From Regional Integrated Development towards Sustainable Future: Evaluating the Belt and Road Initiative's Impact between Tourism, Fintech and Inclusive Green Growth

Abstract

Abstract China has incorporated the principle of inclusive green growth from the initiation of the Belt and Road Initiative (BRI) in 2013. Inclusive green growth is a balanced pathway that benefits economy, society, and the environment. Recognizing the trade-offs between economy and environment, it becomes imperative to analyze the influence of BRI on fostering inclusive green growth. This research is utilizing panel data of 148 BRI countries spanning the period from 2004 to 2021 (9 years before BRI, and 9 years after BRI). Additionally, the research investigates the moderating influence of BRI in enhancing the effects of tourism and financial technology (Fintech) on inclusive green growth by utilizing two-step system Generalized Method of Moments (GMM) approach. Outcomes reveal that the BRI positively moderates the influence of tourism and Fintech on inclusive green growth. Control factors, such as institutional quality, KOF globalization index, and renewable energy to total energy ratio promote inclusive green growth, while urbanization, household consumption per capita, and socio-economic conditions hinder the progress. The implications of this research are significant as it emphasis on the role of BRI in supporting tourism activities and exploring contemporary financial technologies for the accomplishment of United Nations’ sustainable development goals (SDGs).