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Green credit policy is an important practice to guide green development through the rational allocation of credit funds. Using the promulgation of the "Green Credit Guidelines" policy in China as a quasi-natural experiment, this paper examines the impact of green credit policy on heavily polluting enterprises' substantive and strategic green innovations within a difference-in-differences framework. We find that green credit policy improves the overall and strategic green innovations but has no significant effect on substantive green innovation of h
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