Qiuyao Fu

Against the backdrop of global energy transition and multiple uncertainties, enhancing energy resilience has become a core priority for China’s pursuit of secure and sustainable development. Using Chinese provincial panel data from 2011 to 2019, this study applies a two-way fixed effects model, mediation effect tests, and interaction term analysis to empirically investigate the relationship between industrial structure, green finance, and energy resilience. The main findings are as follows. First, the increases in gross regional product (GRP) and the added value of the secondary and tertiary sectors significantly enhance energy resilience. Second, heterogeneity analysis indicates that in regions with a high level of green finance, both GRP and the secondary sector’s added value exhibit stronger positive effects on energy resilience, whereas in regions with lower levels of green finance, the tertiary sector’s added value contributes more significantly to energy resilience improvement. In areas with high coal dependency, the secondary sector’s added value shows a significantly positive effect on energy resilience. Increases in industrial and construction industry added value significantly enhance energy resilience, suggesting that the expansion of the secondary industry contributes positively to the stability and resilience of the energy system. Third, the mechanism analysis shows that green finance contributes to energy resilience partly through the optimization of the energy consumption structure. Specifically, by effectively curbing coal consumption and, to a lesser extent, fuel oil production, green finance reduces the structural dependence of the economy on high-carbon energy. By contrast, channels such as electricity generation yield weaker and less robust evidence. These findings suggest that energy resilience is fundamentally shaped by the interplay of industrial structure, financial intermediation, and energy structure adjustment. Therefore, policy should shift from single instruments to integrated governance, synergizing industrial policy, green finance, and energy optimization to bolster energy resilience.

Tax incentives play a crucial role in enhancing firm dynamism and aiding a nation in becoming a significant trade power. Drawing on data from the Annual Survey of Industrial Firms Database and the Chinese Customs Database for the period 2010 to 2013, this study employs a difference-in-differences approach to assess the impact of China’s transition from a business tax to a value-added tax (RBTVAT) on the export diversification of manufacturing firms. The findings indicate that the tax reform significantly decreases the number of export categories, increases export value, and elevates the export unit price for manufacturing firms. Specifically, by promoting specialized production and encouraging the manufacture of products with higher export tax rebate rates, the reforms have led firms to narrow their range of export categories. This effect is particularly pronounced among firms experiencing higher financing constraints, lower profitability, weaker innovation capabilities, and larger size. Furthermore, a consistent negative impact is observed for both state-owned and non-state-owned enterprises. These results provide novel insights and empirical evidence for understanding the relationship between tax reform and export diversification.