Abstract
There is a dearth of empirical studies looking at the link between green economic development and tourism in quantifiable terms. Using panel data from China’s 30 provinces from 2005 to 2018, this study investigates the impact of green finance on China’s tourism industry. Using renewable energy, income per capita, carbon emissions, and urbanizations as explanatory factors is also utilized. According to estimation, the findings reveal that green finance substantially impacts the tourism business. This positive effect is more pronounced in provinces where economic and social conditions are better, thus boosting the region’s tourism industry. The same holds for income per capita, renewable energy, and environmental factors. In addition, urbanization has a negligible effect on the variable being studied. A further way to boost the growth of tourism is through the use of green finance. The empirical findings can benefit China’s green financial planning and environmental sustainability.
![](http://media.springernature.com/m312/springer-static/image/art%3A10.1007%2Fs11356-022-22207-5/MediaObjects/11356_2022_22207_Fig1_HTML.png)
Similar content being viewed by others
Data availability
The data can be available on request.
Change history
08 July 2024
This article has been retracted. Please see the Retraction Notice for more detail: https://doi.org/10.1007/s11356-024-34263-0
References
Abou-Shouk MA, Mannaa MT, Elbaz AM (2021) Women’s empowerment and tourism development: a cross-country study. Tour Manag Perspect 37:100782. https://doi.org/10.1016/j.tmp.2020.100782
Adiarti D, Sudja’ie MA, Sholikhah IM et al (2016) Applying Internet-based writing course to improve the Banyumas Tourism Office Staff’s ability in writing English informative texts. Proc Int Conf Teach Train Educ 1:357–363
Aghaei H, Naderibeni N, Karimi A (2021) Designing a tourism business model on block chain platform. Tour Manag Perspect 39:100845. https://doi.org/10.1016/j.tmp.2021.100845
Akadiri SS, Alola AA, Akadiri AC (2019) The role of globalization, real income, tourism in environmental sustainability target. Evidence from Turkey. Sci Total Environ 687:423–432. https://doi.org/10.1016/j.scitotenv.2019.06.139
Akomea-Frimpong I, Adeabah D, Ofosu D, Tenakwah EJ (2021) A review of studies on green finance of banks, research gaps and future directions. J Sustain Financ Invest (2021):1–24
Anser MK, Yousaf Z, Nassani AA et al (2020) International tourism, social distribution, and environmental Kuznets curve: evidence from a panel of G-7 countries. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-019-07196-2
Arbulú I, Razumova M, Rey-Maquieira J, Sastre F (2021) Can domestic tourism relieve the COVID-19 tourist industry crisis? The case of Spain. J Destin Mark Manag 20:100568. https://doi.org/10.1016/j.jdmm.2021.100568
Benjamin S, Dillette AK (2021) Black travel movement: systemic racism informing tourism. Ann Tour Res 88:103169. https://doi.org/10.1016/j.annals.2021.103169
Bond S, Eberhardt M (2013) Accounting for unobserved heterogeneity in panel time series models. University of Oxford 1–11
Breitung J, Pesaran MH (2008) Unit roots and cointegration in panels. Adv Stud Theor Appl Econom 46:279–322. https://doi.org/10.1007/978-3-540-75892-1_9
Broshi-Chen O, Mansfeld Y (2021) A wasted invitation to innovate? Creativity and innovation in tourism crisis management: a QC&IM approach. J Hosp Tour Manag 46:272–283. https://doi.org/10.1016/j.jhtm.2021.01.003
Cahyadi HS, Newsome D (2021) The post COVID-19 tourism dilemma for geoparks in Indonesia. Int J Geoheritage Park. https://doi.org/10.1016/j.ijgeop.2021.02.003
Cao F, Zhang Y, Zhang J (2021) Carbon tax, economic uncertainty and tourism: a DSGE approach. J Hosp Tour Manag 49:494–507. https://doi.org/10.1016/j.jhtm.2021.11.001
Chau KY, Law KMY, Tang YM (2021) Impact of self-directed learning and educational technology readiness on synchronous E-learning. J Organ End User Comput 33:1–20. https://doi.org/10.4018/joeuc.20211101.oa26
Chen J, Wang Q, Huang J (2021a) Motorcycle ban and traffic safety: evidence from a quasi-experiment at Zhejiang. China J Adv Transp. https://doi.org/10.1155/2021/7552180
Chen Q, Ning B, Pan Y, **ao J (2021b) Green finance and outward foreign direct investment: evidence from a quasi-natural experiment of green insurance in China. Asia Pacific J Manag. https://doi.org/10.1007/s10490-020-09750-w
Chen Y, Kumara EK, Sivakumar V (2021) Invesitigation of finance industry on risk awareness model and digital economic growth. Ann Oper Res. https://doi.org/10.1007/s10479-021-04287-7
Chudik A, Pesaran MH (2013) Econometric analysis of high dimensional VARs featuring a dominant unit. Econom Rev 32:592–649. https://doi.org/10.1080/07474938.2012.740374
Croes R, Ridderstaat J, Bąk M, Zientara P (2021) Tourism specialization, economic growth, human development and transition economies: The case of Poland. Tour Manag 82:104181. https://doi.org/10.1016/j.tourman.2020.104181
Debrah C, Chan APC, Darko A (2022) Green finance gap in green buildings: a sco** review and future research needs. Build Environ 207:108443. https://doi.org/10.1016/J.BUILDENV.2021.108443
Dias ÁL, Cunha I, Pereira L et al (2022) Revisiting small- and medium-sized enterprises’ innovation and resilience during COVID-19: the tourism sector. J Open Innov Technol Mark Complex 8:11. https://doi.org/10.3390/JOITMC8010011
Dmuchowski P, Dmuchowski W, Baczewska-Dąbrowska AH, Gworek B (2021) Green economy – growth and maintenance of the conditions of green growth at the level of polish local authorities. J Clean Prod 301:126975. https://doi.org/10.1016/j.jclepro.2021.126975
Dube K, Nhamo G, Chikodzi D (2021) Rising sea level and its implications on coastal tourism development in Cape Town, South Africa. J Outdoor Recreat Tour 33:100346. https://doi.org/10.1016/j.jort.2020.100346
Dumitrescu EI, Hurlin C (2012) Testing for Granger non-causality in heterogeneous panels. Econ Model 29:1450–1460. https://doi.org/10.1016/j.econmod.2012.02.014
Estiri M, Heidary Dahooie J, Skare M (2022) COVID-19 crisis and resilience of tourism SME’s: a focus on policy responses. http://www.tandfonline.com/action/authorSubmission?journalCode=rero20&page=instructions. https://doi.org/10.1080/1331677X.2022.2032245
Everingham P, Peters A, Higgins-Desbiolles F (2021) The (im)possibilities of doing tourism otherwise: The case of settler colonial Australia and the closure of the climb at Uluru. Ann Tour Res 88:103178. https://doi.org/10.1016/j.annals.2021.103178
Farooq MU, Shahzad U, Sarwar S, Zaijun L (2019) The impact of carbon emission and forest activities on health outcomes: empirical evidence from China. Environ Sci Pollut Res 26:12894–12906. https://doi.org/10.1007/s11356-019-04779-x
Farrukh M, Shahzad IA, Sajid M et al (2022) Revisiting the intention to travel framework in the perspective of medical tourism: the role of eWord-of-mouth and destination image. Int J Healthc Manag 15:28–35. https://doi.org/10.1080/20479700.2020.1836733
Feng H, Liu Z, Wu J et al (2022a) Nexus between government spending’s and green economic performance: role of green finance and structure effect. Environ Technol Innov 27:102461. https://doi.org/10.1016/j.eti.2022.102461
Feng S, Zhang R, Li G (2022b) Environmental decentralization, digital finance and green technology innovation. Struct Chang Econ Dyn 61:70–83. https://doi.org/10.1016/j.strueco.2022.02.008
Fong KNK, Tang YM, Sie K et al (2021) Task-specific virtual reality training on hemiparetic upper extremity in patients with stroke. Virtual Real. https://doi.org/10.1007/s10055-021-00583-6
Frees EW (1995) Assessing cross-sectional correlation in panel data. J Econom 69:393–414. https://doi.org/10.1016/0304-4076(94)01658-M
Friedman M (1937) The use of ranks to avoid the assumption of normality implicit in the analysis of variance. J Am Stat Assoc 32:675–701. https://doi.org/10.1080/01621459.1937.10503522
Gil Arroyo C, Knollenberg W, Barbieri C (2021) Inputs and outputs of craft beverage tourism: the destination resources acceleration framework. Ann Tour Res 86:103102. https://doi.org/10.1016/j.annals.2020.103102
Gössling S, Lund-Durlacher D (2021) Tourist accommodation, climate change and mitigation: an assessment for Austria. J Outdoor Recreat Tour. https://doi.org/10.1016/j.jort.2021.100367
Guo L, Zhao S, Song Y et al (2022) Green finance, chemical fertilizer use and carbon emissions from agricultural production. Agric 12:313. https://doi.org/10.3390/AGRICULTURE12030313
Hafsa S (2020) Economic contribution of tourism industry in Bangladesh: at a glance. Glob J Manag Bus Res. https://doi.org/10.34257/gjmbrfvol20is1pg29
Haldorai K, Kim WG, Garcia RLF (2022) Top management green commitment and green intellectual capital as enablers of hotel environmental performance: the mediating role of green human resource management. Tour Manag 88:104431. https://doi.org/10.1016/j.tourman.2021.104431
Hao F, **ao H (2021) Residential tourism and eudaimonic well-being: A ‘value-adding’ analysis. Ann Tour Res 87:103150. https://doi.org/10.1016/j.annals.2021.103150
Haque A, Sarwar S (2013) Effect of fundamental and stock market variables on equity return in Pakistan. Sci Int 25:981–987
Hu M, Qiu RTR, Wu DC, Song H (2021a) Hierarchical pattern recognition for tourism demand forecasting. Tour Manag 84:104263. https://doi.org/10.1016/j.tourman.2020.104263
Hu M, Sarwar S, Li Z (2021) Spatio-temporal differentiation mode and threshold effect of Yangtze River Delta urban ecological well-being performance based on network DEA. Sustain 13:4550. https://doi.org/10.3390/SU13084550
Iqbal W, Tang YM, Chau KY et al (2021a) Nexus between air pollution and NCOV-2019 in China: application of negative binomial regression analysis. Process Saf Environ Prot 150:557–565. https://doi.org/10.1016/j.psep.2021.04.039
Iqbal W, Tang YM, Lijun M et al (2021b) Energy policy paradox on environmental performance: the moderating role of renewable energy patents. J Environ Manage 297:113230. https://doi.org/10.1016/j.jenvman.2021.113230
Irfan M, Ahmad M (2021) Relating consumers’ information and willingness to buy electric vehicles: does personality matter? Transp Res Part D Transp Environ 100:103049. https://doi.org/10.1016/j.trd.2021.103049
Irfan M, Ahmad M (2022) Modeling consumers’ information acquisition and 5G technology utilization: is personality relevant? Pers Individ Dif 188:111450. https://doi.org/10.1016/j.paid.2021.111450
Irfan M, Hao Y, Ikram M et al (2021a) Assessment of the public acceptance and utilization of renewable energy in Pakistan. Sustain Prod Consum 27:312–324. https://doi.org/10.1016/j.spc.2020.10.031
Irfan M, Zhao ZY, Rehman A et al (2021b) Consumers’ intention-based influence factors of renewable energy adoption in Pakistan: a structural equation modeling approach. Environ Sci Pollut Res 28:432–445. https://doi.org/10.1007/s11356-020-10504-w
Jang S, Kim B, Lee S (2022) Impact of corporate social (ir)responsibility on volume and valence of online employee reviews: evidence from the tourism and hospitality industry. Tour Manag 91:104501. https://doi.org/10.1016/J.TOURMAN.2022.104501
Janowski I, Gardiner S, Kwek A (2021) Dimensions of adventure tourism. Tour Manag Perspect 37:100776. https://doi.org/10.1016/j.tmp.2020.100776
Joo D, Xu W, Lee J et al (2021) Residents’ perceived risk, emotional solidarity, and support for tourism amidst the COVID-19 pandemic. J Destin Mark Manag 19:100553. https://doi.org/10.1016/j.jdmm.2021.100553
Karani P, Failler P (2020) Comparative coastal and marine tourism, climate change, and the blue economy in African Large Marine Ecosystems. Environ Dev 36:100572. https://doi.org/10.1016/j.envdev.2020.100572
Khalfaoui R, Sarwar S, Tiwari AK (2019) Analysing volatility spillover between the oil market and the stock market in oil-importing and oil-exporting countries: Implications on portfolio management. Resour Policy 62:22–32. https://doi.org/10.1016/j.resourpol.2019.03.004
Khalfaoui R, Tiwari AK, Alqahtani F et al (2021) Dynamic co-movement and interdependency among real estate index in China: a multi-scale multiple correlation analysis. Int J Hous Mark Anal 14:1042–1061. https://doi.org/10.1108/IJHMA-06-2020-0069/FULL/XML
Khalid U, Okafor LE, Burzynska K (2021) Does the size of the tourism sector influence the economic policy response to the COVID-19 pandemic? Curr Issues Tour 24:2801–2820. https://doi.org/10.1080/13683500.2021.1874311
Khan A, Chenggang Y, Hussain J et al (2020) Natural resources, tourism development, and energy-growth-CO2 emission nexus: a simultaneity modeling analysis of BRI countries. Resour Policy 68:101751. https://doi.org/10.1016/j.resourpol.2020.101751
Khosravi F, Fischer TB, Jha-Thakur U (2019) Multi-criteria analysis for rapid strategic environmental assessment in tourism planning. J Environ Assess Policy Manag 21(04):1950013. https://doi.org/10.1142/S1464333219500133
Koçak E, Ulucak R, Ulucak ZŞ (2020) The impact of tourism developments on CO2 emissions: an advanced panel data estimation. Tour Manag Perspect 33:100611. https://doi.org/10.1016/j.tmp.2019.100611
Kukanja M, Planinc T, Sikošek M (2022) Crisis management practices in tourism SMEs during COVID-19 — an integrated model based on SMEs and managers’ characteristics. Tour An Int Interdiscip J 70:113–126. https://doi.org/10.37741/T.70.1.8
Lee CC, Lee CC (2022) How does green finance affect green total factor productivity? Evidence from China. Energy Econ 107:105863. https://doi.org/10.1016/J.ENECO.2022.105863
Lee CC, Lee CC, Li YY (2021) Oil price shocks, geopolitical risks, and green bond market dynamics. North Am J Econ Financ. https://doi.org/10.1016/j.najef.2020.101309
Lei X-T, Xu Q-Y, ** C-Z (2021) Nature of property right and the motives for holding cash: empirical evidence from Chinese listed companies. Manag Decis Econ. https://doi.org/10.1002/MDE.3469
Levin A, Lin CF, Chu CSJ (2002) Unit root tests in panel data: asymptotic and finite-sample properties. J Econom 108:1–24. https://doi.org/10.1016/S0304-4076(01)00098-7
Li SS, Lv Z (2021) Do spatial spillovers matter? Estimating the impact of tourism development on CO2 emissions. Environ Sci Pollut Res. https://doi.org/10.1007/s11356-021-12988-6
Li M, Hamawandy NM, Wahid F et al (2021a) Renewable energy resources investment and green finance: evidence from China. Resour Policy 74:102402. https://doi.org/10.1016/j.resourpol.2021.102402
Li Z, Mighri Z, Sarwar S, Wei C (2021b) Effects of forestry on carbon emissions in China: evidence from a dynamic spatial Durbin model. Front Environ Sci 9:1–15. https://doi.org/10.3389/fenvs.2021.760675
Li S, Wang Y, Filieri R, Zhu Y (2022) Eliciting positive emotion through strategic responses to COVID-19 crisis: evidence from the tourism sector. Tour Manag 90:104485. https://doi.org/10.1016/J.TOURMAN.2021.104485
Light D, Brown L (2021) Exploring bad faith in tourism. Ann Tour Res 86:103082. https://doi.org/10.1016/j.annals.2020.103082
Ling G, Razzaq A, Guo Y et al (2021) emissions, globalization, natural resources and financial development in China. Environ Dev Sustain. https://doi.org/10.1007/s10668-021-01724-2
Liu H, Tang YM, Iqbal W, Raza H (2022a) Assessing the role of energy finance, green policies, and investment towards green economic recovery. Environ Sci Pollut Res 29:21275–21288. https://doi.org/10.1007/s11356-021-17160-8
Liu Z, Vu TL, Phan TTH et al (2022b) Financial inclusion and green economic performance for energy efficiency finance. Econ Chang Restruct. https://doi.org/10.1007/s10644-022-09393-5
Lv C, Bian B, Lee CC, He Z (2021) Regional gap and the trend of green finance development in China. Energy Econ 102:105476. https://doi.org/10.1016/j.eneco.2021.105476
Ma D, Zhu Q (2022) Innovation in emerging economies: research on the digital economy driving high-quality green development. J Bus Res 145:801–813. https://doi.org/10.1016/J.JBUSRES.2022.03.041
Ma T, Hong T, Zhang H (2015) Tourism spatial spillover effects and urban economic growth. J Bus Res 68:74–80. https://doi.org/10.1016/j.jbusres.2014.05.005
Ma D, Zhang C, Hui Y, Xu B (2022) Economic uncertainty spillover and social networks. J Bus Res. https://www.sciencedirect.com/science/article/pii/S0148296322002430?casa_token=vjF1yWPeox8AAAAA:m9akyPY558zldNdaE-lzEOHtWGA9uO_8SJLnsFj8UmTIZt3JvKGlo-LndgyzZbN_j9wlrYYHTbw. Accessed 28 Jun 2022
Mach L, Ponting J (2021) Establishing a pre-COVID-19 baseline for surf tourism: trip expenditure and attitudes, behaviors and willingness to pay for sustainability. Ann Tour Res Empir Insights 2:100011. https://doi.org/10.1016/j.annale.2021.100011
Martínez P, Herrero Á, del Mar García de los Salmones M (2021) An examination of the determining factors of users’ intentions to share corporate CSR content on Facebook. Curr Issues Tour. https://doi.org/10.1080/13683500.2021.1946019
Mishra S, Sinha A, Sharif A, Suki NM (2020) Dynamic linkages between tourism, transportation, growth and carbon emission in the USA: evidence from partial and multiple wavelet coherence. Curr Issues Tour 23:2733–2755. https://doi.org/10.1080/13683500.2019.1667965
Mngumi F, Shaorong S, Shair F, Waqas M (2022) Does green finance mitigate the effects of climate variability: role of renewable energy investment and infrastructure. Environ Sci Pollut Res 1:1–13. https://doi.org/10.1007/s11356-022-19839-y
Mowforth M, Munt I (2021) Tourism and sustainability. Tourism and sustainability. Routledge, Evanston, pp 106–143
Mowforth M, Munt I (2021) Power and tourism. Tourism and sustainability. Routledge, Evanston, pp 71–105
Muganyi T, Yan L, Sun H-P (2021) Green finance, fintech and environmental protection: evidence from China. Environ Sci Ecotechnol. https://doi.org/10.1016/j.ese.2021.100107
Mukhopadhyay S, Pandey R, Rishi B (2022) Electronic word of mouth (eWOM) research — a comparative bibliometric analysis and future research insight. J Hosp Tour Insights. https://doi.org/10.1108/JHTI-07-2021-0174
Narayan S, Narayan PK, Tobing L (2021) Has tourism influenced Indonesia’s current account? Econ Anal Policy 69:225–237. https://doi.org/10.1016/j.eap.2020.12.009
Neger C, Prettenthaler F, Gössling S, Damm A (2021) Carbon intensity of tourism in Austria: estimates and policy implications. J Outdoor Recreat Tour 33:100331. https://doi.org/10.1016/j.jort.2020.100331
Ning Y, Cherian J, Sial MS et al (2022) Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: a global perspective. Environ Sci Pollut Res 1:1–16. https://doi.org/10.1007/S11356-021-18454-7/TABLES/10
Otoo FE, Kim S, King B (2021) African diaspora tourism — how motivations shape experiences. J Destin Mark Manag 20:100565. https://doi.org/10.1016/j.jdmm.2021.100565
Pedroni P (2004) Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econom Theory 20:597–625. https://doi.org/10.1017/S0266466604203073
Perkins R, Khoo-Lattimore C, Arcodia C (2021) Collaboration in marketing regional tourism destinations: constructing a business cluster formation framework through participatory action research. J Hosp Tour Manag 46:347–359. https://doi.org/10.1016/j.jhtm.2021.01.004
Pesaran MH (2004) General diagnostic tests for cross-sectional dependence in panels. Empir Econ 60:13–50. https://doi.org/10.1007/s00181-020-01875-7
Pesaran MH (2007) A simple panel unit root test in the presence of cross-section dependence. J Appl Econom 22:265–312. https://doi.org/10.1002/jae.951
Pesaran MH, Ullah A, Yamagata T (2008) A bias-adjusted LM test of error cross-section independence. Econom J 11:105–127. https://doi.org/10.1111/j.1368-423X.2007.00227.x
Pham TD, Dwyer L, Su J-J, Ngo T (2021) COVID-19 impacts of inbound tourism on Australian economy. Ann Tour Res 88:103179. https://doi.org/10.1016/j.annals.2021.103179
Prideaux B, Thompson M, Pabel A (2020) Lessons from COVID-19 can prepare global tourism for the economic transformation needed to combat climate change. Tour Geogr 22:667–678. https://doi.org/10.1080/14616688.2020.1762117
Pröbstl-Haider U, Wanner A, Feilhammer M, Damm A (2021) Tourism and climate change — an integrated look at the Austrian case. J Outdoor Recreat Tour 34:100361. https://doi.org/10.1016/j.jort.2020.100361
Qiao G, Ding L, Zhang L, Yan H (2021) Accessible tourism: a bibliometric review (2008–2020). Tour Rev. https://doi.org/10.1108/TR-12-2020-0619/FULL/XML
Ranasinghe R, Damunupola A, Wijesundara S et al (2020) Tourism after Corona: impacts of Covid 19 pandemic and way forward for tourism, hotel and mice industry in Sri Lanka. SSRN Electron J. https://doi.org/10.2139/ssrn.3587170
Rao F, Tang YM, Chau KY et al (2022) Assessment of energy poverty and key influencing factors in N11 countries. Sustain Prod Consum 30:1–15. https://doi.org/10.1016/j.spc.2021.11.002
Saeed Meo M, Karim MZA (2021) The role of green finance in reducing CO2 emissions: an empirical analysis. Borsa Istanbul Rev. https://doi.org/10.1016/j.bir.2021.03.002
Sarpong SY, Bein MA, Gyamfi BA, Sarkodie SA (2020) The impact of tourism arrivals, tourism receipts and renewable energy consumption on quality of life: a panel study of Southern African region. Heliyon 6:e05351. https://doi.org/10.1016/j.heliyon.2020.e05351
Sarwar S, Alsaggaf MI (2021) The role of governance indicators to minimize the carbon emission: a study of Saudi Arabia. Manag Environ Qual an Int J 32:970–988. https://doi.org/10.1108/MEQ-11-2020-0275/FULL/XML
Schiopu AF, Hornoiu RI, Padurean MA, Nica A-M (2021) Virus tinged? Exploring the facets of virtual reality use in tourism as a result of the COVID-19 pandemic. Telemat Inform 60:101575. https://doi.org/10.1016/j.tele.2021.101575
Şengel Ü, Işkın M, Çevrimkaya M, Genç G (2022) Fiscal and monetary policies supporting the tourism industry during COVID-19. J Hosp Tour Insights Ahead-of-Print. https://doi.org/10.1108/JHTI-08-2021-0209
Sharif A, Afshan S, Nisha N (2017) Impact of tourism on CO2 emission: evidence from Pakistan. Asia Pacific J Tour Res 22:408–421. https://doi.org/10.1080/10941665.2016.1273960
Sharif A, Afshan S, Chrea S et al (2020) The role of tourism, transportation and globalization in testing environmental Kuznets curve in Malaysia: new insights from quantile ARDL approach. Environ Sci Pollut Res 27:25494–25509. https://doi.org/10.1007/s11356-020-08782-5
Sharma M, Choubey A (2022) Green banking initiatives: a qualitative study on Indian banking sector. Environ Dev Sustain 24:293–319. https://doi.org/10.1007/s10668-021-01426-9
Sheng H, Zhang Y, Wang W et al (2022) High confident evaluation for smart city services. Front Environ Sci. https://doi.org/10.3389/FENVS.2022.950055
Silva HE, Henriques FMA (2021) The impact of tourism on the conservation and IAQ of cultural heritage: the case of the Monastery of Jerónimos (Portugal). Build Environ 190:107536. https://doi.org/10.1016/j.buildenv.2020.107536
Skryl TV, Gregoric M (2022) Tourism in the post-COVID age. Post-COVID Econ Revival II:239–254. https://doi.org/10.1007/978-3-030-83566-8_15
Streimikiene D, Kaftan V (2021) Green finance and the economic threats during COVID-19 pandemic. Terra Econ 19:105–113. https://doi.org/10.18522/2073-6606-2021-19-2-105-113
Su X (2020) Simulation of economic development of tourism industry based on FPGA and machine learning. Microprocess Microsyst. https://doi.org/10.1016/j.micpro.2020.103523
Surya B, Hernita H, Salim A et al (2022) Travel-business stagnation and SME business turbulence in the tourism sector in the era of the COVID-19 pandemic. Sustain 14:2380. https://doi.org/10.3390/su14042380
Taghizadeh-Hesary F, Zakari A, Alvarado R, Tawiah V (2022) The green bond market and its use for energy efficiency finance in Africa. China Financ Rev Int Ahead-of-p. https://doi.org/10.1108/CFRI-12-2021-0225
Tu J, Zhang D (2020) Does tourism promote economic growth in Chinese ethnic minority areas? A nonlinear perspective. J Destin Mark Manag 18:100473. https://doi.org/10.1016/j.jdmm.2020.100473
Tu Q, Mo J, Liu Z et al (2021) Using green finance to counteract the adverse effects of COVID-19 pandemic on renewable energy investment—the case of offshore wind power in China. Energy Policy 158:112542. https://doi.org/10.1016/j.enpol.2021.112542
Waheed R, Sarwar S, Dignah A (2020a) The role of non-oil exports, tourism and renewable energy to achieve sustainable economic growth: what we learn from the experience of Saudi Arabia. Struct Chang Econ Dyn 55:49–58. https://doi.org/10.1016/j.strueco.2020.06.005
Waheed R, Sarwar S, Mighri Z (2020) Role of high technology exports for energy efficiency: empirical evidence in the context of Gulf Cooperation Council countries. Energy Environ 32:803–819. https://doi.org/10.1177/0958305X20954196
Wang C, Li X-W, Wen H-X, Nie P-Y (2021a) Order financing for promoting green transition. J Clean Prod. https://doi.org/10.1016/j.jclepro.2020.125415
Wang M, Li X, Wang S (2021b) Discovering research trends and opportunities of green finance and energy policy: a data-driven scientometric analysis. Energy Policy 154:112295. https://doi.org/10.1016/j.enpol.2021.112295
Wang Z, Shahid MS, Binh An N, et al (2022) Does green finance facilitate firms in achieving corporate social responsibility goals? http://www.tandfonline.com/action/authorSubmission?journalCode=rero20&page=instructions. https://doi.org/10.1080/1331677X.2022.2027259
Weaver A (2021) Tourism, big data, and a crisis of analysis. Ann Tour Res 88:103158. https://doi.org/10.1016/j.annals.2021.103158
Wei Z, Lihua H (2022) Effects of tourism and eco-innovation on environmental quality in selected ASEAN countries. Environ Sci Pollut Res 1:1–15. https://doi.org/10.1007/s11356-021-17541-z
Weng L, Huang Z, Bao J (2021) A model of tourism advertising effects. Tour Manag 85:104278. https://doi.org/10.1016/j.tourman.2020.104278
Westerlund J, Edgerton DL (2007) A panel bootstrap cointegration test. Econ Lett 97:185–190. https://doi.org/10.1016/J.ECONLET.2007.03.003
Westerlund J, Edgerton DL (2008) A simple test for cointegration in dependent panels with structural breaks. Oxf Bull Econ Stat 70:665–704. https://doi.org/10.1111/j.1468-0084.2008.00513.x
Wieczorek-Kosmala M (2022) A study of the tourism industry’s cash-driven resilience capabilities for responding to the COVID-19 shock. Tour Manag 88:104396. https://doi.org/10.1016/J.TOURMAN.2021.104396
Wondirad A, Kebete Y, Li Y (2021) Culinary tourism as a driver of regional economic development and socio-cultural revitalization: evidence from Amhara National Regional State, Ethiopia. J Destin Mark Manag 19:100482. https://doi.org/10.1016/j.jdmm.2020.100482
Wu Y, Zhu W (2021) The role of CSR engagement in customer-company identification and behavioral intention furing the COVID-19 pandemic. Front Psychol 12:3171. https://doi.org/10.3389/fpsyg.2021.721410
**ang H, Chau KY, Tang YM, Iqbal W (2022) Business ethics and irrationality in SME during COVID-19: does it impact on sustainable business resilience?. Front Environ Sci 28:10
Yu CH, Wu X, Zhang D et al (2021) Demand for green finance: resolving financing constraints on green innovation in China. Energy Policy. https://doi.org/10.1016/j.enpol.2021.112255
Zadeh Bazargani RH, Kiliç H (2021) Tourism competitiveness and tourism sector performance: empirical insights from new data. J Hosp Tour Manag 46:73–82. https://doi.org/10.1016/j.jhtm.2020.11.011
Zhan Z, Ali L, Sarwat S et al (2021) A step towards environmental mitigation: do tourism, renewable energy and institutions really matter? A QARDL approach. Sci Total Environ. https://doi.org/10.1016/j.scitotenv.2021.146209
Zhang J, Zhang Y (2021) A qualitative comparative analysis of tourism and gender equality in emerging economies. J Hosp Tour Manag 46:284–292. https://doi.org/10.1016/j.jhtm.2021.01.009
Zhang D, Mohsin M, Rasheed AK et al (2021a) Public spending and green economic growth in BRI region: mediating role of green finance. Energy Policy 153:112256. https://doi.org/10.1016/J.ENPOL.2021.112256
Zhang H, Song H, Wen L, Liu C (2021b) Forecasting tourism recovery amid COVID-19. Ann Tour Res 87:103149. https://doi.org/10.1016/j.annals.2021.103149
Zhang S, Wu Z, Wang Y, Hao Y (2021c) Fostering green development with green finance: an empirical study on the environmental effect of green credit policy in China. J Environ Manage 296:113159. https://doi.org/10.1016/j.jenvman.2021.113159
Zhang H, Jiang Z, Gao W, Yang C (2022) Time-varying impact of economic policy uncertainty and geopolitical risk on tourist arrivals: evidence from a develo** country. Tour Manag Perspect 41:100928. https://doi.org/10.1016/j.tmp.2021.100928
Zhu J, Airey D, Siriphon A (2021) Chinese outbound tourism: an alternative modernity perspective. Ann Tour Res 87:103152. https://doi.org/10.1016/j.annals.2021.103152
Zuo B, Huang S (2018) Revisiting the tourism-led economic growth hypothesis: the case of China. J Travel Res 57:151–163. https://doi.org/10.1177/0047287516686725
Author information
Authors and Affiliations
Contributions
IP Yun Kit: conceptualization, data curation, methodology, writing — original draft; Wasim Iqbal, Lijie Du: data curation, visualization, supervision; Nadeem Akhtar: visualization, review and editing and software.
Corresponding author
Ethics declarations
Ethical approval and consent to participate
The authors declare that they have no known competing financial interests or personal relationships that seem to affect the work reported in this article. We declare that we have no human participants, human data, or human tissues.
Consent for publication
N/A
Competing interests
The authors declare no competing interests.
Additional information
Responsible Editor: Nicholas Apergis
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
This article has been retracted. Please see the retraction notice for more detail: https://doi.org/10.1007/s11356-024-34263-0
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Ip, Y., Iqbal, W., Du, L. et al. RETRACTED ARTICLE: Assessing the impact of green finance and urbanization on the tourism industry—an empirical study in China. Environ Sci Pollut Res 30, 3576–3592 (2023). https://doi.org/10.1007/s11356-022-22207-5
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-022-22207-5