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High-speed railway opening and urban green productivity in the post-COVID-19: Evidence from green finance

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  • Kong, Qunxi
  • Shen, Chenrong
  • Li, Rongrong
  • Wong, Zoey

Abstract

In an era during which the COVID-19 pandemic continues to spread, high-speed railway (HSR), as one of the key influencers of urban green development, has a significant impact on urban green finance and green productivity. This paper uses HSR as a quasi-natural experiment to study the effect of HSR openings on green productivity in Chinese cities. The empirical results show that, first, the opening of HSR is conducive to the sustained improvement of green productivity in Chinese cities. Second, the opening of HSR makes a significant contribution to the improvement of green productivity in large-scale cities as well as cities in the east and central regions. Third, the opening of HSR can positively impact urban green productivity through the mechanism of green finance development. However, this positive impact tends to first increase and then decrease over time. As the relationship between “finance” and “environment,” green finance has an important impact on the green development of cities. These findings will provide positive and useful references for cities to formulate reasonable green development plans in the post-COVID-19 era.

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  • Kong, Qunxi & Shen, Chenrong & Li, Rongrong & Wong, Zoey, 2021. "High-speed railway opening and urban green productivity in the post-COVID-19: Evidence from green finance," Global Finance Journal, Elsevier, vol. 49(C).
    • Handle: RePEc:eee:glofin:v:49:y:2021:i:c:s1044028321000430
    DOI: 10.1016/j.gfj.2021.100645
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    Cited by:

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    4. Wang, Yongpei & Guan, Zhongyu & Zhang, Qian, 2023. "Railway opening and carbon emissions in distressed areas: Evidence from China's state-level poverty-stricken counties," Transport Policy, Elsevier, vol. 130(C), pages 55-67.
    5. Lee, Chien-Chiang & Wang, Fuhao & Lou, Runchi & Wang, Keying, 2023. "How does green finance drive the decarbonization of the economy? Empirical evidence from China," Renewable Energy, Elsevier, vol. 204(C), pages 671-684.
    6. Kong, Qunxi & Li, Rongrong & Jiang, X. & Sun, Peibo & Peng, Dan, 2022. "Has transportation infrastructure development improved the quality of economic growth in China’s cities? A quasi-natural experiment based on the introduction of high-speed rail," Research in International Business and Finance, Elsevier, vol. 62(C).
    7. Zoey Wong & Afei Chen & Farhad Taghizadeh-Hesary & Rongrong Li & Qunxi Kong, 2023. "Financing Constraints and Firm’s Productivity Under the COVID-19 Epidemic Shock: Evidence of A-Shared Chinese Companies," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(1), pages 167-195, February.
    8. Hao Wang & Tao Zhang & Xi Wang, 2024. "High-speed railways reduces carbon emissions: mediating effects of green innovation and the resilience of environmental investment," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-24, December.
    9. Guimei Wang & Kaiming Cheng & Muhammad Salman, 2024. "High-speed Railway and Green Total Factor Productivity: Taking Industrial Structure as a Mediator," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 6908-6936, June.
    10. Zhang, Dongyang & Kong, Qunxi, 2022. "Do energy policies bring about corporate overinvestment? Empirical evidence from Chinese listed companies," Energy Economics, Elsevier, vol. 105(C).
    11. Kong, Qunxi & Chen, Afei & Shen, Chenrong & Wong, Zoey, 2021. "Has the Belt and Road Initiative improved the quality of economic growth in China's cities?," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 870-883.
    12. Lingui Qin & Yan Zhang & Yige Wang & Xinning Pan & Zhe Xu, 2024. "Research on the Impact of Digital Green Finance on Agricultural Green Total Factor Productivity: Evidence from China," Agriculture, MDPI, vol. 14(7), pages 1-23, July.
    13. Huang, Hongyun & Mbanyele, William & Wang, Fengrong & Zhang, Chenxi & Zhao, Xin, 2023. "Nudging corporate environmental responsibility through green finance? Quasi-natural experimental evidence from China," Journal of Business Research, Elsevier, vol. 167(C).
    14. Wang, Yufeng, 2023. "Can the green credit policy reduce carbon emission intensity of “high-polluting and high-energy-consuming” enterprises? Insight from a quasi-natural experiment in China," Global Finance Journal, Elsevier, vol. 58(C).
    15. Kong, Qunxi & Li, Rongrong & Peng, Dan & Wong, Zoey, 2021. "High-technology development zones and innovation in knowledge-intensive service firms: Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 78(C).
    16. Zhao, Junfeng & Yan, Jinling & Ran, Qiying & Yang, Xiaodong & Su, Xufeng & Shen, Jianliang, 2022. "Does the opening of high-speed railways improve urban livability? Evidence from a quasi-natural experiment in China," Socio-Economic Planning Sciences, Elsevier, vol. 82(PB).
    17. Sharma, Gagan Deep & Shahbaz, Muhammad & Singh, Sanjeet & Chopra, Ritika & Cifuentes-Faura, Javier, 2023. "Investigating the nexus between green economy, sustainability, bitcoin and oil prices: Contextual evidence from the United States," Resources Policy, Elsevier, vol. 80(C).
    18. Wong, Zoey & Chen, Afei & Peng, Dan & Kong, Qunxi, 2022. "Does technology-seeking OFDI improve the productivity of Chinese firms under the COVID-19 pandemic?," Global Finance Journal, Elsevier, vol. 51(C).
    19. Guo, Yuchen & Yuan, Yu, 2022. "Assessing the energy resources policy agenda: Evidence from China's green express policy," Resources Policy, Elsevier, vol. 79(C).
    20. Li, Menghan & Hamawandy, Nawzad Majeed & Wahid, Fazle & Rjoub, Husam & Bao, Zongke, 2021. "Renewable energy resources investment and green finance: Evidence from China," Resources Policy, Elsevier, vol. 74(C).
    21. Zhang, Dongyang & Kong, Qunxi, 2022. "Credit policy, uncertainty, and firm R&D investment: A quasi-natural experiment based on the Green Credit Guidelines," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    22. Liu, Qingrui & Tang, Lu, 2022. "Research on the accelerating effect of green finance on the transformation of energy consumption in China," Research in International Business and Finance, Elsevier, vol. 63(C).
    23. Gholipour, Hassan F. & Arjomandi, Amir & Yam, Sharon, 2022. "Green property finance and CO2 emissions in the building industry," Global Finance Journal, Elsevier, vol. 51(C).
    24. Xin Yun & Yang Hu, 2024. "An Overview of the Evolution in the Research Landscape of Green Finance," World, MDPI, vol. 5(4), pages 1-32, December.

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