At present, a new pattern of world economic development is taking shape, and different development models featuring a green, low-carbon, and recycling economy have become the goals pursued by all countries. China is in a critical period of economic transformation. Establishing a sound financial system for green, low-carbon, and recycling economic development is an essential initiative for China to realize the dual-carbon goal, build a modern financial system for sustainable development, and promote the construction of a community of human destiny. Therefore, it is of great practical significance to dynamically monitor the development of China’s green, low-carbon, and recycling economy and explore regional development differences to realize coordinated and sustainable regional development. This paper measures the level of green, low-carbon, and recycling economy development in 30 provinces and cities in China by constructing a dynamic evaluation system for green, low-carbon, and recycling economy development and utilizing a dual incentive model. The empirical results show that since 2014, the level of green, low-carbon, and recycling economy development in China’s provinces and cities has been on an upward trend. Still, the level of action needs to be balanced. Therefore, it is imperative to create an institutional environment conducive to advancing green and low-carbon technologies, promoting structural adjustment and energy efficiency, and reducing regional differences in green, lowcarbon, and recycling development.