Leveraging Renewable Energy and Green Finance Through Tourism Development for High-Quality Economic Growth

Abstract

This study empirically examines the influence of tourism development, renewable energy and green finance (GF) on high-quality economic development. Using data from 33 years of data in China from 1990 to 2022, this study applies Gregory Hansen analysis to investigate the relationships between tourism development (TD), renewable energy (RE), green finance, and high-quality economic development (HQED), and accepts a Spatial auto regressive. This study demonstrates that tourism development plays a crucial role in promoting high-quality economic growth by positively impacting all three of its components. Moreover, the utilization of renewable energy further enhances the beneficial influence of green finance on the promotion of superior economic growth (EG), while also impacting the correlation between foreign direct investment (FDI) and superior economic growth. Our study suggests three policy recommendations for policymakers based on these findings. These recommendations include strengthening the integration of tourism development with GF, establishing an environmental disclosure framework to oversee local governments in enhancing the effectiveness of GF, and implementing medium- and long-term favorable policies as an external intervention strategy to encourage green finance in the private sector.