Abstract: The active financial sector in the process of urbanization plays a key role in the promotion of green TFP. However, as a carrier of modern economy, how to influence green TFP through the transmission effect of financial development is often unclear. This paper analyzes the direct effect of urbanization on green TFP and the indirect conduction effect through financial development, as well as using the transnational panel data from "the Belt and Road" to carry out an empirical study. The study found that urbanization has a direct impact on green TFP, which is first inhibited and then promoted. Through the indirect transmission effect of financial structure, financial efficiency and financial scale in the financial development, urbanization has further worsened the growth of green TFP. The threshold effect indicates that urbanization has a positive transmission effect on green TFP under the high financial structure measured by the capital market, while financial efficiency and financial scale do not exist this effect. It is thus suggested that, on the one hand, striving to raise the level of urbanization are the core of solving the negative impact of it on green TFP. On the other hand, with the increasing importance of the financial sector, the development of the capital market should be taken as the fouces to optimizing the financial structure, constructing green "the Belt and Road", as well as achieving the cooperation of economic development and ecological environment.

Key words: urbanization, financial development, financial structure, green total factor productivity, “the Belt and Road”