Research On Digital Development Of Manufacturing Industry Empowered By Financial Technology In Xinjiang

Financial technology is a product of the deep integration of the financial industry and digital technology.It can not only provide experience and reference for the digital development of other industries,but also play an important supporting role in the digital development process of other industries.The deep use of emerging digital technologies such as big data,artificial intelligence,blockchain,and cloud computing in the financial industry continues to strengthen,fundamentally changing the traditional financial service model,greatly improving the innovation level of financial products,and effectively improving the efficiency of financial services.The development of the manufacturing industry is the backbone of China’s economic and social development process.Promoting the digitalization,intelligence,and informatization development of the manufacturing industry can accelerate the improvement of production efficiency in the manufacturing industry.Nowadays,financial technology has become the core driving force for supply side structural reform and innovative development.The "14th Five Year Plan" for Xinjiang has proposed the "Digital Xinjiang" development strategy,with the core being the digital development of the manufacturing industry.Therefore,how financial technology can provide experience and strong support for the digital development of Xinjiang’s manufacturing industry is a very worthwhile issue to explore.The mechanism and effectiveness of Xinjiang’s financial technology empowering the digital development of manufacturing industry need further analysis.Therefore,this article adopts a combination of theoretical and empirical research methods to explore.Firstly,based on a review of relevant research literature at home and abroad,this article introduces the relevant concepts and connotations,establishes a theoretical basis for analysis,and clarifies the research ideas and design of this article.Then,the current status of digital development in Xinjiang’s financial technology and manufacturing industry was analyzed.Then,using econometric analysis methods and input-output analysis methods,a thorough empirical analysis is conducted on the mechanism and effectiveness of empowerment.The following conclusion is drawn.(1)On the one hand,Xinjiang’s fintech can directly empower the digital development of the manufacturing industry,and on the other hand,fintech can indirectly empower the digital development of the manufacturing industry through financing innovation and consumption promotion.(2)The dependence and relationship between Xinjiang’s financial technology and the digital development of manufacturing industry are relatively obvious,and there is an intuitive and close connection;The mutual support and driving effect of the two are also very obvious,which can effectively promote each other’s development.(3)Financial technology has a significant positive promoting effect on the digital development of manufacturing industry,but there is still room for improvement;In addition,the empirical results also indicate that a good social and economic environment can have a significant positive impact on the digital development of the manufacturing industry.However,attention should be paid to weakening the negative impact of the foreign trade environment,in order to provide guarantees for the digital development of the manufacturing industry.The innovation of this article lies in the combination of financial technology and digital development of manufacturing industry in the research content,exploring the mechanism and effectiveness of Xinjiang’s financial technology empowering digital development of manufacturing industry.Financial technology,as a product of the integration of digital technology and the financial industry,can effectively solve problems such as information asymmetry and difficult risk identification,improve resource allocation efficiency,and fully leverage the empowerment effect of financial technology.On the basis of existing research,this article analyzes the mechanism and effectiveness of financial technology empowering the digital development of manufacturing industry,and combines the two to analyze,which has a certain degree of innovation.In terms of research methods,the input-output analysis method is introduced to deeply analyze the effectiveness of financial technology in empowering the digitalization of the manufacturing industry.The input-output analysis method can deeply analyze the economic connections between industries by constructing input-output tables,calculating consumption coefficients,sensitivity coefficients,and other means.Based on this,it is possible to deeply explore the correlation between fintech and manufacturing digitalization,and then analyze and summarize the interactive impact of the two,making the research more convincing.