Author(s)

Chaofeng Tang ¹

Affiliation(s)

¹ Graduate School of Humanities and Management, Guangdong Medical University, No.1 New Town Avenue, Songshan Lake Hi-Tech Industrial Development Zone, Dongguan, Guangdong, 523121, China

Corresponding Author

Chaofeng Tang

ABSTRACT

This study compares green-finance policy narratives in Beijing, Shanghai and Shenzhen through a structured analysis of Chinese-language municipal policy materials. Rather than treating local policy as a homogeneous backdrop, it identifies how the three cities combine regulatory discipline, financial incentives, disclosure infrastructure, market access, financial technology and industrial linkage in distinct governance architectures. Beijing emphasises coordination, standards and supervisory capacity; Shanghai foregrounds market integration, platform development and cross-border connectivity; and Shenzhen prioritises technology-enabled implementation and industry-facing financial innovation. The analysis uses a Chinese-original coding framework with English reporting labels, supplemented by descriptive high-frequency term comparisons. It does not estimate policy effects on financing costs or other market outcomes. The contribution is therefore institutional and comparative: it clarifies the organisational logic through which local green-finance policy is expected to shape the conduct of regulators, financial institutions, issuers, market platforms and technology providers. The study also provides a traceable framework for building a future city-year policy database suitable for causal evaluation.

KEYWORDS

Green finance; policy narratives; comparative textual analysis; green-finance governance; Beijing; Shanghai; Shenzhen

CITE THIS PAPER

Chaofeng Tang. Regional Green-Finance Policy Narratives in China: A Comparative Textual Analysis of Beijing, Shanghai, and Shenzhen. Financial Engineering and Risk Management (2026). Vol. 9, No. 1, 85-96. DOI: http://dx.doi.org/10.23977/ferm.2026.090108.

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