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The global spillover effects of China’s renewable energy policies: Evidence from international energy stock markets

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Listed:
  • Huang, Die
  • Sheng, Ni
  • Ma, Yuzhen
  • Zhou, Sheng
  • Wei, Xinyang

Abstract

As China becomes a global leader in renewable energy, understanding the international impact of its policy actions is increasingly important. This study investigates how China’s renewable energy policies affect global energy stock markets using daily data for 27 national energy indices from 2009 to 2022. Correlation Change Tests, DCC-GARCH models, and Kolmogorov–Smirnov tests are employed to evaluate market responses to 11 major policy events. The results reveal significant and policy-specific spillover effects: China’s renewable energy policies strengthen return co-movements and volatility correlations in global energy markets, with the strongest responses following solar, wind, and macro-level policies. European and Asian markets show stronger and more persistent reactions than those in the Americas. These findings highlight the role of policy design and regional energy ties in shaping China’s international financial transmission.

Suggested Citation

  • Huang, Die & Sheng, Ni & Ma, Yuzhen & Zhou, Sheng & Wei, Xinyang, 2026. "The global spillover effects of China’s renewable energy policies: Evidence from international energy stock markets," Economic Analysis and Policy, Elsevier, vol. 92(C), pages 408-441.
    • Handle: RePEc:eee:ecanpo:v:92:y:2026:i:c:p:408-441
    DOI: 10.1016/j.eap.2026.06.031
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