Study on the impact of green finance on low carbon development of manufacturing industry from the perspective of multidimensional space: evidence from China

In order to test the impact of green finance on the low-carbon development level of China's manufacturing industry, this paper takes green finance as an explanatory variable, and chooses the level of fixed asset investment in the manufacturing industry, the intensity of environmental regulations, the proportion of environmental pollution control investment, and the proportion of R&D investment as four control variables. Empirical tests are carried out on the four dependent variables, including manufacturing industry's low-carbon development level, added value growth rate, industrial structure upgrading level, and environmental protection status. The test results show that green finance is positively correlated with the low-carbon development of the manufacturing industry and the growth rate of added value, and inversely correlated with industrial structure upgrading and environmental protection; green finance supports dependent variables in the following order: low-carbon development > environmental protection > economic growth > industrial structure. It can be seen that the main role of green finance is to promote low-carbon development and environmental protection, but it is not the best tool to promote the growth rate of manufacturing industry and upgrade the level of industrial structure. In addition, due to the spillover effect of green finance in the process of promoting the development of the manufacturing industry, it is necessary to increase green financial investment in a long-term and sustained manner to gradually promote the low-carbon and sustainable development of China's manufacturing industry.