Research On The Impact Of Digital Economy On The Transformation And Upgrading Of Manufacturing Industry

The digital economy has become an important part of today’s real economy.Its emergence has greatly promoted the development of the real economy and made it more efficient to operate.It has changed people’s lifestyle and created more employment opportunities.The 2022 China Digital Economy Theme Report shows that China’s total digital economy is more than 45.5 trillion-yuan,accounting for 39.8% of GDP.Compared with last year,its nominal growth rate is 16.2%,which indicates that the digital economy is becoming an indispensable pillar of China’s economic development,and is constantly promoting China’s economic and social progress,and the penetration and influence of the digital economy are expanding,it has expanded to all fields of consumers,manufacturers and distributors.The significance of altering the functioning of customary industries and enhancing production productivity has grown exponentially and has been a major factor in advancing the high-caliber growth of manufacturing.The digital economy has revolutionized resource allocation,revolutionized the way people access information,and had a beneficial effect on the transformation.The manufacturing industry’s upgrading and intelligent development can bring immense economic advantages to businesses.The digital economy is the most dynamic element of the development of the real economy.Unprecedented prospects for the digital and intelligent alteration and augmentation of the manufacturing sector are presented concurrently.The paper delves deeply into the effects of digital economy,technological advancement,and the alteration and enhancement of the manufacturing sector,based on the statistical data of the provinces from 2010 to 2020.Results of the research demonstrate that(1)the digital economy can be a powerful catalyst for the development and advancement of the manufacturing sector.The instrumental variable method’s robustness test and the digital economy’s first and second lag have rendered this conclusion still valid.(2)Results of the intermediary effect test demonstrate that,by fostering the acquisition of scientific and technical skills,the digital economy can upgrade and rationalize the manufacturing sector.The potency of scientific and technological advancement far surpasses the accumulation of scientific and technological aptitudes among them.Verification of this conclusion is also provided by the Sobel Goodman test.(3)The threshold effect test results demonstrate that in the course of manufacturing rationalization transformation and upgrading,The concentration of scientific and technological talents and the efficiency of scientific and technological innovation is subject to a single threshold effect,while manufacturing rationalization transformation and upgrading are in progress.A double threshold effect is present in the concentration of scientific and technical information.Crossing the threshold,the digital economy has had a far more profound impact on the transformation and upgrading of manufacturing.(4)An in-depth examination of the diversity reveals that the digital economy’s time-varying nature is evident in the process of manufacturing advancement,with the second stage having a more pronounced effect than the first.No temporal disparity exists in the rationalization,alteration,and enhancement of production in.The article’s research findings lead to the following policy implications:(1)the digital economy’s development level can be significantly enhanced,and the transformation can be hastened.China’s manufacturing industry is being upgraded and advanced to a high standard.(2)Gathering scientific and technological talents is a vital avenue for the digital transformation of the manufacturing sector.Acknowledging the long-term and threshold effect of the introduction of scientific and technological capabilities,policies must be formulated to advance the efficiency of such innovation,though this is an arduous and long-term endeavor.Additionally,the disparity in digital economy growth between coastal and inland regions must be taken into consideration,and the digital transformation and upgrading of manufacturing industries in inland regions should be hastened,as well as the widening of the gap between inland and coastal regions.Moreover,more advanced digital promotion policies should be implemented,particularly in regions with a high degree of digital economy transformation.Guiding the rational transformation and upgrading of manufacturing industry in the future is a task of paramount importance.