What Mechanisms Do Financial Marketization and China's Fiscal Decentralization Have on Regional Energy Intensity? Evidence Based on Spatial Spillover and Panel Threshold Effects Perspectives.

Energy efficiency and energy intensity are gradually gaining attention, and it is now an important proposition to reconcile financial marketization, fiscal decentralization, and regional energy intensity. Using Chinese mainland provincial panel data (except Tibet) from 2007 to 2019, this study applied the dynamic panel system generalized method of moments model, the spatial Durbin model, and the panel threshold model to investigate the mechanisms of financial marketization and fiscal decentralization on regional energy intensity. The study found that financial marketization can play a significant role in suppressing regional energy intensity, while fiscal decentralization promotes energy intensity.