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FINANCIAL INCLUSION FINTECH GREEN INNOVATION AND SOCIAL WELFARE A PERSPECTIVE OF ENVIRONMENT QUALITY AND ECONOMIC DEVELOPMENT IN CHINA

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13 Pages : 156-168

http://dx.doi.org/10.31703/gmsr.2024(IX-IV).13      10.31703/gmsr.2024(IX-IV).13      Published : Dec 2024

Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China

Abstract

    The study uncovers the connection between financial inclusion, Fintech, Green Innovation, and social welfare with China's environmental quality and economic development. Employing macroeconomic data from 2014-2023 and using the QARDL model, we find that social welfare and green innovation enhance climate quality while financial inclusion and Fintech deteriorate it. All the independent variables, however, significantly improve economic development. Also, all variables exhibit bidirectional causality with economic growth, except climate quality, which depicts both unidirectional and bidirectional causality. Our results imply that the Chinese government should enhance financial inclusion and Fintech growth for economic sustainability. However, the country should focus on renewable energy consumption related to Fintech growth and optimize financial inclusion to avoid environmental deterioration. More spending on social welfare could enhance human capital and environmentally conscious behavior. This study provides important insights for policymakers in China in allocating resources to balance economic and environmental sustainability.

    Fintech, Financial Inclusion; Social Welfare; Environmental Quality, Economic Development; Green Innovation

    (1) Muhammad Ishtiaq
    Associate Professor, Lyallpur Business School, Government College University, Faisalabad, Punjab, Pakistan.
    (2) Falak Sher
    Assistant Professor, Government College University Faisalabad, Chiniot Campus, Punjab. Pakistan.
    (3) Muhammad Naeem Shahid
    Assistant Professor, LBS, Government College University Faisalabad, Chiniot Campus, Punjab. Pakistan.
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Cite this article

APA

    APA : Ishtiaq, M., Sher, F., & Shahid, M. N. (2024). Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China. Global Management Sciences Review, IX(IV), 156-168. https://doi.org/10.31703/gmsr.2024(IX-IV).13

CHICAGO

    CHICAGO : Ishtiaq, Muhammad, Falak Sher, and Muhammad Naeem Shahid. 2024. "Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China." Global Management Sciences Review, IX (IV): 156-168 doi: 10.31703/gmsr.2024(IX-IV).13

HARVARD

    HARVARD : ISHTIAQ, M., SHER, F. & SHAHID, M. N. 2024. Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China. Global Management Sciences Review, IX, 156-168.

MHRA

    MHRA : Ishtiaq, Muhammad, Falak Sher, and Muhammad Naeem Shahid. 2024. "Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China." Global Management Sciences Review, IX: 156-168

MLA

    MLA : Ishtiaq, Muhammad, Falak Sher, and Muhammad Naeem Shahid. "Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China." Global Management Sciences Review, IX.IV (2024): 156-168 Print.

OXFORD

    OXFORD : Ishtiaq, Muhammad, Sher, Falak, and Shahid, Muhammad Naeem (2024), "Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China", Global Management Sciences Review, IX (IV), 156-168

TURABIAN

    TURABIAN : Ishtiaq, Muhammad, Falak Sher, and Muhammad Naeem Shahid. "Financial Inclusion, Fintech, Green Innovation, and Social Welfare: A Perspective of Environment Quality and Economic Development in China." Global Management Sciences Review IX, no. IV (2024): 156-168. https://doi.org/10.31703/gmsr.2024(IX-IV).13