Title: Fostering sustainable development: the interplay of natural resources, tourism, financial development, and institutional quality in China

Authors: Humaira Yasmeen; Qingmei Tan

Addresses: College of Economics and Management, Nanjing University of Aeronautics and Astronautics Nanjing, China ' College of Economics and Management, Nanjing University of Aeronautics and Astronautics Nanjing, China

Abstract: Natural resources support ecosystems by providing important services such as clean air, water, food, and biodiversity. It is greatly important to understand how to safeguard and conserve these resources for present and future generations. In this regard, this paper aims to investigate the role of natural resources, tourism, financial development, and institutional quality towards sustainable development in China. The study used time-series data from 2000-2021 and employed the Bayesian linear regression model because it is suitable for small datasets. The robustness of findings was checked using quantile regression approach. The results reveal that financial development and institution quality have a positive effect on sustainable development. An increase in tourism expenditures stimulates the economy, creates jobs, encourages cultural exchange, and supports sustainability initiatives. However, reliance on natural resource can result in negative economic, social, and environmental outcomes, highlighting the need for resource diversification and management for reinforcing sustainable development.

Keywords: sustainability; sustainable development; tourism; natural resources; financial development; FDE; institutional quality; IQI.

DOI: 10.1504/IER.2024.140243

Interdisciplinary Environmental Review, 2024 Vol.23 No.4, pp.317 - 339

Received: 15 Nov 2023
Accepted: 19 Feb 2024
Published online: 31 Jul 2024 *

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