GOVERNMENT INVESTMENT IN NATURAL CAPITAL BOOSTS ECONOMIC GROWTH: EVIDENCE FROM CHINA’S TRANSFER PAYMENT POLICY FOR NATIONAL KEY ECOLOGICAL FUNCTIONAL AREAS

Author:

LUO XI1ORCID,ZHANG LINLING2ORCID,LUO YONGMIN2ORCID,GAO MIN3

Affiliation:

1. School of Economics, Shandong University, Jinan, P. R. China

2. School of Public Finance and Taxation, Nanjing University of Finance and Economics, Nanjing, P. R. China

3. School of Marxism, Anhui University of Technology, Maanshan, P. R. China

Abstract

This paper studies the impact of the transfer payment policy for national key ecological functional areas (TPPNKEFA) on economic growth. As the most representative and extensive vertical ecological compensation policy in China, the TPPNKEFA plays an important role in protecting and restoring natural capital. Using the county-level TPPNKEFA data disclosed according to the application, we constructed a multi-stage DID model to identify the economic growth effect of TPPNKEFA. The results show that TPPNKEFA effectively improves the level of county economic development, which is more prominent in the counties located in the central and western regions, water conservation functional areas, low economic development level, large fiscal gap, and the counties where TPPNKEFA has been implemented for a long time. A mechanism analysis shows that industrial ecologization and ecological industrialization are important paths. The extension analysis shows that the original intention of TPPNKEFA to promote the restoration of natural capital and the improvement of people’s livelihoods has been well implemented. This study provides important evidence to support efforts to protect and restore natural capital, highlighting the need for governments to invest in natural capital and thus facilitate the transition to a low-carbon economy.

Funder

National Social Science Fund of China

Publisher

World Scientific Pub Co Pte Ltd

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