The Role of the Government in Green Finance, Foreign Direct Investment, Technological Innovation, and Industrial Structure Upgrading: Evidence from China

This study utilizes data from China’s 31 provinces, collected 2007 to 2021, establish a green finance (GF) index and investigate its impact on industrial structure upgrading (IS). In addition the direct impact, this investigates indirect influence of GF through technological innovation (Tech) foreign investment (FDI). Furthermore, analyzes moderating role environmental regulation intensity (ERI) government intervention relationship between upgrading. The empirical findings demonstrate positive upgrading, which remains robust after conducting robustness analysis stability tests. Moreover, positively impacts by stimulating Tech attracting FDI. ERI is observed significantly moderate while high levels hinder promoting effect Lastly, association development exhibits regional market heterogeneity, with most notable in coastal areas regions higher orientation. presents comprehensive suggestions for facilitating improvement structures.