Research On The Impact Of Digital Economy On China’s Economic Growth

Against the backdrop of sluggish global economic growth,the digital economy based on Internet technologies such as big data,cloud computing and the Internet of things has developed rapidly.At the same time,the digital economy has gradually integrated into all fields of China’s economy,boosting the high-quality development of China’s economy by optimizing the economic structure and promoting industrial transformation and upgrading.Developing digital economy is not only a major strategy for China to comply with the trend of the times and seize development opportunities,but also an important link for China to participate in international economic cooperation.Therefore,the study of the impact of digital economy on China’s economic growth will have important theoretical and practical significance.In order to truly reflect the impact of digital economy on China’s economic growth,this paper selects the panel data of 30 provinces and cities in China from 2014 to 2019,uses the double fixed effect model,and empirically tests the impact of digital economy on China’s economic growth and the transmission path of digital economy on China’s economic growth through benchmark regression and intermediary effect regression.The full text is divided into eight chapters.The first chapter is the introduction,explaining the research background and significance,concept definition and research ideas,research methods and technical routes,as well as innovations and deficiencies.The second chapter is the research status at home and abroad,which combs and summarizes the research literature at home and abroad from three aspects:digital economy,economic growth,digital economy and economic growth.The third chapter is the development of digital economy and China’s economic growth trend,focusing on the analysis from four aspects:the development trend of global digital economy,the basis and resistance of China’s development of digital economy,and the basic characteristics of China’s economic growth.The fourth chapter is the theoretical mechanism of digital economy affecting economic growth,focusing on the mechanism of digital economy on economic growth.The fifth chapter is the measurement of China’s digital economy development level.Factor analysis is used to measure and evaluate the digital economy development level of 30 provinces and cities in China from 2014 to 2019.The sixth chapter is the empirical analysis of the impact of digital economy on China’s economic growth,that is,the panel data of 30 provinces and cities in China from 2014 to 2019 are selected,and the double fixed effect model is used to empirically study the impact and heterogeneity of the digital economy on China’s economic growth.The seventh chapter is the test of the impact mechanism of digital economy on China’s economic growth.It uses the intermediary effect model to test the mechanism and heterogeneity of the impact of digital economy on economic growth,and further discusses the impact of different dimensional indicators of digital economy on economic growth and the impact of digital economy on high-quality economic development.The eighth chapter is the research conclusions and policy suggestions,that is,summarize the research results,and put forward policy suggestions for China’s digital economy to achieve high-quality development in combination with the focus of China’s digital economy development during the 14th Five Year Plan period.The core viewpoints and main research conclusions of this paper include:First,China’s economic growth faces challenges such as great downward pressure and large income gap.However,as a new economy,digital economy has broad prospects in China.First,the explosive growth of digital economy is in a state of continuous expansion;Second,the internal structure of China’s digital economy has been continuously optimized;Third,platform economy,industrial Internet and other new digital economy models and new business forms emerge one after another.Second,there are great regional differences in the development of China’s digital economy,which can be divided into four echelons;Provinces and cities with high development level of digital economy have significant advantages in digital infrastructure,digital industry,digital application and digital scientific research.By constructing the digital economy evaluation index system and using the factor analysis method to measure and evaluate the digital economy development level of 30 provinces and cities in China from 2014 to 2019,it is found that the provinces and cities with high digital economy development level are mainly concentrated in the eastern regions such as Guangdong,Beijing,Zhejiang,Jiangsu and Shanghai,and the provinces and cities with low digital economy development level are mostly distributed in the central and western regions.Among them,Beijing,Guangdong,Zhejiang,Shanghai and Jiangsu have significant advantages in ICT industry,enterprise digitization,industry digitization,R&D investment and human capital.Guangdong,Beijing,Zhejiang,Jiangsu and Fujian are at a high level in the popularization of network infrastructure.Third,digital economy has a significant role in promoting economic growth,and its impact is positively related to the level of local economic development.This paper studies the impact of digital economy on China’s economic growth from an empirical perspective,and finds that digital economy can significantly promote economic growth.Benchmark regression,dynamic panel data model test,instrumental variable regression and robustness test all confirmed the accuracy of this conclusion.In addition,select the indicators that can reflect the regional economic development level,such as location difference,per capita income level,service industry development level,financial development level and human capital level,to analyze the heterogeneous impact of digital economy development level on economic growth.The results show that the promotion effect of digital economy on the economic growth of provinces and cities in China is significantly positively correlated with the local economic development level,that is,the higher the economic development level,the greater the promotion effect of digital economy on economic growth.Fourth,digital economy can promote economic growth through three ways:improving total factor productivity,promoting the upgrading of industrial structure and promoting the expansion and quality of consumption;Among them,in the path of promoting consumption expansion and quality improvement,it is mainly reflected in the form of improving consumption level,and the intermediary role of consumption structure upgrading is not significant;In addition,the impact of the three paths can be ranked as consumption level>industrial structure upgrading>total factor productivity.At the same time,the impact effect is also different due to regional differences.Based on the benchmark regression model,this paper tests the action path of digital economy affecting economic growth by constructing the intermediary effect model.Results show that digital economy can boost economic growth by increasing total factor productivity,promoting the upgrading of industrial structure,promoting the expansion and quality of consumption;However,the difference is that in the western region,it is difficult for the digital economy to promote economic growth by improving total factor productivity.There is no mediation effect of the digital economy in the eastern and central regions to promote the upgrading of the industrial structure and promote economic growth,and the intermediary effect of promoting economic growth by promoting the upgrading of consumption structure does not exist in the western region.The study found that the promotion effect of the digital economy on economic growth through the path of industrial structure upgrading is far greater than the effect of promoting economic growth through the path of total factor productivity;the effect of promoting economic growth through improving the level of consumption is significantly greater than that of total factor productivity and industrial structure upgrading.Fifth,the indicators of different dimensions of digital economy,namely digital infrastructure,digital industry,digital application and digital scientific research,can promote economic growth,and their impact can be ranked as digital infrastructure>digital scientific research>digital industry>digital application.This paper selects the panel data of 30 provinces and cities in China from 2014 to 2019 in digital infrastructure,digital industry,digital application and digital scientific research,and further discusses the impact of different dimensional indicators of digital economy on China’s economic growth based on the benchmark regression equation.The results show that the regression coefficients of digital infrastructure,digital industry,digital application and digital scientific research on China’s economic growth are positive at the significance level of 1%;It is found that digital infrastructure plays the largest and most significant role in promoting economic growth,followed by digital scientific research and digital industry.In contrast,digital application plays the smallest role in promoting economic growth.The above research conclusions show that digital economy plays a vital role in China’s economic growth,so we should accelerate the high-quality development of digital economy.Guided by the "double cycle new development pattern",through the mutual promotion of "domestic cycle" and "international cycle",a dual path of highquality development of digital economy is formed.Domestically,it focuses on the construction of digital basic functions and focuses on improving the digital economic ecosystem.For example,accelerate the innovation and reform of system and mechanism,promote the co-construction and sharing of new infrastructure,increase investment in scientific and technological innovation resources,improve the level of industrial digitalization,accelerate the digital transformation of traditional enterprises,promote the expansion and quality of consumption,strengthen the integrated development of the regional digital economy,et al.Internationally,we should pay attention to institutional innovation and establish a high standard digital economy opening system and governance system in line with international standards.First,break down institutional barriers and realize high-level opening-up of digital economy;Second,accelerate the global layout of digital enterprises and build a digital industrial cluster with international competitiveness;Third,strengthen the marketoriented allocation of data elements and create an international data element market with global influence;Fourth,take the initiative to integrate with the world and improve the governance level of digital economy;Fifth,actively participate in international cooperation and enhance the voice in the formulation of international rules for the digital economy.The innovation of this paper lies in:(1)It measures and evaluates the development level of digital economy and the index scores of digital infrastructure,digital industry,digital application and digital scientific research in 30 provinces and cities in China from 2014 to 2019.Although domestic and foreign research institutions have released several digital economy development index reports based on national or regional levels,there are some problems,such as inconsistent measurement standards,inconsistent data sources,no time span,poor comparability and low applicability,and there are few relevant documents to evaluate the development level of digital economy.This paper not only enriches and improves the measurement indicators of the development level of digital economy,but also depicts the changes of the development level of digital economy in 30 provinces and cities in China in the six years from 2014 to 2019.(2)This paper empirically analyzes the effect and heterogeneity of digital economy and its indicators in different dimensions on China’s economic growth.At present,there are relatively few academic studies on the impact of digital economy on economic growth.Previous studies have not only theoretical analysis on the impact of digital economy on high-quality economic development,but also focused on empirical research on more detailed fields of digital economy,such as digital inclusive finance and economic growth,information and communication technology and economic growth,e-commerce and economic growth.However,there are relatively few studies focusing entirely on the impact of digital economy on economic growth.Therefore,this study can make some academic contributions to the theoretical research of the impact of digital economy on economic growth,and also better verify the relevant theoretical hypotheses.(3)This paper studies and tests the specific path and heterogeneity of the impact of digital economy on China’s economic growth.In the few literatures on digital economy and economic growth in the past,the research on the transmission path either focuses on theoretical analysis or focuses on the empirical analysis of an impact path;However,the research literature including multiple conduction paths for qualitative and quantitative analysis is rare.Therefore,this paper first deeply analyzes the specific path of the impact of digital economy on economic growth from the theoretical level,and then uses the intermediary effect model to verify it from three aspects:total factor productivity,industrial structure upgrading,consumption expansion and quality improvement;At the same time,considering the impact of regional differences on the intermediary effect,the paper further divides 30 provinces in China into three groups:east,middle and west,and carries out the intermediary effect regression respectively.