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1 Introduction Climate change stands as one of the most pressing challenges confronting the world today, with far-reaching impacts spanning macroeconomics, microenterprises, and financial markets. In its pursuit of rapid urbanization and industrialization, China has historically relied on large-scale investments (Kuang et al., 2016).
1 Introduction The extensive economic activities driven by the Industrial Revolution have approved to be the primary driving force for the global warming as they are the main contributing factors for the increased greenhouse gas emissions (Li and Lin, 2015; Liu and Bae, 2018; IPCC, 2021).
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