ORIGINAL RESEARCH
The Development Level of Green Finance
in Chengdu-Chongqing Twin-City Economic Circle
of China Based on Grey Correlation Model
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1
School of Economics, Qufu Normal University, Rizhao 276826, China
2
Asiainfo Technologies (China), inc, Beijing 100193, China
Submission date: 2022-08-03
Final revision date: 2022-10-31
Acceptance date: 2022-12-12
Online publication date: 2023-02-07
Publication date: 2023-03-14
Pol. J. Environ. Stud. 2023;32(2):1821-1833
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ABSTRACT
An evaluation index system for the development level of green finance from the five dimensions
of green credit, green securities, green insurance, green investment, and carbon finance was
constructed. The grey correlation model was used to calculate the grey correlation degree between
cities and regions such as Chongqing and Chengdu under each index dimension, and further
evaluates the contribution of cities in the Twin Cities Economic Circle of Chengdu-Chongqing Region
to the development of regional green finance from the perspective of regional interior. The empirical
results show that Chengdu and Chongqing have the highest contribution to the development of regional
green investment, Mianyang and Chongqing have the highest contribution to the development of regional
green insurance, Chengdu and Mianyang have the highest contribution to the development of regional
green credit, Chengdu has the highest contribution to the development of regional green securities,
and Chengdu and Chongqing have the highest contribution to the development of regional carbon
finance. Overall, Chengdu and Chongqing have played a “dual core” role in the development
of green finance in the twin-city economic circle in the Chengdu-Chongqing region. In the future,
the Chengdu-Chongqing region should actively promote green investment, continue to develop green
insurance, further promote green credit, actively expand the coverage of green securities, improve
the construction of carbon trading markets, and further promote the construction of a regional green
financial system.