Research On The Impact Of Digital Finance On The High-quality Economic Development

The quality of economic development has multiple attributes and has been widely recognized.How to promote high-quality economic development is a major practical problem facing our country.At present,mankind is going through the third technological revolution based on the Internet,and its effects have a profound and long-lasting impact on social fairness and efficiency.In the wave of the Internet revolution,China has seized the opportunity to realize the rapid development of digital finance and digital economy.With a series of digital technologies,digital finance has realized the unification of inclusive services and precise services,opened up a new path for optimizing the allocation of financial resources and the innovation of the financial system,and has become an important force for promoting high-quality economic development.At present,domestic scholars’ research on digital finance mostly focuses on the relationship between the development of digital finance,economic growth,and income gap.There are not many literatures on the direct impact of digital finance on the quality of economic development,and there is no research on the mechanism of the two.In-depth analysis.This paper measures the high-quality economic development level of China’s provinces by constructing an indicator system for high-quality economic development,and uses the 2011-2018 inter-provincial panel data to explore the impact of digital finance on the high-quality economic development.At the same time,based on the intermediary model,it analyzes the influence path of digital finance through capital allocation efficiency and government financing scale,and further explores the threshold adjustment factors of digital finance influencing the quality of economic development through the threshold model.The empirical results found that:First,the development of digital finance contributes to the improvement of the quality of economic development,but there are obvious regional differences in the specific strength of the role.The role of digital finance in promoting high-quality economic development is stronger in the central and western regions than in the eastern regions.Big.At the same time,the breadth of coverage,depth of use,and degree of digital service support of digital finance have a significant positive impact on the high-quality development of the economy.The role of digital finance in promoting the quality of economic development is mainly reflected in the aspects of innovation,coordination,greenness and sharing.Secondly,through the intermediary effect test based on the efficiency of capital allocation,it is found that digital finance at the national level and in the eastern region has an intermediary role in promoting high-quality economic development by improving the efficiency of capital allocation.Through the test based on the intermediary effect of government financing,it is found that digital finance at the national level and in the eastern region has an intermediary role in promoting high-quality economic development by increasing the scale of government financing.Further analysis found that education level,the development of traditional finance,and the level of privatization can make the effect of digital finance on the high-quality development of the economy show threshold characteristics.Specifically,education level,traditional financial development,and the level of privatization are characterized by a single threshold of decline.Finally,acorrding to the results of the empirical research,the corresponding policies and recommendations for promoting digital finance to promote high-quality development are put forward.