Research On Digital Economy’s Driving A Change In China’s Circulation Efficiency

The reports of the 19 th National Congress of the Communist Party of China proposed to "promote a change in quality,efficiency and growth drivers in economic development and improve total factor productivity".The 14 th Five-Year Plan for the Development of Digital Economy further emphasizes "the promotion of an all-round and whole-chain digital transformation of traditional industries and improvement of total factor productivity".The14 th Five-Year Plan for the Construction of a Modern Circulation System proposes to "improve circulation efficiency and provide strong support for the construction of a new development pattern of double circulation".The construction of modern circulation system plays an important role in China’s economy entering the stage of high-quality development.In2022,China’s report on the work of the government proposed "promoting the development of digital economy".Change in circulation efficiency is the key to the construction of a modern circulation system in China.Therefore,it is of certain theoretical and practical significance to study how digital economy drives a change in circulation efficiency in China.This paper is based on digital economy theory,circulation economy theory,open innovation theory,push-pull theory,and dynamic capabilities theory.Following the research idea of "theory,reality,demonstration and countermeasures",an in-depth study is made on the digital economy’s driving a change in circulation efficiency in China.Firstly,a theoretical framework is innovatively constructed on the digital economy’s driving a change in circulation efficiency from the following three aspects: efficiency improvement effects,force mechanism and evolutionary ability.Secondly,the realistic characteristics of the digital economy’s driving a change in circulation efficiency in China are analyzed from the following three aspects: historical evolution,macro environment analysis and micro realistic characteristics.Thirdly,based on the efficiency improvement effects,holistic and heterogeneous effects of digital economy on the circulation efficiency in China are empirically analyzed.Fourthly,based on the force mechanism,a force system of the digital economy’s driving a change in circulation efficiency in China is constructed by using the multi-case study method;based on the evolutionary ability,the evolution path of the digital economy’s driving a change in circulation efficiency in China is explored by using the single-case study method.Finally,countermeasures and suggestions are put forward on the developing digital economy to drive a change in circulation efficiency in China.The following conclusions are drawn herein.First,on the theory.The change in circulation efficiency mainly includes two aspects:connotation and extension.The connotation is mainly embodied in the improvement of total factor productivity in the circulation industry;the force mechanism and evolutionary ability of Extension Inclusion driving the change of circulation efficiency.The efficiency improvement effects of the digital economy driving the transformation of circulation efficiency include precise allocation effect,cost saving effect,economy of scale effect,and technology empowerment effect.The force mechanism of digital economy’s driving a change in circulation efficiency includes the internal force thrusting digital technology empowerment and business model reform,and the external force pulling the innovation of governance model and support of basic guarantee.The evolutionary ability of digital economy’s driving a change in circulation efficiency covers the following four aspects: digital perception ability,digital integration ability,digital reconstruction ability and digital sharing ability.Second,on the reality.The digital economy’s driving a change in circulation efficiency in China can be roughly divided into three stages: information development,network promotion and digital empowerment.Under the background of the "a new development pattern of double circulation",the digital economy’s driving a change in circulation efficiency in China contains the following major opportunities: to build a complete domestic demand system to provide new driving force,to upgrade domestic consumption and investment innovation to provide new supply and demand space,and to improve the business environment to provide new basic guarantee.Meanwhile,it also faces the following major challenges: the lack of digital technology which hinders the circulation cycle,insufficient business model innovation which limits market demand,and the lack of digital infrastructure which leads to: weak infrastructure.The digital economy’s driving a change in circulation efficiency in China mainly presents the following main characteristics: meeting the new consumption experience with digital technology,online and offline integrated development enabled by digital technology,and digital technology driving the commercialization of circulation data,while it also has the problems related to data management,digital transaction,digital marketing and digital storage.Third,on demonstration.The digital economy has driven the overall improvement of China’s circulation efficiency.At the regional level,the effect of the digital economy in the eastern and central regions of China driving the improvement of circulation efficiency is obvious.At the level of segmented industry,the digital economy has a more prominent effect on the efficiency improvement of China’s wholesale and retail industry.The force system of digital economy’s driving a change in circulation efficiency in China is composed of internal thrusting force and external pulling force.The internal thrusting force mainly refers to digital technology empowerment and business model reform.Digital technology empowerment covers the digital layer,the platform layer and the application layer,and business model reform covers new business forms,new models and new services.The external pulling force mainly refers to the innovation of governance mode and the support of basic guarantee.Innovation of governance mode covers data governance and digital talents,while the support of basic guarantee covers digital infrastructure and digital management system.Digital economy’s driving a change in the circulation efficiency in China is evolved following the following path: the enabling of digital technology to realize digital perception,the construction of digital platform to realize digital integration,the construction of digital network to realize digital reconstruction,and the construction of digital ecosystem to realize digital sharing.Fourth,on countermeasures.It is proposed that the development of digital economy to drive the change in circulation efficiency in China should follow four paths: digital perception in circulation nodes,digital integration in circulation chain,digital reconstruction in circulation network and digital sharing of circulation ecology.Four major policy mechanisms should be built,namely,overall promotion,coordinated development,cooperation and sharing,and adjusting measures to local conditions.The following four major policy measures shall be taken: strengthening the digital technology empowerment of the circulation industry,promoting the innovation of the business model of the circulation industry,improving the digital governance level of the circulation industry,and accelerating the construction of the digital infrastructure of the circulation industry.This paper is innovative for the following reasons.First,digital economy theory and circulation economy theory are combined herein,which provides a new perspective for the research on the innovative development of digital economy and circulation industry.Second,the theoretical framework of digital economy’s driving a change in circulation efficiency is innovatively constructed from three aspects: efficiency improvement effects,force mechanism and evolutionary ability,which provides a theoretical support for digital economy’s driving a change in circulation efficiency.Third,the index system of the development level of digital economy is innovatively constructed,and the development level of digital economy in China is calculated by using the entropy weight method.The input-output index data of circulation industry are selected,and DEA Malmquist index is used to calculate the circulation efficiency in China.Linear regression models is constructed to quantitatively analyze the impact of digital economy on the circulation efficiency in China,so as to provide quantifiable basis for the development strategy and policy-making of China’s circulation industry.Fourth,the multi-case study method is used to form the force system of digital economy’s driving a change in the circulation efficiency in China,and the single-case study method is used to innovatively form the evolution path of digital economy’s driving a change in the circulation efficiency in China,and then countermeasures and suggestions are put forward on developing digital economy to drive a change in the circulation efficiency in China,which is of certain practical significance for the construction of China’s modern circulation system.