Mechanism And Path Of Digital Finance Promoting High-quality Economic Development

In recent years,the booming digital finance,driven by digital and information technologies such as big data,cloud computing and artificial intelligence,has made dramatic changes in service method and operating systems of traditional finance.Digital finance has gets rid of the dilemma of servicing the real economy faced by traditional finance,and improve the efficiency of the services.Especially during the 2020 epidemic period,the role of digital finance has further prominent.It provides SMEs with “contactless” online financial services,which not only simplifies the process greatly but also meets the needs of financial services in the epidemic period,playing an important role in the consumption of work and production after the epidemic.General Secretary Xi Jinping pointed out that: “The digital economy is a realistic way to promote high-quality economic development.” Financial services to the real economy and co-existence and co-prosperity,high-quality economic development is inseparable from financial driving.The most important thing for high-quality economic development is to overcome unbalanced and inadequate development.Solving the problems of imbalance and insufficiency requires the cooperation of high-quality finance.As a new format for the development of my country’s financial industry,digital finance meets the internal requirements of the people’s growing and better life for financial needs,meets the internal requirements of high-quality economic development for finance,and is an important driving force for high-quality economic development.First of all,based on starts from the aspects of inclusive finance,Internet finance,financial technology,etc.,this article revealing the evolutionary logic of the basic theories of digital finance,and explores the basic theories of high-quality economic development by interpreting the connotation of high-quality economic development.Financial development cannot be separated from economic development.Similarly,economic development cannot be separated from financial development.Financial development is embedded in the economic environment and is an important driving force for economic development.Based on this,this article starts from the internal logic of financial development and economic development,and points out that financial development and economic development need to be compatible,and finance and economic development coexist and prosper.At the same time,it explores the inherent requirements of high-quality economic development for financial development,and points out that high-quality economic development requires inclusive,efficient,and technological financial services.Based on this,it analyzes the synergy between digital finance and high-quality economic development.Mechanism,pointed out that the development of digital finance has promoted the transformation and upgrading of economic structure,made direct financing and indirect financing dynamically balanced and complementary,and improved a multi-level,diversified,complementary,fully functional and efficient financial service system for high-quality economic development Provide highquality financial support.Secondly,this article explores the theoretical logic of digital finance affecting the highquality development of the economy by constructing a theoretical model,including the theoretical logic of digital finance affecting the financial sector,residential sector and production sector.Through the analysis of the theoretical logic of the influence of digital finance on various departments,it is found that: First,in the financial market,digital finance uses digital technology to further reduce information search costs,transaction costs,etc.,thereby alleviating the problem of information asymmetry,and satisfying the financial needs of disadvantaged groups.Service demand corrected the distortion of financial resource allocation and improved the efficiency of financial resource allocation.Second,in the residential sector,traditional finance is limited by information costs and technology,resulting in insufficient financial supply capabilities,which in turn cannot meet the financial service needs of vulnerable groups.The emergence of digital finance has met the financial needs of rural residents and poor residents.The demand for services has increased the income level of residents and narrowed the income gap between urban and rural areas.Third,in the production sector,the development of digital finance has eased the financing constraints of small and medium-sized enterprises,which is conducive to the expansion of reproduction capacity of small and medium-sized enterprises and increase the profits of the production department.At the same time,based on the theoretical logic that digital finance affects high-quality economic development,the mechanism of digital finance’s high-quality economic development is discussed,including income distribution mechanism,opportunity fairness mechanism,and innovation driving mechanism.On the basis of discussing the mechanism of digital finance on economic high-quality development,it analyzes the transmission path of digital finance driving high-quality economic development,including financial inclusive transmission,financial efficiency transmission and financial innovation transmission,among which financial inclusive transmission Channels can narrow the income gap between urban and rural areas,financial efficiency transmission channels can ease the financing constraints of small,medium and micro enterprises,and financial innovation transmission can increase regional total factor productivity.Thirdly,through the interpretation of the concept of high-quality economic development,this article constructs the high-quality economic development index of my country’s provinces from 2011 to 2018 from the five dimensions of innovation-driven,coordinated development,green ecology,openness and stability,and sharing and harmony.Analyzing the spatial evolution process of digital finance and high-quality economic development,it is concluded that digital finance and high-quality economic development have obvious spatial dependence.Based on this,this article analyzes the effect of digital finance on the high-quality economic development through empirical analysis.From the results of empirical analysis,digital finance has a clear driving effect on high-quality economic development,especially in underdeveloped regions such as the western region.In addition,from the perspective of financial inclusion,this article empirically tests that digital finance improves the income distribution mechanism through financial inclusion characteristics,thereby driving high-quality economic development.That is,to test the impact and mechanism of digital finance on narrowing the income gap between urban and rural areas;from the perspective of financial efficiency,it is empirically tested that digital finance improves the efficiency of financial services,optimizes the allocation of financial resources,improves the fairness of opportunity mechanism,and alleviates the financing of the real economy.Constraints have improved the innovation capabilities of enterprises,which in turn drives the high-quality development of China’s economy;from the perspective of financial innovation,it is empirically tested that digital finance stimulates the vitality of the real economy by improving financial innovation capabilities,drives innovation mechanisms,and promotes regional total factor productivity.Upgrade,which in turn drives the high-quality development of our country’s economy.Finally,based on the overall research conclusions of this article,a digital financial driving mechanism for high-quality economic development is proposed.First,it summarizes the digital financial development experience of major developed countries in the world from the aspects of digital financial services and digital financial supervision,and analyzes the enlightenment of major developed countries’ digital financial development experience to China.The main enlightenments are: First,major developed countries pay more attention to digital financial infrastructure Second,the development of digital finance in major developed countries places more emphasis on interoperability and coordinated development;third,major developed countries have more mature digital technology;fourth,major developed countries have more prudent supervision of digital finance.On this basis,combined with the research conclusions of this article,four characteristics of regional economic development level,technological strength,residents’ income,and enterprise scale are introduced,and the four aspects of digital finance coverage,depth of use,degree of digital support,and supervision strength are proposed for China’s digital finance.The fourdimensional mechanism that drives the high-quality development of the economy,from optimizing the digital financial policy environment,consolidating the digital financial infrastructure,improving the multi-level digital financial service system,dredging the path of digital finance-driven high-quality economic development,and building a long-term digital financial supervision mechanism,Exploring a coordinated and unified digital financial regulatory path to propose policy recommendations for China’s digital financial development in three aspects.