FinTech and Innovation: The Path to Upgrading Regional Carbon-Intensive Industries in China

Fengxiu Zhou, Yinfeng Chen and Huwei Wen

Emerging Markets Finance and Trade, 2025, vol. 61, issue 15, 4808-4825

Abstract: Innovation in carbon-intensive industries is critical to achieving carbon neutrality. As a crucial driving factor in the transformation of the global financial system in the digital era, the impact of FinTech on innovation in carbon-intensive industries is worth exploring. In this study, 2006–2020 panel data on 276 prefecture-level cities in China are used to measure innovation in carbon-intensive industries and the development of FinTech, as well as to investigate the impact of FinTech development on innovation in carbon-intensive industries. The results indicate that FinTech can significantly boost innovation in carbon-intensive industries and that Chinese FinTech exerts a low-carbon-oriented impetus. Carbon regulation and urban intelligence are moderating factors in stimulating innovation in carbon-intensive industries through FinTech. Furthermore, the innovation-stimulating effect of FinTech in carbon-intensive industries exhibits regional heterogeneity, with more significant effects in the non-two control zones and resource-based cities. The findings provide beneficial guidance and practical policies for fostering high-quality FinTech development in developing nations in a manner that takes regional situations into account.

Date: 2025
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DOI: 10.1080/1540496X.2025.2527762

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