The Study of the Impact of Traditional Energy and New Energy Development on Economic Growth

Energy is a key driver of economic development. Given the dual pressures of the depletion of traditional energy and environmental issues, it is particularly important to explore the impact of energy and new energy on economic growth. This paper uses a univariate linear regression model, based on data from the National Bureau of Statistics of China from 2000 to 2022, to examine the effects of energy and new energy on economic growth. Robustness tests are conducted using per capita Gross Domestic Product (GDP) and the GDP index, while heterogeneity analysis is carried out by considering different time periods and methods of economic growth calculation. The findings of this study are as follows: 1. There is a positive correlation between energy, new energy, and economic growth. 2. The contribution of traditional energy to economic growth is more significant after the outbreak of the subprime mortgage crisis, while new energy had a greater impact on economic growth before the crisis. 3. Both traditional energy and new energy have the greatest impact on investment, followed by consumption, with the lowest impact on imports and exports. 4. Both traditional energy and new energy have the greatest influence on the service sector, followed by industry, with the least impact on agriculture. In every time period, and for every component of economic growth and every industry, the driving force of traditional energy exceeds that of new energy.