Research On The Innovation-driven Transmission Path Of China's Digital Economy Based On Industry TFP

Since the reform and opening-up,the economy of China has maintained rapid growth for 40 years,and the economic strength has increased significantly.However,at present,the reform is stepping into the deep water,and the target of Chinese economic growth is shifting from high-speed to high-quality.The key to high-quality development lies in the improvement of total factor productivity(TFP).For a long time,TFP has been regarded as technological progress,a major driving source of economic growth,and it is an important factor in promoting economic and social development.Digitalization is a key technology among them.On the one hand,it shows extensive penetration,on the other hand,it is plays an important role in promoting other technological progress.In order to achieve high-quality economic development,it is necessary to clarify the specific role and impact of the digital economy;it is necessary to clarify the sources of power for economic growth and efficiency improvement;and it is necessary to clarify how innovation-driven input can link the whole national economy to achieve high-quality development through the development of digital economy.Based on the existing literature,this study,at first,clarified the concept and classification of the digital economy from a statistical perspective,combined with the research situation,explored the development of the digital economy,and clarified the specific role and influence of digital economy in the development of national economy.And then under the macro and micro level,it set up a relationship framework among the digital economy,TFP and high quality development.Furthermore,in order to quantify technological innovation and discuss the important role of digital economy industry,this study used the framework of APPF on the basis of seven major categories of capital,including residential,non-residential,equipment,land improvement,computer software,mineral exploration,research and development(R?D),estimated the TFP of 37 industries,analyzed the power sources for economic growth and efficiency improvement,and discussed the specific performance of TFP of digital economy and its impact on the economy impact.Finally,this study introduced an input-output model with factor inputs,clarified the specific channels of innovation-driven transmission,and revealed the role of the digital economy in it.First of all,it suggested that the digital economy plays an important role in promoting Chinese economic development.From a macro perspective,in the context of economic slowdown,the digital economy and related industries still maintain a relatively high growth trend.From a micro perspective,digitalization technology plays an important role in promoting the transformation and upgrading of enterprises,such as reducing costs,improving consumer convenience,alleviating employment pressure,improving government capabilities and services.Second,the digital economy and related industries are the new engines of Chinese economic growth.From the perspective of TFP performance,although the current source of rapid economic growth in China is mainly driven by capital,the TFP of the digital economy and related industries has performed well.Third,the digital economy is a pillar industry for the development of the national economy.From the perspective of industrial relevance,the sensitivity and influence coefficient of the digital economy industry are both greater than one.From the perspective of the multiplier effect,the impact of the digital economy on other industries actually needs to be transmitted through digital technology.In addition,after considering the effects of TFP,the digital economy has more significant relevance to various sectors.Fourth,the digital economy plays an important role as a bridge in the process of innovation-driven transmission.On the one hand,the digital economy has the greatest demand for technological innovation.On the other hand,the industries with a higher degree of digitalization,will be used more TFP through the digital economy industry.In addition,this study revealed that there are also some bottlenecks in the development of digital economy of China.First,the overall technological innovation capabilities of various industries are still insufficient.Second,the digital economy may be limited in size.The effects of digitalization on the expansion,superposition,and multiplication of economic development are not mature yet,and its integration with industries is not deep enough.Third,the transmission mechanism of the advanced manufacturing industry to the digital economy has not been effectively formed..Fourth,the quantity of innovative technologies transmitted to the manufacturing industry through the digital economy has not been fully utilized.The key to these problems is that there are still institutional obstacles to the construction of the industrial innovation system,insufficient supply of professional talents,insufficient flow of digital technology,and imbalances in digital development.Therefore,this study proposed to 1)increase the investment in basic research,encourage long-term persistence and bold exploration,and lay a solid foundation for the construction of science and technology power;2)Pay attention to the effective diffusion and flow of innovation achievements,prevent the monopoly of innovative technology;3)It is necessary to solve the problem of insufficient supply of professional personnel;4)we need to work hard to break down the information barrier and the problem of hierarchical use of data;5)To further enhance the deep integration of digital economy in various industries,which is necessary to increase the construction of public digital infrastructure.