To reach the goals of carbon peaking and carbon neutrality needs to diversify policies and management, during which green financing as a product closely connected to low carbon economy plays an irreplaceable role. It is necessary to reveal how green financing impacts gross carbon emission and carbon emission intensity, and how to realize the dual control target of carbon emission quantity and quality. This paper, based on panel data of China's 30 provinces from 2009 to 2021, uses entropy to measure green financing, and establishes a multiple regression model to estimate the impacts of green financing on carbon emission from perspectives of theory and cases. Industrial structural upgrading and marketization level are selected as mediating variable and moderating variable to construct a mediating effect model and a moderating effect model to test the mechanism of green financing impacting gross carbon emission and intensity. Results show a strong negative relation between green financing and gross carbon emission and intensity, which is confirmed by robustness tests of lagging explanatory variables, changing sample volumes, replacing explained variables and changing time zones. Industrial structural upgrading plays a mediating role during green financing impacting carbon emission and intensity. Green financing pushes industrial structural upgrading, and further helps reduce carbon emission and increase carbon efficiency. Marketization level positively adjusts the relation between green financing and carbon emission. The higher marketization level, the stronger negatively impacting of green financing on gross carbon emission and intensity. Green financing's synergism of reducing emission and increasing efficiency plays a more important role in central-western, resources-based provinces, and government highly-intervened areas compared to eastern, non-resources-based provinces, and government lowly-intervened areas. This paper presents suggestions on optimizing green financing system, fulfilling low-carbon transformation of industrial structures, intensifying regional exchange, persisting in governmental administration and marketing, further boosting green financing to realize sustainable development.

Petroleum as a non-recoverable strategic resource plays a key role in economic development. China’s rapid economic development depends largely upon the international petroleum market. This paper, based on the increasing demands for petroleum but an inadequate supply and decreasing reserve, expounds limitations existing in Chinese petroleum strategy, and presents a long-term petroleum strategy to ensure China’s petroleum guarantee, that is, to establish a multi-channel petroleum supply, to establish a petroleum reserve system, to develop alternative energy, to economize petroleum resource, to explore oceanic petroleum resource.