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In recent years, the issues related to carbon emissions and environment have attracted extensive attentions. Considering four scenarios (the energy conversion, energy capital savings and loans, energy exports and cement production carbon emissions), this paper adopts the energy consumption method and input-output method to analyze China’s carbon emissions structure on the supply-side and demand-side of energy, and finally provides policy recommendations for China’s structural emission reduction. The results show that, if the four influencing factors were not considered, the measurement of carbon emissions from the final demand was 44.91% higher than the baseline scenario, 12.36% lower than the baseline scenario from intermediate demand, and 10.23% lower than the baseline scenario from the total. For China’s carbon emissions structure on the supply-side of energy, the carbon emissions from high-carbon energy, represented by raw coal, accounted for 66.805% of the total energy-related carbon emissions, while the carbon emissions from low-carbon energy, represented by natural gas, only accounted for 2.485%. For China’s carbon emissions structure on the demand-side of energy, the carbon emissions from intermediate demand (enterprise production) accounted for more than 95% of total energy-related carbon emissions, while the carbon emissions from final demand (residents and government use) accounted for less than 5%. For each specific industry in intermediate demand for energy, the heavy industry, electric power, fossil energy, and chemical industry have high carbon emissions and low carbon emissions efficiency. However, the agriculture, construction, light industry, and service are the opposite. Finally, we provide policy recommendations for improving the accuracy of carbon emissions measurement and carbon emissions efficiency.

The Shanghai–Hong Kong Stock Connect (SH–HK–SC) and Shenzhen–Hong Kong Stock Connect (SZ–HK–SC) programs aim to strengthen the openness of Mainland Chinese stock market. They are considered milestones in the development process of the Mainland Chinese capital market. This paper studies the effects of the SH–HK–SC and SZ–HK–SC programs on the co‐movement between the Mainland Chinese, Hong Kong and U.S. stock markets in terms of dynamic conditional correlation by the t‐copula–DCC–GARCH model. We find that both programs do not substantively enhance the daily price co‐movements among the examined markets for all pairs except the Hong Kong–U.S. pair. The combination effect of the programs significantly enhances the weekly price co‐movements between the Mainland Chinese and Hong Kong, or U.S. stock market after the SZ–HK–SC program, with an insignificant effect on the Hong Kong–U.S. pair. Although the multiple breakpoint tests for the daily data and weekly data exhibit somewhat different results, the structural breakpoints of the dynamic correlation coefficients among the stock markets easily appear during the subprime crisis. Some possible explanations are provided for the results, and correspondent suggestions are given for investors and policymakers.

In recent years, the global greenhouse effect caused by excessive energy-related carbon emissions has attracted more and more attention. In this paper, we studied the dynamic evolution of factors driving China's energy-related CO2 emissions growth from 2007 to 2015 by using energy consumption method and input-output analysis and used the IO-SDA model to decompose the energy carbon emissions. Within the research interval, the results showed that (1) on the energy supply-side, the high carbon energy represented by raw coal was still the main factor to promote the growth of energy-related CO2 emissions. However, the optimization of energy consumption structure is conducive to reducing emissions. Specifically, the high carbon energy represented by raw coal exhibited a downward trend in promoting the increment of energy-related CO2 emissions, while the clean energy represented by natural gas showed an upward trend in promoting the increment of CO2 emissions. It is worth noting that there is still a lot of room for optimization of China’s energy consumption structure to reduce emissions. (2) On the energy demand-side, the final demand effect is the main driving force of the growth of carbon emissions from fossil energy. Among them, the secondary industry plays a major role in the final demand effect. The "high carbonization" of the final product reflects the characteristics of China's high energy input in the process of industrialization. At the same time, since the carbon emission efficiency of the tertiary industry and the primary industry is better than that of the secondary industry, actively optimizing the industrial structure is conducive to slowing down the growth of carbon emission brought by the demand effect. (3) The input structure effect is the main restraining factor for the growth of energy carbon emissions, while the energy intensity effect has a slight driving effect on the growth of energy carbon emissions. The results show that China's "extensive" economic growth model has been effectively reversed, but the optimization of fossil energy utilization efficiency is still not obvious, and there is still a large space to curb carbon emissions by improving fossil energy utilization efficiency in the future.