{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,20]],"date-time":"2025-11-20T13:14:40Z","timestamp":1763644480730,"version":"build-2065373602"},"reference-count":64,"publisher":"MDPI AG","issue":"12","license":[{"start":{"date-parts":[[2024,12,5]],"date-time":"2024-12-05T00:00:00Z","timestamp":1733356800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>The complex interplay between digital finance (DF) and household carbon emissions (HCEs) represents a critical subsystem within the broader socioeconomic\u2013ecological system driving climate change. This paper presents estimates of HCEs based on panel data for 30 Chinese provinces from 2011 to 2021 and examines the effects and mechanisms of DF on HCEs in urban and rural regions. The results indicate that (1) DF has a negative impact on urban HCEs, while, conversely, it exacerbates HCEs in rural regions; (2) based on the heterogeneity analysis, the impact of DF is primarily driven by its coverage, with the most significant effects seen in eastern China; and (3) two transmission channels are operative: an energy consumption scale effect and an energy consumption composition effect. Further analysis suggests that government expenditure on energy conservation and environmental protection, as well as financial regulation, play moderating roles in these channels. These findings provide new insights into efforts to achieve carbon neutrality in China and offer new perspectives on the role of financial technologies in shaping environmental outcomes within complex socio-technical systems.<\/jats:p>","DOI":"10.3390\/systems12120543","type":"journal-article","created":{"date-parts":[[2024,12,5]],"date-time":"2024-12-05T06:24:44Z","timestamp":1733379884000},"page":"543","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["The Impact of Digital Finance on Urban and Rural Household Carbon Emissions: Evidence from China"],"prefix":"10.3390","volume":"12","author":[{"ORCID":"https:\/\/orcid.org\/0009-0007-8671-765X","authenticated-orcid":false,"given":"Hao","family":"Wu","sequence":"first","affiliation":[{"name":"School of International Studies, Renmin University of China, Beijing 100872, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8948-4133","authenticated-orcid":false,"given":"Yang","family":"Zou","sequence":"additional","affiliation":[{"name":"Institute of New Structural Economics, Peking University, Beijing 100091, China"}]}],"member":"1968","published-online":{"date-parts":[[2024,12,5]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"120138","DOI":"10.1016\/j.jclepro.2020.120138","article-title":"(Micro)plastic crisis: Un-ignorable contribution to global greenhouse gas emissions and climate change","volume":"254","author":"Shen","year":"2020","journal-title":"J. Clean. Prod."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"1712","DOI":"10.1038\/s41467-017-01820-w","article-title":"Chinese CO2 emission flows have reversed since the global financial crisis","volume":"8","author":"Mi","year":"2017","journal-title":"Nat. Commun."},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"23401","DOI":"10.1007\/s10668-023-03603-4","article-title":"Digital financial development and indirect household carbon emissions: Empirical evidence from China","volume":"26","author":"Feng","year":"2023","journal-title":"Environ. Dev. Sustain."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"106816","DOI":"10.1016\/j.eneco.2023.106816","article-title":"How to decouple income growth from household carbon emissions: A perspective based on urban-rural differences in China","volume":"125","author":"Zhang","year":"2023","journal-title":"Energy Econ."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"482","DOI":"10.1016\/j.eap.2023.09.005","article-title":"Digital finance, technological innovation, and carbon dioxide emissions","volume":"80","author":"Song","year":"2023","journal-title":"Econ. Anal. Policy"},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1016\/j.econmod.2019.09.027","article-title":"The impact of digital finance on household consumption: Evidence from China","volume":"86","author":"Li","year":"2020","journal-title":"Econ. Model."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"106158","DOI":"10.1016\/j.eneco.2022.106158","article-title":"The effects of digital finance and financial constraint on financial performance: Firm-level evidence from China\u2019s new energy enterprises","volume":"112","author":"Wu","year":"2022","journal-title":"Energy Econ."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"61340","DOI":"10.1007\/s11356-021-18016-x","article-title":"Digital finance innovation in green manufacturing: A bibliometric approach","volume":"30","author":"Chang","year":"2022","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"105356","DOI":"10.1016\/j.eneco.2021.105356","article-title":"How does population aging affect household carbon emissions? Evidence from Chinese urban and rural areas","volume":"100","author":"Fan","year":"2021","journal-title":"Energy Econ."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"353","DOI":"10.1007\/s11069-015-2067-1","article-title":"Impact of household expenditures on CO2 emissions in China: Income-determined or lifestyle-driven? Nat","volume":"84","author":"Wang","year":"2016","journal-title":"Hazards"},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"575","DOI":"10.1016\/j.ecolind.2018.11.049","article-title":"Energy consumption and carbon footprint accounting of urban and rural residents in Beijing through Consumer Lifestyle Approach","volume":"98","author":"Chen","year":"2019","journal-title":"Ecol. Indic."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"230","DOI":"10.1016\/j.rser.2019.04.028","article-title":"Quantitative assessment of energy conservation and renewable energy awareness among variant urban communities of Xiamen, China","volume":"109","author":"Ali","year":"2019","journal-title":"Renew. Sustain. Energy Rev."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"112812","DOI":"10.1016\/j.jenvman.2021.112812","article-title":"Examining the direct and indirect effects of financial development on CO2 emissions for 88 developing countries","volume":"293","author":"Khan","year":"2021","journal-title":"J. Environ. Manag."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"117553","DOI":"10.1016\/j.jenvman.2023.117553","article-title":"How does financial development influence carbon emission intensity in the OECD countries: Some insights from the information and communication technology perspective","volume":"335","author":"Tao","year":"2023","journal-title":"J. Environ. Manag."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"104768","DOI":"10.1016\/j.eneco.2020.104768","article-title":"Does financial development mitigate carbon emissions? Evidence from heterogeneous financial economies","volume":"88","author":"Acheampong","year":"2020","journal-title":"Energy Econ."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"427","DOI":"10.1016\/j.resourpol.2019.05.003","article-title":"The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: Insights from G-7 and N-11 countries","volume":"62","author":"Zafar","year":"2019","journal-title":"Resour. Policy"},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"218","DOI":"10.1016\/j.procs.2021.04.054","article-title":"Digital Financial Inclusion and Economic Growth: A Cross-country Study","volume":"187","author":"Shen","year":"2021","journal-title":"Procedia Comput. Sci."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"943","DOI":"10.1016\/j.spc.2021.01.006","article-title":"An empirical analysis of the household consumption-induced carbon emissions in China","volume":"26","author":"Liu","year":"2021","journal-title":"Sustain. Prod. Consum."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"106410","DOI":"10.1016\/j.econmod.2023.106410","article-title":"Digitalization, financial inclusion, and small and medium-sized enterprise financing: Evidence from China","volume":"126","author":"Zhang","year":"2023","journal-title":"Econ. Model."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"114074","DOI":"10.1016\/j.jbusres.2023.114074","article-title":"Digital finance and enterprise financing constraints: Structural characteristics and mechanism identification","volume":"165","author":"Li","year":"2023","journal-title":"J. Bus. Res."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"104270","DOI":"10.1016\/j.frl.2023.104270","article-title":"Digital inclusive finance and digital transformation of enterprises","volume":"57","author":"Guo","year":"2023","journal-title":"Financ. Res. Lett."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"55","DOI":"10.1016\/j.iref.2021.05.010","article-title":"Digital financial capability and entrepreneurial performance","volume":"76","author":"Luo","year":"2021","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"101800","DOI":"10.1016\/j.najef.2022.101800","article-title":"Can digital financial inclusion promote female entrepreneurship? Evidence and mechanisms","volume":"63","author":"Yang","year":"2022","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"101213","DOI":"10.1016\/j.najef.2020.101213","article-title":"Accessibility of financial services and household consumption in China: Evidence from micro data","volume":"53","author":"Song","year":"2020","journal-title":"N. Am. J. Econ. Financ."},{"key":"ref_25","doi-asserted-by":"crossref","unstructured":"Jiang, W., Hu, Y., and Cao, H. (2024). Does Digital Financial Inclusion Increase the Household Consumption? Evidence from China. J. Knowl. Econ.","DOI":"10.1007\/s13132-024-01821-3"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"664","DOI":"10.3934\/QFE.2021030","article-title":"Does digital finance benefit the income of rural residents? A case study on China","volume":"5","author":"Li","year":"2021","journal-title":"Quant. Financ. Econ."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"627","DOI":"10.1016\/j.eap.2022.09.007","article-title":"Digital inclusive finance and rural household subsistence consumption in China","volume":"76","author":"Yang","year":"2022","journal-title":"Econ. Anal. Policy"},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"1155","DOI":"10.1007\/s11205-023-03245-z","article-title":"Digital Financial Inclusion, Income Inequality, and Vulnerability to Relative Poverty","volume":"170","author":"Liu","year":"2023","journal-title":"Soc. Indic. Res."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"138313","DOI":"10.1016\/j.jclepro.2023.138313","article-title":"Does digital financial inclusion affect CO2 emissions? Evidence from 76 emerging markets and developing economies (EMDE\u2019s)","volume":"420","author":"Khan","year":"2023","journal-title":"J. Clean. Prod."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"107059","DOI":"10.1016\/j.eneco.2023.107059","article-title":"Digital inclusive finance and energy transition towards carbon neutrality: Evidence from Chinese firms","volume":"127","author":"Lu","year":"2023","journal-title":"Energy Econ."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"101451","DOI":"10.1016\/j.frl.2020.101451","article-title":"Does financial inclusion impact CO2 emissions? Evidence from Asia","volume":"34","author":"Le","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"105966","DOI":"10.1016\/j.eneco.2022.105966","article-title":"Can digital financial inclusion affect CO2 emissions of China at the prefecture level? Evidence from a spatial econometric approach","volume":"109","author":"Wang","year":"2022","journal-title":"Energy Econ."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"107203","DOI":"10.1016\/j.eiar.2023.107203","article-title":"How does digitalization drive carbon emissions? The inverted U-shaped effect in China","volume":"102","author":"Zheng","year":"2023","journal-title":"Environ. Impact Assess. Rev."},{"key":"ref_34","doi-asserted-by":"crossref","unstructured":"Cai, X., and Song, X. (2022). The nexus between digital finance and carbon emissions: Evidence from China. Front. Psychol., 13.","DOI":"10.3389\/fpsyg.2022.997692"},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"9431","DOI":"10.1016\/j.egyr.2022.07.050","article-title":"The impact of digital financial inclusion on carbon dioxide emissions: Empirical evidence from Chinese provinces data","volume":"8","author":"Zheng","year":"2022","journal-title":"Energy Rep."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"101872","DOI":"10.1016\/j.chieco.2022.101872","article-title":"Digital finance and household carbon emissions in China","volume":"76","author":"Qin","year":"2022","journal-title":"China Econ. Rev."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"515","DOI":"10.1016\/j.strueco.2022.07.006","article-title":"The impact of digital finance on residential carbon emissions: Evidence from China","volume":"63","author":"Pu","year":"2022","journal-title":"Struct. Change Econ. Dyn."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"2","DOI":"10.1186\/s40008-023-00296-w","article-title":"The impact of digital financial inclusion on household carbon emissions: Evidence from China","volume":"12","author":"Zhou","year":"2023","journal-title":"J. Econ. Struct."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"103831","DOI":"10.1016\/j.cities.2022.103831","article-title":"Urban expansion and the urban\u2013rural income gap: Empirical evidence from China","volume":"129","author":"Zhong","year":"2022","journal-title":"Cities"},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"1667","DOI":"10.1016\/j.rser.2007.03.002","article-title":"Changing of energy consumption patterns from rural households to urban households in China: An example from Shaanxi Province, China","volume":"12","author":"Cai","year":"2008","journal-title":"Renew. Sustain. Energy Rev."},{"key":"ref_41","doi-asserted-by":"crossref","unstructured":"Sun, Z., Du, L., and Long, H. (2023). Regional Heterogeneity Analysis of Residential Electricity Consumption in Chinese Cities: Based on Spatial Measurement Models. Energies, 16.","DOI":"10.3390\/en16237859"},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"101453","DOI":"10.1016\/j.chieco.2020.101453","article-title":"Estimating flexible consumption functions for urban and rural households in China","volume":"61","author":"Cao","year":"2020","journal-title":"China Econ. Rev."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"377","DOI":"10.1080\/1540496X.2017.1367660","article-title":"The Urban\u2013Rural Gap of Chinese Household Finance","volume":"54","author":"Sui","year":"2018","journal-title":"Emerg. Mark. Financ. Trade"},{"key":"ref_44","doi-asserted-by":"crossref","unstructured":"Deng, X., Guo, M., and Liu, Y. (2023). Digital economy development and the urban\u2013rural income gap: Evidence from Chinese cities. PLoS ONE, 18.","DOI":"10.1371\/journal.pone.0280225"},{"key":"ref_45","doi-asserted-by":"crossref","unstructured":"Wang, Y., Weng, F., and Huo, X. (2023). Can digital finance Promote Professional Farmers\u2019 Income Growth in China?\u2014An Examination Based on the Perspective of Income Structure. Agriculture, 13.","DOI":"10.3390\/agriculture13051103"},{"key":"ref_46","doi-asserted-by":"crossref","first-page":"894","DOI":"10.1016\/j.enpol.2010.11.014","article-title":"Energy poverty in rural Bangladesh","volume":"39","author":"Barnes","year":"2011","journal-title":"Energy Policy"},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.enpol.2012.02.028","article-title":"Are the energy poor also income poor? Evidence from India","volume":"47","author":"Khandker","year":"2012","journal-title":"Energy Policy"},{"key":"ref_48","doi-asserted-by":"crossref","first-page":"19122","DOI":"10.1073\/pnas.1922205117","article-title":"The carbon footprint of household energy use in the United States","volume":"117","author":"Goldstein","year":"2020","journal-title":"Proc. Natl. Acad. Sci. USA"},{"key":"ref_49","doi-asserted-by":"crossref","unstructured":"Tang, Z., Li, D., and Guo, H. (2022). Study on Carbon Emission Pathways in the Rural Areas of Guangdong Province. Energies, 15.","DOI":"10.3390\/en15238886"},{"key":"ref_50","doi-asserted-by":"crossref","unstructured":"Fan, L., Zhang, Y., Jin, M., Ma, Q., and Zhao, J. (2022). Does New Digital Infrastructure Promote the Transformation of the Energy Structure? The Perspective of China\u2019s Energy Industry Chain. Energies, 15.","DOI":"10.3390\/en15238784"},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"105847","DOI":"10.1016\/j.eneco.2022.105847","article-title":"How financial inclusion affects the collaborative reduction of pollutant and carbon emissions: The case of China","volume":"107","author":"Shahbaz","year":"2022","journal-title":"Energy Econ."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"102455","DOI":"10.1016\/j.techsoc.2024.102455","article-title":"Can digitalization facilitate low carbon lifestyle?\u2014Evidence from households\u2019 embedded emissions in China","volume":"76","author":"Li","year":"2024","journal-title":"Technol. Soc."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"106802","DOI":"10.1016\/j.resconrec.2022.106802","article-title":"China\u2019s urban and rural residential carbon emissions: Past and future scenarios","volume":"190","author":"Wu","year":"2023","journal-title":"Resour. Conserv. Recycl."},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"6973","DOI":"10.1016\/j.egyr.2021.09.104","article-title":"Distribution and evolutionary in household energy-related CO2 emissions (HCEs) based on Chinese north\u2013south demarcation","volume":"7","author":"Xu","year":"2021","journal-title":"Energy Rep."},{"key":"ref_55","doi-asserted-by":"crossref","unstructured":"Zhang, X., He, S., and Ma, L. (2024). Local environmental fiscal expenditures, industrial structure upgrading, and carbon emission intensity. Front. Environ. Sci., 12.","DOI":"10.3389\/fenvs.2024.1369056"},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"489","DOI":"10.1016\/j.rser.2016.06.090","article-title":"Effects of public and private expenditures on environmental pollution: A dynamic heterogeneous panel data analysis","volume":"65","author":"Adewuyi","year":"2016","journal-title":"Renew. Sustain. Energy Rev."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"1336","DOI":"10.1016\/j.eap.2024.02.021","article-title":"Digital financial inclusion, resident consumption, and urban carbon emissions in China: A transaction cost perspective","volume":"81","author":"Cheng","year":"2024","journal-title":"Econ. Anal. Policy"},{"key":"ref_58","doi-asserted-by":"crossref","first-page":"105704","DOI":"10.1016\/j.eneco.2021.105704","article-title":"How does industrial structure adjustment reduce CO2 emissions? Spatial and mediation effects analysis for China","volume":"105","author":"Zhao","year":"2022","journal-title":"Energy Econ."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"119927","DOI":"10.1016\/j.jenvman.2023.119927","article-title":"Obscuring effect of income inequality and moderating role of financial literacy in the relationship between digital finance and China\u2019s household carbon emissions","volume":"351","author":"Huang","year":"2024","journal-title":"J. Environ. Manag."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"12335","DOI":"10.1007\/s11356-019-04591-7","article-title":"The mystery of local fiscal expenditure and carbon emission growth in China","volume":"26","author":"Wang","year":"2019","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"347","DOI":"10.1016\/j.enpol.2018.05.056","article-title":"The impacts of GDP, trade structure, exchange rate and FDI inflows on China\u2019s carbon emissions","volume":"120","author":"Zhang","year":"2018","journal-title":"Energy Policy"},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"104243","DOI":"10.1016\/j.resourpol.2023.104243","article-title":"Exploring the role of green finance and natural resource policies in carbon emission efficiency of China\u2019s manufacturing industry in the context of post-COVID-19 period","volume":"86","author":"Yang","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_63","doi-asserted-by":"crossref","first-page":"117523","DOI":"10.1016\/j.energy.2020.117523","article-title":"Does financial development influence CO2 emissions? A Chinese province-level study","volume":"200","author":"Zhao","year":"2020","journal-title":"Energy"},{"key":"ref_64","doi-asserted-by":"crossref","first-page":"111433","DOI":"10.1016\/j.enpol.2020.111433","article-title":"Shrinking ageing population and other drivers of energy consumption and CO2 emission in the residential sector: A case from Eastern Europe","volume":"140","author":"Balezentis","year":"2020","journal-title":"Energy Policy"}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/12\/543\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T16:47:40Z","timestamp":1760114860000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/12\/12\/543"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,12,5]]},"references-count":64,"journal-issue":{"issue":"12","published-online":{"date-parts":[[2024,12]]}},"alternative-id":["systems12120543"],"URL":"https:\/\/doi.org\/10.3390\/systems12120543","relation":{},"ISSN":["2079-8954"],"issn-type":[{"type":"electronic","value":"2079-8954"}],"subject":[],"published":{"date-parts":[[2024,12,5]]}}}