The Role of the Carbon Peaking and Carbon Neutrality Policies in the Transformation and Upgrading of the Manufacturing Sector: A Pathway to Green, Low-Carbon, and Sustainable Growth

The level of development within the manufacturing sector serves as a vital indicator of a nation's overall strength and international competitiveness. The implementation of the carbon peaking and carbon neutrality policies is instrumental in expediting the transformation and upgrading of manufacturing industries. This paper investigates the effects and underlying mechanisms of this policy on the manufacturing sector's evolution, emphasizing green, low-carbon, and sustainable growth. Utilizing econometric methods such as progressive difference-in-difference, mediation, and moderation analysis, our empirical findings reveal several key insights: First, the positive coefficient associated with the carbon peaking and carbon neutrality policies indicates a significant stimulatory effect on the transformation and upgrading of manufacturing enterprises, a conclusion that persists through various robustness tests. Second, green technology innovation emerges as a vital mediating factor in this positive relationship, while the level of policy attention and the classification of enterprises as heavily polluting serve as influential moderating variables. This research contributes valuable insights for enhancing the implementation of carbon-related policies, fostering an experiential foundation for future initiatives, and guiding manufacturing enterprises in their pursuit of effective transformation and upgrading.