Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries
Abstract China’s Belt and Road Initiative (BRI) aims to strengthen regional economic and policy cooperation and achieve the rapid development among the participating countries. While the impact on the financial development of the economic growth and energy environment of BRI participating countries...
| Main Authors: | , , , , , , , |
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| Format: | Article |
| Language: | English |
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Springer Nature
2024-02-01
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| Series: | Humanities & Social Sciences Communications |
| Online Access: | https://doi.org/10.1057/s41599-024-02791-2 |
| _version_ | 1797275516169879552 |
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| author | Chenggang Li Gang Zhao Keumseok Peter Koh Zhenci Xu Mu Yue Weiyan Wang Yuanyuan Tan Liang Wu |
| author_facet | Chenggang Li Gang Zhao Keumseok Peter Koh Zhenci Xu Mu Yue Weiyan Wang Yuanyuan Tan Liang Wu |
| author_sort | Chenggang Li |
| collection | DOAJ |
| description | Abstract China’s Belt and Road Initiative (BRI) aims to strengthen regional economic and policy cooperation and achieve the rapid development among the participating countries. While the impact on the financial development of the economic growth and energy environment of BRI participating countries has garnered close attention among scholars, few studies focus on the impact of financial development on the sustainable development goals (SDGs) of the BRI participating countries. To address this gap, we utilized panel regression models to quantitatively assess the impact of China’s financial development scale, structure, and efficiency on the SDGs of the BRI participating countries, and adopted Geographically and Temporally Weighted Regression (GTWR) model to explore the spatial-temporal effects of China’s financial development scale, structure, and efficiency on the SDGs of the BRI participating countries. Our findings indicate that China’s financial development has significantly promoted the SDGs of the BRI participating countries. This study further reveals that the scale and efficiency of China’s financial development have had a more pronounced impact on the SDGs of Asian countries, low- and middle-income countries, and the Land Silk Road participating countries, compared to those of European countries, high-income countries, and the Maritime Silk Road participating countries, respectively. In contrast, the structure of financial development primarily promotes the SDGs of European and high-income BRI participating countries in the land silk belt. The role of China’s financial development in promoting the SDGs of most BRI participating countries has gradually increased over time. This study provides valuable insights for decision-makers in China to facilitate the sustainable development of BRI participating countries and foster a shared community within the BRI framework. |
| first_indexed | 2024-03-07T15:15:34Z |
| format | Article |
| id | doaj.art-e13e81dec8664c62b9a7bc61a6156383 |
| institution | Directory Open Access Journal |
| issn | 2662-9992 |
| language | English |
| last_indexed | 2024-03-07T15:15:34Z |
| publishDate | 2024-02-01 |
| publisher | Springer Nature |
| record_format | Article |
| series | Humanities & Social Sciences Communications |
| spelling | doaj.art-e13e81dec8664c62b9a7bc61a61563832024-03-05T17:59:40ZengSpringer NatureHumanities & Social Sciences Communications2662-99922024-02-0111111210.1057/s41599-024-02791-2Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countriesChenggang Li0Gang Zhao1Keumseok Peter Koh2Zhenci Xu3Mu Yue4Weiyan Wang5Yuanyuan Tan6Liang Wu7School of Big Data Application and Economics, Guizhou University of Finance and EconomicsSchool of Big Data Application and Economics, Guizhou University of Finance and EconomicsDepartment of Geography, The University of Hong KongDepartment of Geography, The University of Hong KongSchool of Physical and Mathematical Sciences, Nanyang Technological UniversityCollege of Arts and Sciences, New York UniversitySchool of Foreign Languages, Guizhou University of Finance and EconomicsSchool of Economics and Management, Guizhou Normal UniversityAbstract China’s Belt and Road Initiative (BRI) aims to strengthen regional economic and policy cooperation and achieve the rapid development among the participating countries. While the impact on the financial development of the economic growth and energy environment of BRI participating countries has garnered close attention among scholars, few studies focus on the impact of financial development on the sustainable development goals (SDGs) of the BRI participating countries. To address this gap, we utilized panel regression models to quantitatively assess the impact of China’s financial development scale, structure, and efficiency on the SDGs of the BRI participating countries, and adopted Geographically and Temporally Weighted Regression (GTWR) model to explore the spatial-temporal effects of China’s financial development scale, structure, and efficiency on the SDGs of the BRI participating countries. Our findings indicate that China’s financial development has significantly promoted the SDGs of the BRI participating countries. This study further reveals that the scale and efficiency of China’s financial development have had a more pronounced impact on the SDGs of Asian countries, low- and middle-income countries, and the Land Silk Road participating countries, compared to those of European countries, high-income countries, and the Maritime Silk Road participating countries, respectively. In contrast, the structure of financial development primarily promotes the SDGs of European and high-income BRI participating countries in the land silk belt. The role of China’s financial development in promoting the SDGs of most BRI participating countries has gradually increased over time. This study provides valuable insights for decision-makers in China to facilitate the sustainable development of BRI participating countries and foster a shared community within the BRI framework.https://doi.org/10.1057/s41599-024-02791-2 |
| spellingShingle | Chenggang Li Gang Zhao Keumseok Peter Koh Zhenci Xu Mu Yue Weiyan Wang Yuanyuan Tan Liang Wu Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries Humanities & Social Sciences Communications |
| title | Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries |
| title_full | Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries |
| title_fullStr | Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries |
| title_full_unstemmed | Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries |
| title_short | Impact of China’s financial development on the sustainable development goals of the Belt and Road Initiative participating countries |
| title_sort | impact of china s financial development on the sustainable development goals of the belt and road initiative participating countries |
| url | https://doi.org/10.1057/s41599-024-02791-2 |
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