Research On The Impact Of Economic Growth And Credit Availability On Energy Consumption

In recent years,as the economy of China has been keeping growth at a medium-to-high speed,the demand for energy is also increasing;Meanwhile,the development of the energy industry,which is capital-intensive,cannot be separated from financial support.The report of the 19 th CPC National Congress clearly stated that we must promote the revolution in energy production and consumption and build a clean,low-carbon,safe,and efficient energy system.Therefore,with the increase of the China's energy consumption,how to coordinate the development of the regional economy,control credit allocation,develop the energy industry,optimize the energy consumption structure,and maintain sustainable energy supply have become an important issue.Based on relevant literature at home and abroad,this paper uses a combination of theoretical and empirical research methods to explore the impact,which economic growth and credit availability put on energy consumption.In terms of theory,it summarized the research results on economic growth and energy consumption,credit and energy consumption at home and abroad,and combined the theoretical models of economic growth to elucidate the relationship among them.In empirical terms,taking the panel data of 30 provinces in China mainland from 2009 to 2015 as an example,based on the multivariate analysis of production function,this paper,introducing credit availability and energy consumption as new production factors into Cobb-Douglas production function,studies the cointegration relationship among economic growth,credit availability,and energy consumption in China,while by Using the fixed effect model and the panel error correction model the short-term equilibrium relationship among them was studied.And the analysis of the impact of economic growth and credit supply on energy consumption in the eastern,central and western regions was conducted.The research found that there is a long-term co-integration relationship between China's economic growth,credit availability and energy consumption.Specifically,as far as the whole country is concerned,it is proved that economic growth and credit availability have strong positive short-term effects on energy consumption,while economic growth has a greater stimulating effect on energy consumption than credit availability.In the three regions,the economic growth has a positive impact on energy consumption in the short term,and the central region has the largest impact,followed by the eastern region and the smallest in the western region;At the same time,the credit availability have short-term positive effects on energy consumption,and the impact decreases from west to east.Therefore,according to the economic development of each region,the relevant government departments should have targetly adjust the credit policy,improve energy efficiency,accelerate industrial restructuring,and promote industrial upgrading.