<p>Using a panel of Chinese listed manufacturing firms, this paper estimates the impact of the Green Factory Policy (GFP) on corporate green innovation using a staggered difference-in-differences design. We find that the GFP increases green patenting by 11.5%. Dynamic estimates reveal anticipatory responses prior to policy implementation but no persistent post-treatment effects. We further show that the policy operates through four channels: increased government subsidies, stronger environmental regulation, relaxed financing constraints, and greater digital adoption. The effects are concentrated among firms with moderate green innovation capacity, state-owned enterprises, and firms outside heavily polluting industries. Moreover, the policy promotes patenting in alternative energy and waste management technologies but does not improve patent quality. Our findings contribute to the literature on green industrial policy and provide evidence on the conditions under which government intervention can stimulate environmentally oriented technological change.</p>