The Synergistic Impact of Green Finance and ESG Concepts on Rural New-Quality Productivity

Abstract

The development of rural new-quality productivity is crucial for achieving high-quality rural economic growth and overcoming developmental challenges. This study examines the impact of green finance and ESG (Environmental, Social, and Governance) principles on the development of rural new-quality productivity. Utilizing multiple regression analysis on data from 11 prefecture-level cities in Zhejiang Province, the study finds that: (1) The development of green finance and ESG concepts both have a positive effect on the development of rural new-quality productivity. The impact of green finance is more pronounced in regions dominated by the secondary industry, while the development of ESG concepts has a better effect in areas dominated by the primary and tertiary industries. (2) The influence of ESG concepts on rural new-quality productivity is affected by regional economic levels, with more significant effects observed in economically developed regions. (3) There is a positive and additive synergistic effect between the development of green finance and ESG concepts on rural new-quality productivity, which is more pronounced in resource-based cities. Based on these findings, the paper proposes policy recommendations to provide references and insights for the development of rural revitalization in contemporary times.