Study On The Impact Of The Digital Economy On High-quality Economic Development

Since the reform and opening up,China’s economy has made remarkable achievements,after realizing nearly double-digit growth for more than 30 years,affected by multiple international and domestic factors,the economic growth rate began to fall back from 2012 by the high-speed growth to medium-to-high-speed growth,and the stage of economic growth has undergone a fundamental transformation.The report of the 19 th Party Congress pointed out that China’s economy has shifted from the stage of high-speed growth to the stage of high-quality development,and the report of the 20 th Party Congress pointed out that we should implement the new development concept and strive to promote high-quality development.Since the 18 th CPC National Congress,the CPC Central Committee has attached great importance to the development of the digital economy,and has elevated the development of the digital economy to a national strategy.With high innovation,strong permeability and wide coverage,the digital economy is not only a new economic growth point,but also a fulcrum for transforming and upgrading traditional industries,an important way to achieve high-quality development of the economy,and an important engine for building a modernized industrial system.The selected topic of this study theoretically analyzes the impact effect and mechanism of the digital economy to promote high-quality economic development,constructs an analytical framework for the digital economy to promote high-quality economic development,and uses empirical analysis to verify the theoretical analysis conclusions.Based on the results of theoretical analysis and empirical analysis,it provides theoretical and policy support for promoting highquality development.The issue of high-quality economic development is both an issue of economic growth and an issue of the concept of economic development.Economic growth theory has roughly gone through four stages: classical economic growth thought,Marxian economic growth thought,neoclassical economic theory and endogenous growth theory;classical economics attributes the driving force of economic growth to capital accumulation and the division of labor;Marxist economics attributes the driving force of economic growth to science and technology;neoclassical economic theory attributes it to capital,labor,land,and organization;endogenous growth theory is attributes to endogenous technological progress.The modern concept of economic development has gone through five stages: first,the concept of development equal to growth;second,the concept of development that includes economic growth and structural change;third,the concept of development that includes both economic and social development;fourth,the concept of sustainable development that emphasizes ecological and environmental issues;and fifth,the concept of development that focuses on the development of human beings themselves.The CPC adheres to the people-centered,combined with the actual economic development of China,the evolution of the concept of economic development has also gone through five stages: first,the concept of comprehensive and balanced development;second,the concept of development with both hands;third,the idea of sustainable development;fourth,the scientific concept of development;and fifth,the new development concept.High-quality economic development has become the distinctive theme of China’s economic growth,and the road of high-quality economic development has its realistic background and is the call of the times.It is believed that there are five paths to achieve highquality economic development,one is to promote the high-quality development of the enterprise economy through the integration of numbers and realities;the second is to build a modern industrial system to promote the high-quality development of the macro-economy;the third is to improve the socialist market economic system to strengthen the institutional guarantee of the high-quality development of the economy;the fourth is to promote the supplyside structural reforms to achieve the change in quality,efficiency,and power;and the fifth is to implement the strategy of revitalization of the rural areas to promote the Common wealth.The development of the digital economy has a positive impact on these five aspects,calling the impact on the high-quality development of enterprises and the high-quality development of the municipal economy(i.e.,the first and second paths)as a direct impact,and the impact on the level of marketization,the optimization and upgrading of the industrial structure,and the level of rural revitalization(the third to fifth paths)as an indirect impact.The development of digital economy is a necessary way to realize high-quality economic development.First of all,from the point of view of the role of the digital economy in promoting high-quality development,the digital economy has three influencing effects on high-quality development.Many scholars and organizations have defined the concept and connotation of the digital economy,and a representative one in China is the definition by the China Information and Communications Technology Agency(ICTA).CICT has constructed a "four-faceted framework" for the digital economy(digital industrialization,industrial digitization,digital governance,and data valorization),and the "digital economy" studied in this thesis mainly refers to digital industrialization and industrial digitization(i.e.,the "four-faceted framework" of CICT,which is the "four-faceted framework" of CICT).The "digital economy" studied in this thesis mainly refers to digital industrialization and industrial digitization(i.e.,the "productivity" dimension of China ICT Institute’s "Four Harmonization Framework").The digital economy is characterized by strong permeability,and has a greater or lesser impact on various fields and links of economic development.The impact of the digital economy to promote high-quality economic development is mainly reflected in the spillover effect,synergistic effect and long-tail effect,etc.The spillover effect refers to the positive impact of the development of the digital economy and the application of digital technology on other related industries and various fields of the economy;synergistic effect refers to the development of the digital economy and the application of digital technology to promote the collaboration and interoperability between various fields of the economy,thus generating greater economic benefits;the long-tail effect;and the long-tail effect.The synergistic effect means that the development of the digital economy and the application of digital technology can promote collaboration and interoperability between various economic fields,thus generating greater economic benefits;the long-tail effect refers to the fact that consumers have more choices under the digital economic environment,and the products and services with a small sales volume may also get a significant increase in sales through the digital platform.Secondly,the development of the digital economy under the overall effect can both directly promote high-quality economic development and indirectly promote high-quality economic development by affecting the level of marketization.From a microeconomic point of view,the direct effect of the digital economy to promote the growth of enterprise total factor productivity is mainly manifested in the following five aspects: promoting innovation;realizing economies of scale and scope;reducing transaction costs;improving enterprise productivity and quality to enhance competitiveness;and improving the job satisfaction and happiness of employees.The digital economy also has an indirect impact on the high-quality development of the enterprise economy through the improvement of market-oriented mechanisms,which is mainly reflected in three aspects: to create a fair environment under the rule of law,to stimulate the impetus of technological innovation and enhance the effect of technological diffusion,and to improve the efficiency of enterprise resource allocation.From the perspective of the municipal economy,the development of the digital economy can boost innovation,coordination,green development,open development and shared development,the development of the digital economy is a full embodiment of the implementation of the five development concepts.Again,from the perspective of the evolution of the mode of production,the digital mode of production is determined by the level of digital productivity.Productive forces are always advancing,the original relations of production will not match the new productive forces,in order to promote the progress of productive forces,the original relations of production need to be reformed in order to apply the requirements of the new productive forces,which in turn promote the progress of productive forces,the mode of production will also be with the relations of production and productive forces change and change.This is the general logic of changes in the mode of production.Digital technology is research and development and the promotion of application through the path of improving production efficiency,improving product quality,promoting personalized customization,optimizing supply chain management and giving rise to new business models and service modes,is profoundly promoting the change of the mode of production,and the digital mode of production is rapidly taking shape.Digital mode of production has its own characteristics,mainly in: from the production factors,data has become an important factor of production;from the viewpoint of the labor object and labor process,it presents the characteristics of digitalization and informatization;from the viewpoint of the labor means,it has high requirements for intelligent and automated production tools;from the viewpoint of the production relationship in the narrow sense,the digital mode of production will be a distributed mode of production;and from the viewpoint of who is to produce,it will be shifted to the personalized production.China’s digital economy has achieved rapid development in recent years and has become an important force driving economic growth.The digital economy has steadily ranked second in the world in terms of scale and achieved double-digit growth,and has achieved both better results in terms of the quality of digital economic development,driving economic development,and digital-real integration,but at the same time,there are still some deficiencies in the external environment,technological innovation capacity,digital divide issues,cyber security issues,and regulatory and legal regimes,which have constrained the development of China’s digital economy.A digital economy development level evaluation index system with three first-level indicators and six second-level indicators for digital infrastructure,digital industrialization,and industrial digitization was constructed,and the weights were determined using the entropy weighting method to measure the digital economy development level of 244 cities in China.From the data of 2020,among the 244 cities observed,the highest level of digital economy development is Beijing,and the lowest is Rizhao City,with a mean value of 0.3385.K-Means clustering was carried out on the level of digital economy development in 2020,and from the results of the clustering,there are only three high level groups and seven higher level groups,and the sum of the number of these two groups only accounts for 5% of the total number of observations.The two groups have an absolute advantage in the level of digital economy development,and the mean value of the high level group is 1.5 times higher than the mean value of the medium level,and 2 times higher than the mean value of the low level.The results show that the level of digital economy development in China’s cities has a pyramidal distribution,with the number of cities in the low level group being 147 and the number of cities in the lower level group being 68.An empirical study was conducted on the impact of digital economic development on promoting the high-quality development of the micro-economy.Using enterprise total factor productivity as a proxy variable for microeconomic high-quality development,the total factor productivity of China’s 3,195 A-share listed enterprises in Shanghai and Shenzhen was measured using the LP method on the basis of sorting out the methods of measuring enterprise total factor productivity.Taking the Shanghai and Shenzhen A-share listed enterprises from2011 to 2020 as samples,we empirically analyze the impact of the development level of digital economy on the total factor productivity of listed enterprises,and the empirical conclusions show that:(1)the development of the digital economy can significantly improve the total factor productivity of enterprises;(2)the development of the digital economy is more conducive to the improvement of the total factor productivity of the state-owned enterprises relative to the non-state-owned enterprises;(3)the development of the digital economy is more conducive to the total factor productivity of high-technology industries than non-high-technology industries;(4)The development of digital economy is more conducive to the total factor productivity of enterprises located in ordinary cities than those located in high-administration cities;(5)The development of digital economy can significantly increase the market’s total factor productivity at three levels,namely,creating a fair environment in accordance with the rule of law and improving the efficiency of social resource allocation,incentivizing innovation and accelerating the diffusion of technology,and improving the efficiency of resource allocation in enterprises.An empirical study was conducted on the impact of digital economic development on promoting the high-quality development of the municipal economy.Macroeconomic highquality development is the development that fully embodies the new development concept,the development in which innovation becomes the first driving force,coordination becomes an endogenous feature,green becomes a universal form,openness becomes a necessary path,and sharing becomes a fundamental purpose.The high-quality development of the municipal economy epitomizes the high-quality development of the macroeconomy.From the perspective of the five development concepts,we constructed a comprehensive evaluation system for the high-quality development of municipal economy,which contains five first-level indicators and20 specific indicators,and used the entropy weight method to assign the index of high-quality development of prefectural-level municipal economy,which was used as the explanatory variable of the econometric model.Taking 271 cities from 2011 to 2020 as research samples,the impact of the development level of digital economy on the high-quality development of municipal economy is empirically analyzed,and the empirical conclusions show that:(1)the development of digital economy can significantly enhance the high-quality development of municipal economy;(2)the higher the degree of marketization,the greater the role of digital economy on the high-quality development of municipal economy;(3)the higher the level of economic development,the greater the role of digital economy on the high-quality development of the municipal economy;(4)the digital economy can promote the innovative development,coordinated development,open development,green development and shared development of the municipal economy,respectively,and thus promote the overall high-quality development of the economy;and(5)the development of the digital economy can promote the high-quality development of the municipal economy by affecting the level of marketization.The impact of the three key areas of digital economy development to promote high-quality economic development is empirically analyzed.Firstly,it is theoretically argued that the digital economy has a significant enabling effect on the three key areas of high-quality economic development(marketization reform,industrial structure optimization and upgrading,and rural revitalization strategy).The development of digital economy can significantly improve the efficiency of resource allocation,better play the role of the government and accelerate the improvement of the property rights system to improve the market-oriented economic system,drive the optimization and upgrading of the industrial structure through the combined efforts of the three channels of demand,technology,and data,and in the rural revitalization,it can effectively promote the industrial prosperity,advance the effective governance,and improve the income of the residents.Then the panel data vector autoregressive model(PVAR)and Granger causality test are applied to verify that the digital economy is the "Granger cause" of the three key areas of high-quality economic development.Finally,the policy recommendations for improving the total factor productivity of enterprises are put forward from four perspectives: taking state-owned enterprises as the model to lead the digital transformation of enterprises,taking high-tech industries as the leader to drive the digital transformation of enterprises,taking the construction of smart cities as the basis to enhance the level of digital inclusion,and taking the development of the digital economy as an opportunity to improve the system of a high-level socialist market economy.Policy suggestions for relying on the digital economy and promoting the high-quality development of the municipal economy are put forward from six perspectives: strengthening the construction of digital information infrastructure,enhancing the cultivation and introduction of digital economy talents,strengthening the cooperation between government and enterprises,accelerating the upgrading of the industrial structure of the municipal economy,establishing and improving the rules of the market for data elements,and focusing on creating a benign and healthy digital ecology.