An Empirical Study On The Impact Of Digital Finance On High-quality Economic Growth And Economic Resilience

For a long time,Chinese economy has been in the stage of rapid growth relying on sustained capital and intensive labor and other factor inputs.Although the total economic aggregate has reached the top in the world,the profit level is still at a low level,and the constraints brought by resources and environment on domestic economic development are increasing.It can be seen that the transformation of China’s economic growth model is urgent,and it is urgent to shift to an intensive green economic growth model,so as to promote high-quality economic development and improve the resilience of urban economy.With the rapid rise of a new round of emerging technologies,digital economy can still develop rapidly against the tide against the background of the epidemic,and gradually become the core driving force to promote the transformation of our economy.As the core of modern economy,finance plays a vital role in the smooth operation of the whole economic system,so studying the development of digital finance has important strategic value for future economic development.Nowadays,our country is in the rising period of industrial upgrading and great change of economic structure.How to promote high-quality economic growth by digital finance has become an important issue paid close attention by the scholars.A good grasp of the opportunity of developing digital finance will help China to cross the middle-income trap and accelerate its entry into the ranks of developed economies.To this end,this paper will systematically explore the impact of digital finance on high-quality economic growth and economic resilience.Based on the panel data of 272 Chinese cities from 2011 to 2019,this study uses panel fixed model,intermediary model,spatial Durbin model(SDM)and instrumental variable method to analyze the direct impact,action mechanism and spatial spillover effect of digital finance on high-quality economic growth and economic resilience.In addition,vector autoregressive model(PVAR)was used to explore the dynamic relationship between the three.Finally,it summarizes the research conclusions of this paper and puts forward some policy suggestions to accelerate high-quality economic development and enhance economic resilience from the perspective of improving and optimizing urban digital finance development.The main conclusions are as follows:(1)Industrial structure upgrading,capital and labor mismatch,and entrepreneurial activity are important channel mechanisms for digital finance to promote high-quality economic growth(GER).(2)The improvement of the efficiency of high-quality economic growth is not only directly influenced by the digital finance level of the city,but also influenced by the spatial spillover effect brought by the development of digital finance in the surrounding city,and the latter role is dominant.(3)The spillover effect of digital finance on GER is heterogeneous: compared with central cities,the spillover effect of digital finance on GER in non-central cities is stronger;In terms of regions,the development of digital finance plays the greatest role in high-quality economic growth in the eastern region,followed by the central region,the northeast and the west.(4)The development of digital finance is conducive to strengthening the economic resilience of urban systems,and entrepreneurial activity and enterprise innovation development are important channels to play its role.At the same time,the development level of basic finance and urbanization can enhance the resilience of urban economy together with digital finance,but the synergistic effect of the two on digital finance is weak in central cities and significant in non-central cities.(5)Digital finance,entrepreneurial activity,high-quality economic growth and economic resilience all have self-reinforcing mechanisms.Digital finance has a significant contribution to entrepreneurial activity,high-quality economic growth and economic resilience,and has increased over time.Meanwhile,high-quality economic growth and economic resilience also have a positive interaction.