Impact of “Green” Financial Innovations on the Development of the Chinese Economy

The article focuses on the impact of “green” financial innovations on the economic development of various regions, as well as “green” transformation and modernization of the Chinese economy. The purpose of the article is to identify the impact of “green” financial innovations on the qualitative development of the Chinese economy. The concepts of “green” finance have been developed in all leading world powers and are an integral ideology of sustainable development, which determines the relevance of the work. General methods were used as research tools: analysis, synthesis, induction, deduction and analogy, as well as the systemic method. The article identifies problems associated with the formation of “green” financing system in China, both of regional and national scope. The authors show that the achievements of digital technologies, new areas of financing for small and medium-sized enterprises, creation of zones for the development of “green” financing, “smart” cities, organization of “green” financing clusters on the basis of international financial centers, including various “green” instruments, are becoming priority development strategies for leading countries, including China. Achieving environmental (including low-carbon) goals is currently one of the basic principles of China’s financial technology development. The authors conclude that the development of “green” financial instruments and the ongoing Chinese “green” financial policy contribute not only to the improvement of the country’s financial and credit system, but also to the development of innovation, technology and digital economy. Moreover, it allows to revive rural areas, preserve the environment and achieve carbon neutrality.