Politická ekonomie 2025, 73(4):615-656 | DOI: 10.18267/j.polek.1461

Analysis of Impact of Green New Deal on Development of Green Economy

Mengyao Guo ORCID..., Yiniu Cui ORCID..., Jianhong Cao ORCID..., Cheng Zhong ORCID...
Mengyao Guo, School of Economics, Yunnan University, Kunming, China
Yiniu Cui (corresponding author), School of Economics, Yunnan University, Kunming, China
Jianhong Cao, Yuquan Institute, University of Chinese Academy of Sciences, Beijing, China
Cheng Zhong, School of Business, Pingxiang University, Pingxiang, China

Currently, nations worldwide are actively promoting various environmental movements to address the ecological crisis. Among these, the most prominent is the Green New Deal (GND). However, during the development of the GND, some scholars have identified that its advancement may lead to more severe environmental problems. Therefore, this study constructs indicators for green economic development and the GND. Utilizing an Ordinary Least Squares (OLS) regression model and a Spatial Durbin Model (SDM) and based on panel data from 30 Chinese provinces spanning 2008 to 2021, it specifically analyzes the impact of the GND on green economic development. The study further examines the spatial effects and externality impacts of the GND. Additionally, green finance is selected as a mediating variable to further explore the relationship between the GND, green finance and green economic development, analyzing the mediating role that green finance plays between them.

Keywords: Green New Deal, development of green economy, green finance, spatial Durbin model, mediator effect model
JEL classification: H23, O44, Q28, Q58

Received: January 17, 2024; Revised: August 13, 2024; Accepted: September 2, 2024; Prepublished online: August 7, 2025; Published: August 27, 2025  Show citation

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Guo, M., Cui, Y., Cao, J., & Zhong, C. (2025). Analysis of Impact of Green New Deal on Development of Green Economy. Politická ekonomie, 73(4), 615-656. doi: 10.18267/j.polek.1461
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