Green Finance, Infrastructure Upgrading, and Urban Supply Chain Resilience: Evidence from China’s Green Finance Reform and Innovation Pilot Zones
グリーンファイナンス、インフラ整備、都市サプライチェーンの強靭性：中国のグリーンファイナンス改革・革新試験区からの証拠 (AI 翻訳)
Yilin Wang, Xujing Dai, Xueyan Li
🤖 gxceed AI 要約
日本語
本研究は、中国のグリーンファイナンス改革・革新試験区（GFRIZ）政策が都市サプライチェーンの強靭性を向上させるかを、2012-2024年の285都市のパネルデータと部分線形ダブルマシンラーニングを用いて検証した。結果、GFRIZ政策はサプライチェーン強靭性を有意に向上させ、インフラ整備（特にデジタル、グリーン、輸送）が重要な経路であることを示した。また、近隣都市への正の波及効果も確認された。
English
This study examines whether China's Green Finance Reform and Innovation Pilot Zones (GFRIZ) policy improved urban supply chain resilience, using panel data for 285 cities from 2012-2024 and a partially linear Double Machine Learning approach. Results show GFRIZ significantly enhances resilience, with infrastructure upgrading (digital, green, transport) as a key channel, and positive spillovers to neighboring cities.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、サステナビリティ開示義務化やトランジション・ファイナンスの拡大が進む中、金融政策が実体経済の強靭性に与える影響を示す本研究成果は、政策立案や企業のサプライチェーン戦略に示唆を与える。特に、グリーン投資がサプライチェーン強靭化に寄与するメカニズムは、日本企業のレジリエンス向上策として参考になる。
In the global GX context
This paper contributes to global discourse on transition finance and climate policy by providing causal evidence that green finance reforms can enhance urban supply chain resilience, beyond environmental goals. It offers a methodological template for evaluating green finance policies using machine learning, relevant for policymakers and researchers in ISSB/CSRD contexts.
👥 読者別の含意
🔬研究者:Provides a rigorous causal framework (DML) for evaluating green finance policies' spillover effects on supply chain resilience.
🏢実務担当者:Highlights how green finance initiatives can strengthen supply chain resilience, informing corporate investment and risk management strategies.
🏛政策担当者:Offers evidence that green finance reform can yield co-benefits for economic resilience, supporting policy design for sustainable finance.
📄 Abstract（原文）
The simultaneous pressures of low-carbon transition and repeated supply chain disruptions have made urban supply chain resilience an important concern for economic security and sustainable development. This study examines whether China’s Green Finance Reform and Innovation Pilot Zones (GFRIZ) policy, launched in 2017, improved the resilience of urban supply chains. Using panel data for 285 prefecture-level cities from 2012 to 2024, we combine a partially linear Double Machine Learning framework with spatial econometric analysis. To address concerns about construct validity, urban supply chain resilience is reconstructed as a composite index covering four dimensions: resistance, innovation, coordination, and recovery. These dimensions are measured by industrial diversification, invention patent authorization, industrial product sales rate, and supply chain fluidity, respectively. The results show that the GFRIZ policy significantly enhances urban supply chain resilience. This conclusion remains robust after alternative machine learning estimators, different cross-fitting folds, interactive fixed effects, winsorization, exclusion of the COVID-19 year, and placebo tests. Mechanism analysis suggests that infrastructure upgrading remains an important transmission channel, especially through digital, green, and transport infrastructure. The effect is stronger in eastern and central cities, large cities, transport hubs, and old industrial bases. Spatial analysis further shows that although urban supply chain resilience displays negative spatial autocorrelation, the GFRIZ policy generates positive spillover effects on neighboring cities through capital flows, industrial linkages, and knowledge diffusion. The findings provide evidence that green finance reform can strengthen urban economic resilience beyond its environmental objectives.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.mdpi.com/2071-1050/18/15/7895/pdf?version=1785830587first seen 2026-08-09 05:46:27
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