The policy mix of green finance in China: an evolutionary and multilevel perspective

Abstract

Against the background of climate change, green finance has received worldwide attention in recent years, as policymakers bring the ‘green’ idea into financial sectors and encourage investments in green projects. From an evolutionary and multilevel perspective, this study conducts a comprehensive review of the policy mix of green finance in China. Our analysis emphasizes the dimensions of time and scale of a policy mix that are important elements to understanding the evolution process. We identify a transition process in green finance policies in China with changes in both policy objectives and policy instruments. China has gradually shifted its policy focus from direct public intervention and investment to the construction of a green finance market. From the multilevel perspective, the dynamic vertical interactions between different levels of government have played an important role in this transition.

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