reducing the intensity of environmental regulation, strengthening local governments’ dependence on land finance, and local government competition. The above analysis further enriches the relevant research on how China’s vertical fiscal asymmetry system affects carbon emission intensity through land finance and local government competition while pointing out the role of transfer payment, and it can help to provide new ideas and empirical evidence for further improving the financial system and promoting the green development of the economy.
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spelling pubmed-101246862023-04-25 The impact of vertical fiscal asymmetry on carbon emissions in China Zhao, Heng Liu, Jianmin Wu, Jinguang Environ Sci Pollut Res Int Research Article Facing the double pressure of promoting economic growth and achieving the goal of “emission peak” by 2030, China must cut down the carbon emission intensity. Focusing on the typical characteristics of China’s financial system arrangement, we theoretically analyze the mechanism of vertical fiscal asymmetry affecting carbon emission intensity and use a panel data from 30 Chinese provinces to conduct an empirical examination. The results show that (1) vertical fiscal asymmetry significantly increases the local carbon emission intensity. After a series of robust tests, such as replacement variables and sample data, the conclusion is still valid. (2) The analysis of regional heterogeneity shows that the influence of vertical fiscal asymmetry in carbon emission intensity is the largest in the central area of China, followed by the eastern provinces, and not evident in the western area. The rise in carbon emission intensity brought on by vertical fiscal asymmetry can be successfully reduced by the central transfer payment. The impact of vertical fiscal asymmetry on carbon emission intensity will be greatly lessened when the central transfer payment surpasses the threshold. (3) The mechanism test shows that vertical fiscal asymmetry increases the carbon emissions intensity by three paths: reducing the intensity of environmental regulation, strengthening local governments’ dependence on land finance, and local government competition. The above analysis further enriches the relevant research on how China’s vertical fiscal asymmetry system affects carbon emission intensity through land finance and local government competition while pointing out the role of transfer payment, and it can help to provide new ideas and empirical evidence for further improving the financial system and promoting the green development of the economy. Springer Berlin Heidelberg 2023-04-24 2023 /pmc/articles/PMC10124686/ /pubmed/37093387 http://dx.doi.org/10.1007/s11356-023-27054-6 Text en © The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2023, Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Research Article
Zhao, Heng
Liu, Jianmin
Wu, Jinguang
The impact of vertical fiscal asymmetry on carbon emissions in China
title The impact of vertical fiscal asymmetry on carbon emissions in China
title_full The impact of vertical fiscal asymmetry on carbon emissions in China
title_fullStr The impact of vertical fiscal asymmetry on carbon emissions in China
title_full_unstemmed The impact of vertical fiscal asymmetry on carbon emissions in China
title_short The impact of vertical fiscal asymmetry on carbon emissions in China
title_sort impact of vertical fiscal asymmetry on carbon emissions in china
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10124686/
https://www.ncbi.nlm.nih.gov/pubmed/37093387
http://dx.doi.org/10.1007/s11356-023-27054-6
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