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To achieve the green transformation of China's economic development, the Chinese government should improve energy restriction and strengthen environmental governance as soon as possible. Improving energy efficiency is generally regarded as the key to resolving the abovementioned problems. Indeed, such thinking has been introduced into the medium-and long-term planning of China's national economic and social development. In particular, at the beginning of 2006, the Chinese government launched the 11th "Five-Year Plan" (FYP). For the first time, a mandatory energy-conservation target was added into the FYP, i.e., the energy consumption per unit of gross domestic product (GDP) should decline by 20% from the 2005 level. China's central and local governments then rolled out a series of relevant measures to execute the new energy intensity constraint policy (EICP). However, existing studies have paid little attention to the actual effects of the EICP.