| At present,economic development is being subject to stricter energy and carbon dioxide emissions constraints.Major developed countries in the world are actively promoting energy transitions in order to seek more economical resources and a more environmentally friendly economic development model.Facing the new situation in the world’s energy supply and demand pattern,China continues to advance its own energy revolution,accelerate the construction of a clean,low-carbon,safe and efficient energy system to raise the level of green development,and help high-quality economic development with high-quality energy development.As an important part of the energy revolution,improving energy efficiency and reducing energy intensity have become hot issues in current energy economic research.Against this background,China actively seeks international cooperation and continues to expand its openness in order to seek high-quality international factors to help its economic transformation and upgrading.The “Belt and Road” construction,as a new opportunity for China to build a new pattern of opening up to the outside world and deepen cooperation in the energy field,is conducive to strengthening investment and trade exchanges among the countries along the route and realizing the sharing of production factors,thereby accelerating the progress of China’s energy revolution in economic and trade exchanges.In 2010,China’s total economic volume surpassed Japan for the first time with a scale of 580 million U.S.dollars,and it continued to rank second in the world with a high growth rate.During the reform and opening up period,China’s industrial structure has gone through stages from light industry to heavy industry and then to high-tech manufacturing.Its evolution has basically kept pace with China’s continuous use of foreign direct investment.Under the new opening-up pattern,the provinces along the “Belt and Road” are the frontier areas for China to open wider to the countries along the ‘Belt and Road’.Foreign direct investment is one of the important contents of China ’s opening up to the outside world.And the energy transition has an important role to promote,so studying the impact of foreign capital utilization levels on energy intensity in the provinces along the “Belt and Road” will provide theoretical guidance for improving the quality of foreign direct investment and utilization in the relevant regions of China to promote the energy revolution.This study analyzes the relationship between foreign capital utilization levels and energy intensity in China ’s 17 “Belt and Road” provinces from 2008 to 2017 by constructing an analytical framework for the effects of foreign capital utilization levels on energy intensity and using panel data individual fixed effect models,and the role of related factors.In the model construction,the provincial distribution of energy intensity and foreign capital utilization level was analyzed,and the differences in foreign capital utilization before and after the implementation of the “Belt and Road” policy were explored in combination with the regional distribution of provinces along the “Belt and Road”,and foreign direct investment,economic development Mechanism of development level,industrial structure,energy consumption structure and R & D intensity on energy intensity.At the same time,considering that the effect of foreign capital utilization level on energy intensity may be affected by other variables,that is,there may be a threshold effect,this study uses a threshold model for regression,and finally uses the “Belt and Road” initiative as the time node to conduct empirical analysis in different periods.The results show that:(1)For the provinces along the “Belt and Road”,the level of foreign capital utilization has not significantly reduced or enhanced the energy intensity;(2)The analysis results by region show that the provinces along the eastern and central regions have increased the utilization of foreign capital Levels help reduce energy intensity,and the relationship between the two provinces along the western route is not significant;(3)Threshold model regression found that the effect of foreign capital utilization levels on energy intensity will vary depending on the level of regional economic development;(4)After the implementation of the “One Way” policy,as more foreign capital flows to heavy industries,the level of foreign capital utilization has a negative effect on reducing energy intensity.Based on the above conclusions,this study proposes that China should further optimize the scale and industrial layout of foreign investment in the provinces along the “Belt and Road”,encourage more foreign investment into low-energy industries such as high-tech manufacturing and high-tech service industries,and give full play to foreign technology spillovers to reduce energy intensity,to achieve high-quality economic development. |
