Impact of energy saving and emission reduction policy: Empirical evidence from regional and local business in China
研究了中国节能减排财政政策对能源强度的影响，发现该政策能有效降低能源强度，尤其在非东部、低行政级别和高城市化城市，并通过绿色技术创新和产业升级实现，但会提高周边地区的能源强度。
Abstract Reducing energy intensity (EI) is essential to promoting sustainable development. The “National Energy Saving and Emission Reduction Comprehensive Demonstration Fiscal Policy” (ESERP) is the green fiscal policy adopted by China in an effort to maximize energy use and promote sustainable development. The paper analyzes the influence of ESERP on EI from regional and business standpoint. The results indicate that ESERP is effective in reducing EI, especially when it is implemented in noneastern, low administrative, and high urbanization cities. This policy effect is realized by promoting green technology innovation and enhancing industrial structural upgrading. However, ESERP enhances EI of neighboring areas around the pilot cities, especially within 200 to 400 km of the perimeter. Meanwhile, the co‐implementation of ESERP and smart city pilot policies is beneficial in reducing EI. Additionally, business strategy analysis indicates that ESERP effectively reduces EI of firms, especially in private, technology‐intensive, asset‐intensive, and heavy polluting firms. This paper provides empirical experience for optimizing green fiscal policy and promoting sustainable business development, which has significant policy guidance value and business strategy significance.