China's provincial CO emissions and interprovincial transfer caused by investment demand.

Based on the China's 1997, 2002, 2007, and 2012 multiregional input-output model, this study calculates China's provincial CO emissions from investment demand and interprovincial transfer of CO emissions caused by investment demand. The findings of this study are as follows: (1) From 1997 to 2012, the CO emissions from China's investment demand have seen rapid growth-the CO emissions from investment demand has increased by 4.52 times, and the per capita CO emissions caused by investment demand has increased by 4.13 times. Investment demand is an important driver of growth of China's CO emissions. The proportion of CO emissions from investment demand in CO emissions from China's three final demands rose from 37.72% in 1997 to 50.68% in 2012. (2) The CO emissions from investment demand are relatively large in provinces which have large-scale industries. Affected by investment-driven economic growth, CO emissions from investment demand in central, western, and northeastern provinces have increased more rapidly. (3) Large amounts of CO are emitted in the less-developed central and western provinces to meet the investment demand of the developed eastern provinces. As China's economy enters the "new normal," economic growth is shifting from investment-driven to consumption-driven, and the growth of CO emissions from investment demand will slow down.