The Digital Transformation of the Manufacturing Industry, the Double-Factor Allocation Efficiency of the Manufacturing Industry, and Carbon Emissions: Evidence from China

Digitization and green low-carbon are the main directions of China’s economic development in the future. This paper aims to explore the relationship between improvements in the digital level of manufacturing industry segments and carbon emissions. It is found that the digitization level of China’s manufacturing industry segments is still at a low level, which needs to be further improved, and the digitization level of technology-intensive industries is higher than that of capital-intensive and labor-intensive industries. There is a serious misallocation of production factors and R&D factors among manufacturing industries, which is mainly caused by capital factors. Improvement in the digital level of manufacturing industry segmentation can significantly improve the double-layer factor allocation efficiency of the manufacturing industry, and can synchronously realize carbon emissions reduction through improvements in the double-layer factor allocation efficiency of the manufacturing industry; in other words, the improvement in the digital level of China’s manufacturing industry has the dual effects of improving factor allocation efficiency and carbon emissions reduction. Further analysis shows that this effect has significant heterogeneity of ownership. Therefore, China should focus on accelerating the digital transformation of the manufacturing industry, improve the allocation efficiency of traditional and R&D factors in the manufacturing industry through this digital transformation, and accelerate the realization of green and low-carbon development.