Research On The Influence Of Digital Finance Development On The Quality Of China’s Economic Growth

In recent years,the quality of economic growth is a prominent problem in the process of global economic development.High-quality economic development is driven by financial innovation,digital finance is just in line with the strong demand for innovation in economic growth.“Speeding up the digital transformation of finance and improving the level of financial service entity economy”is a powerful driving force of China’s economic development.As China’s economy enters the new normal,it is urgent to explore the mechanism of digital finance development affecting the quality of economic growth.In the theoretical analysis of the development of digital finance and the quality of economic growth,we combine the related theories of financial development and economic development to establish a theoretical analysis framework of the impact of digital finance development on the quality of economic growth.Mainly including the digital finance to the economic growth quality process and the result function mechanism.On the one hand,digital finance improves the process of economic growth quality mainly by promoting the optimization and upgrading of industrial structure,optimizing the structure of finance and trade,optimizing the structure of investment and consumption.On the other hand,digital finance improves the quality of economic growth results mainly by improving the efficiency of economic growth,promoting the equality of welfare distribution,and benefiting the improvement of resources and environment.Based on the above theory,this paper first studies the development of each region from 2011 to 2020 by constructing the economic growth quality index system,the Comprehensive Index,the process index and the result index of the economic growth quality all present the slow growth tendency.In contrast to the development of digital finance during this period,the digital Pratt & Whitney Index,the coverage index,the use of depth index,the digital degree index also showed an upward trend.The quality of economic growth and the development of digital finance in the eastern region were higher than those in the other three regions.Further analysis using the econometrics model shows that the development of digital finance can significantly improve the quality of economic growth.For every 1% increase in digital financial index,the Quality Index,Process Index and result index of China’s economic growth increase by 0.201%,0.234% and 0.140% respectively.Each dimension of digital finance has the promotion function to the economic growth quality comprehensive index and the two classified indexes.The development of digital finance plays an active role in the quality index and result index of economic growth in the Eastern,central and western regions,and in the process index of economic growth in the eastern region.According to the conclusion of theoretical and empirical research,this paper puts forward corresponding policy suggestions from three aspects: financial infrastructure construction,digital finance development and digital finance innovation mechanism.