Proceedings of the 7th International Conference on Management, Economics and Finance
Research on Energy Consumption of China’s Jiangsu Province Based on Gray System Theory
Yanfeng CHU, Huijie ZHANG
Jiangsu Province is a strong and major province in China’s economy. Taking Jiangsu Province as an example to analyze the energy consumption situation can to some extent reflect the current energy consumption situation under the rapid economic development.
The total energy consumption data of China’s Jiangsu Province from 2016 to 2020 are selected, and GM (1,1) model in grey system theory is applied to forecast the total energy consumption of Jiangsu Province from 2021 to 2025. It is predicted that the energy consumption of Jiangsu Province will show a continuous growth trend during 2021-2025, but the growth rate will slow down. After that, a grey relation analysis is conducted between the total energy consumption and the GDP, industrial output value, total population and per capita disposable income of the residents in Jiangsu Province to analyse the relation between each factor and the total energy consumption. Finally, based on the prediction results of GM(1,1) and the grey relation analysis results, it provides the basis for the formulation of the future energy consumption in China’s Jiangsu Province and the corresponding suggestions to achieve the goals of energy conservation and sustainable energy use.
keywords: GM (1,1) model, energy consumption, grey prediction, grey relation