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The industrial transformation is an important path for China to continuously advance towards the goals of carbon neutrality and peak carbon emissions. It is also an essential route for China's industries to move towards higher stages of development. The industrial transformation in China carries multiple significances, yet it is also confronted with various challenges. These include significant energy demands, insufficient levels of manufacturing capabilities, and economic disparities among different regions, all of which hinder the development of a low-carbon economy in China. To promote the transformation of Chinese industrial enterprises under the guidance of the new development philosophy, several key measures should be taken. Firstly, it is essential to establish a diversified energy supply system and vigorously develop the green energy industry. Secondly, efforts should be made to develop a green and low-carbon new industrial system while gradually phasing out industries with excess capacity. Thirdly, policies conducive to low-carbon transformation should be implemented, alongside the improvement and development of carbon financial markets and the strengthening of the role of technological innovation in driving industrial transformation and upgrading.
Ding et al. (Sat,) studied this question.