Impact of the green credit policy on external financing,economic growth and energy consumption of the manufacturing industry

China attempts to achieve energy conservation,emission reduction and environmental protection through the implementation of the green credit policy,but its implementation impact is still controversial.An important content of the green credit policy is to require banking and financial institutions to tighten the credit exposure of industries of‘high pollution and high energy consumption’and industries with overcapacity,so as to use economic leverage to curb their blind expansion and reduce energy consumption by controlling external financing.This paper examined the impact and the lingering effects of the green credit policy on external financing,economic growth and energy consumption in the manufacturing industry,which was most influenced by the green credit policy,from 2003 to 2016 by using the DID method.Furthermore,this paper estimated the dynamic endogenous relationships among external financing,economic growth and energy consumption with two-step system GMM model to investigate the influential path of the green credit policy.The results showed that:the green credit policy had a significant negative impact on the external financing of manufacturing industry,but its negative impact on the economic growth and energy consumption of manufacturing industry was not statistically significant,and the effect of the green credit policy had a dynamic feature of weakening with time.Additionally,in the manufacturing industry,there was a bilateral causal relationship between the energy consumption and economic growth of the control group industry and the processing group industry.There was a bilateral causal relationship between the economic growth and external financing of the control group industries in the manufacturing industry.There was a unilateral causal relationship between the economic growth and external financing of the processing group industries in the manufacturing industry,while the external causality existed between the control group industries and the processing group industries in the manufacturing industry.The causal relationship between the financing and energy consumption was not statistically significant.At present,the transmission path of the green credit policy is that the green credit policy controls external financing,then affects economic growth and ultimately inhibits energy consumption,but the effectiveness of the path is not statistically significant.The conclusion of this paper provides policy reference and scientific basis for the adjustment and improvement of green credit.

Photoelectrochemical Performance of Nb-doped TiO_2 Nanoparticles Fabricated by Hydrothermal Treatment of Titanate Nanotubes in Niobium Oxalate Aqueous Solution

Nb-doped TiO_2 nanoparticles were prepared by hydrothermal treatment of titanate nanotubes in niobium oxalate aqueous solution.The effect of Nb doping and rutile content on the photoelectrochemical performance based on TiO_2 powder electrodes was investigated.The results show that Nb-doped TiO_2 with a small amount of rutile exhibits the enhanced photoelectric conversion efficiency for dye-sensitized solar cell.The highest photoelectric conversion efficiency of 8.53%is obtained for 1%Nb—TiO_2 containing a small amount of rutile.When a small amount of rutile contained in 2%Nb—TiO_2,a higher photoelectric conversion efficiency of8.77%is achieved.

Effect of MWCNT Inclusion in TiO_2 Nanowire Array Film on the Photoelectrochemical Performance

Rutile TiO2 nanowire array films with multi-walled carbon nanotube(MWCNT) inclusion perpendicularly grown on fluorine-doped tin oxide(FTO) substrate were prepared by a facile hydrothermal method.The absorption edges of the TiO2 nanowire array films are blue-shifted with increasing MWCNT content.The resistance of the TiO2 nanowire array film is decreased by MWCNT inclusion.The optimum TiO2 /MWCNT molar ratio in the feedstock is 1:0.1.For the TiO2 nanowire array film with MWCNT inclusion served as electrode in dye-sensitized solar cell(DSSC),an overall 194% increase of photoelectric conversion efficiency has been achieved.