Assessment of China’s Green Finance Policies: Case Study on Five Pilot Areas by Applying a PMC Index Model

While previous empirical studies have confirmed the positive economic effects of China’s green finance reform, the internal policy logic driving these outcomes remains underexplored. This study quantitatively evaluates the quality of green finance policies in five representative pilot regions (e.g., Zhejiang, Guangdong, Jiangxi, Guizhou, Xinjiang) using the PMC index model based on text mining analysis of 72 policy documents. Results indicate pilot policies possess superior consistency and incentive compatibility compared to non-pilot areas. Economically, this high consistency reduces regulatory uncertainty and transaction costs, creating a credible signal that catalyzes green investment. Despite identifying structural weaknesses in cross-departmental coordination, this research bridges the gap between policy design and economic performance, offering a quantitative framework for optimizing regional green finance systems.