## 4 Analysis of Measurement Results
### Green Total Factor Productivity and Its Decomposition Trend by Industry
#### 4.2.1 Comparison of Three Manufacturing Categories  
Table 5 compares the input and output data of the three sub-categories of manufacturing. It can be observed that the equipment and high-tech manufacturing has the characteristics of high added value, high technology content and low pollution. Equipment and high-tech manufacturing only use 10% of energy consumption of the manufacturing industry, creating 54% of the manufacturing industrial output and about 43% of the manufacturing industrial added value, and absorbing nearly half of labor in the manufacturing industry. In addition, the equipment and high-tech manufacturing industry and consumer goods manufacturing industry are easy to replace with electric energy and can consume a high proportion of new energy. Therefore, although the above industries consume about 20% of the manufacturing energy consumption, carbon dioxide emissions are only 4% of manufacturing emissions. Energy-intensive manufacturing is characterized by high energy consumption, high pollution, and low added value. In 2019, its carbon dioxide emissions accounted for 96% of the total emissions of the whole manufacturing industry and 34% of national emissions.  
Figure 2: (**a**) Kernel density map of GTC in China’s manufacturing industry; (**b**) kernel density map of GEC in China’s manufacturing industry.  
According to the above analysis of Figures 1 and 2, during the 13 th Five-Year Plan period, the GTFP of most sub-sectors in China's manufacturing industry is in a positive growth stage, but the standard deviation of the growth rate of GTFP within the manufacturing industry is rising rapidly. Different categories of China's manufacturing industry began to develop in a different manner, which was mainly caused by the difference in the growth rate of GTC in the manufacturing industry. Figure 3 further shows the internal structure of the above phenomenon. It can be observed that the GTFP growth rate of equipment and high-tech manufacturing is the highest, followed by consumer goods manufacturing and energy-intensive manufacturing. It can be concluded that due to the characteristics of high added value and high technology content, such as equipment and high-tech manufacturing, its green and low-carbon transformation is less difficult, followed by consumer goods manufacturing. Energy-intensive manufacturing is characterized by high energy consumption, high pollution, and low added value. In 2019, its carbon dioxide emissions accounted for 34% of China's total emissions. Therefore, the green and low-carbon transformation of energy-intensive manufacturing is the most difficult, but also it is of great significance to achieve China's carbon peak and carbon neutrality goals. The development of energy-intensive manufacturing cannot be simply restricted. On the one hand, energy-intensive manufacturing is also an important part of the national economy, and most products are upstream of the industrial chain, which is related to the supply of basic raw materials. On the other hand, the capital stock of energy-intensive manufacturing is large, accounting for 28% of the total capital stock of the manufacturing industry. The rapid withdrawal of assets will mean that energy-intensive manufacturing will face a high risk of stranded assets, which will be further transmitted to the financial system [39; 40].