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The purpose of this study is to examine the impact of green bonds on common prosperity in China. Green bonds have gained significant attention as a means to address financial challenges and promote environmental protection. This research aims to investigate the influence of green bonds on common prosperity by utilizing the system-generalized method of moments (SYS-GMM) and analyzing panel data from prefecture-level cities. The study also explores the theoretical mechanisms and heterogeneous relationships between green bonds and common prosperity, providing valuable guidance for advancing economic and social well-being in China.

This study employs a system-generalized method of moments (SYS-GMM) as the methodology to investigate the influence of green bonds on common prosperity in China. Panel data from prefecture-level cities for the period 2014 to 2020 are utilized for analysis. The SYS-GMM approach allows for the examination of dynamic relationships and control of endogeneity issues. By utilizing this methodology, the study aims to provide robust and reliable findings on the impact of green bonds on common prosperity, considering the specific context of China's ecological civilization development and financial challenges faced by energy-saving and environmental protection enterprises.

The findings of this research indicate several important outcomes. Firstly, common prosperity in China experienced substantial growth between 2014 and 2020. Secondly, green bonds have demonstrated a clear and positive impact on common prosperity. They contribute to the enhancement of common prosperity by driving industrial structure upgrading and fostering green technology innovation. Lastly, the study reveals that the positive influence of green bonds on common prosperity is particularly pronounced in the western region of China. These findings highlight the significance of green bonds in promoting sustainable economic development and societal well-being.

This study contributes to the existing literature by examining the impact of green bonds on common prosperity in China, utilizing the system-generalized method of moments (SYS-GMM) and panel data analysis. The research not only adds to the understanding of the relationship between green bonds and economic well-being but also provides insights into the theoretical mechanisms and heterogeneous relationships involved. The findings showcase the positive influence of green bonds on common prosperity, emphasizing their role in addressing financial challenges, promoting environmental protection, and driving sustainable development. The study's conclusions offer valuable guidance for policymakers, financial institutions, and stakeholders in advancing common prosperity in China.

This chapter reviews the competition between full-service carrier (FSC) and low-cost carrier (LCC) in China. More importantly, we discuss the impacts of the COVID-19 pandemic on FSC–LCC competition. Specifically, the airlines' route choices and also the market contact between FSCs and LCCs in China are examined and discussed. Our review results suggest that, despite the rapid growth of the independent LCC Spring Airlines and the establishment of new subsidiary LCCs by FSCs, China's LCC sector still plays relatively minor roles compared with many fully deregulated markets. Subsidiary LCCs serve more as competitive tools for their parent FSCs, primarily deployed on their parent FSCs' routes to jointly compete against rival FSCs. This competition is primarily focused on niche regional markets rather than engaging in full-scale competition. Spring Airlines also strategically avoided direct head-to-head competition with FSCs before the pandemic by mainly connecting with the secondary cities. However, the pandemic has introduced significant changes, notably the network differentiation between FSCs and LCCs in mainland China. With the relaxation of government's regulations on airline route entries into hub airports during pandemic, Chinese LCCs have shifted their focus toward serving more dense routes, especially those connected to the top five cities. This shift has led to an intensified head-to-head competition between LCCs and FSCs following the outbreak of the pandemic. Such a process is likely to continue in the years to come. This chapter's discussions could also provide new insights into LCC development and the impact of the pandemic on FSC–LCC competition interactions to supplement existing literature studying other major airline markets.