The Yangtze River economic belt is an inland river economic belt with international influence composed of 11 provinces and municipalities in the Yangtze River Basin. This paper uses the super-efficiency model to calculate the green total factor productivity of 11 provinces and municipalities in the Yangtze River economic belt (YREB). Then we establish a model to study the impact of industrial structure upgrading, industrial structure rationalization, and environmental regulation on green total factor productivity (GTFP). Empirical analysis shows that the industrial structure upgrading and environmental regulation have a significant impact on GTFP and show regional characteristics. The more developed the economy and the higher the industrial structure, the greater the impact of upgrading and environmental regulation on GTFP. Compared with other control variables, the urbanization rate impacts GTFP, followed by regional economic development.

Industrial structure upgrading is a huge driving force for China’s green economic development. The Yangtze River Economic Belt (YREB), a crucial component of China’s spatial economic pattern, is facing the dual pressure of economic development and environmental protection. Therefore, it needs to have its industrial structure upgraded immediately. This article measures the development levels of green finance using the entropy method and bases its analysis on the panel data of 11 provinces (municipalities) in the YREB from 2005 to 2019. A moderated mediating effect model is then built to thoroughly examine the influence paths of green finance and green technology innovation on industrial structure upgrading. According to the empirical findings, green finance and green technology innovation have a significant direct role in promoting the upgrading of industrial structures. They reflect significant regional disparities across the East, Midland, and West. Second, green technology innovation has an effective transmission mechanism in green finance, boosting industrial structure upgrading. Third, environmental regulations positively regulate green finance’s direct and indirect routes to support industrial structure upgrading. This study is the first to combine green finance, green technology innovation, environmental regulation, and industrial structure upgrading under one research framework, broadening the research scope of industrial transformation. These research findings provide theoretical and practical guidance for upgrading China’s Yangtze River Economic Belt’s industrial structure.