Abstract:
Introduction Energy is widely considered the fuel of industry and the lifeline of the national economy. The impressive economic and development achievement of Guangdong after reform and opening up relied heavily on the support and logistical backing from the development of its energy industry. Being a major energy consumer with limited resources and thus featuring low self-sufficiency in energy, Guangdong has always faced the threat of energy scarcity. After decades of development and transition, its energy sector is gradually evolving into a diversified new energy system composed of traditional thermal power, nuclear power, offshore wind power, and photovoltaic power generation. It has shifted from being a limiting factor in economic production to becoming an integral component of the province's high-tech manufacturing industry chain. Analyzing the economic contribution of energy sector from a macroeconomic perspective holds practical significance for formulating scientific energy industry development plans and promoting high-quality, coordinated development of energy and economy in Guangdong.
Method Firstly, a research dataset was established by integrating the indicator data that represent the development of the energy sector and economy in Guangdong. Subsequently, both the vector autoregression model and the Feder two-sector production function model were employed to conduct a quantitative analysis of the overall economic contribution and spillover effects of Guangdong's energy sector.
Result The analysis indicates that, during the late industrialization phase, a mutually reinforcing relationship existed between the energy sector and economic development in Guangdong. The production of the energy sector makes a significant overall contribution to economic growth, with notable spillover effects. However, the economic stimulus effect of energy investments is comparatively low.
Conclusion The study empirically estimates the economic contribution of energy sector in Guangdong and based on the findings, suggests recommendations for high-quality development of Guangdong's energy sector. These can serve as references for the development planning and policy-making of Guangdong's energy development.