The Impact of Digital Finance on Coordinated Ecological and Economic Development: Evidence from China

Fengge Yao and Jiayi Yu

Emerging Markets Finance and Trade, 2025, vol. 61, issue 10, 2916-2935

Abstract: Ecological environment and economic development are two specific but intertwined goals to address, and digital finance provides new opportunities for the coordinated development of ecology and economy. This paper calculates the degree of synergy between the ecological environment and economic development using the CCDM model and examines the impact of digital finance on the coupling and coordination of ecology and economy. The results show that the coupling coordination between China’s ecological environment and economic development improved significantly during the sample period. The synergistic effect of different economic zones varies greatly in space and time. Furthermore, digital finance positively affects the coupling coordination of the ecological environment and economic development. Mechanism analysis also reveals that government debt, technological innovation, and investment adjustments are the core transmission channels through which digital finance influences the synergistic effect of ecology and economy. Further analysis indicates that the need for coordinated governance by policymakers is warranted, and digital finance is a crucial way to achieve this coordinated governance.

Date: 2025
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DOI: 10.1080/1540496X.2025.2466715

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