Technical efficiency, shadow price of carbon dioxide emissions, and substitutability for energy in the Chinese manufacturing industries

► We measure the input distance function for 30 Chinese manufacturing industries. ► The potential CO2 reductions could amount to approximately 680 million tons. ► The shadow prices of CO2 vary from $18.82 to zero across industries. ► The substitutabilities of capital for oil, gas, and coal are higher than the one for labor.