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<p>Digital finance (DF) is gaining momentum as a practical means to drive economic development on a global scale. Using the data of 273 prefecture-level cities in China from 2011 to 2020, this research constructs an evaluation system for the high-quality development (HQD) of the real economy and takes into account the vital role of DF. The findings demonstrate that DF has a substantial impact on the HDQ. Further, the mechanism test illustrates that DF has a transformative impact by promoting innovative research and development, easing financing constraints, optimizing household consumption, and rationalizing labor allocation. The conclusions offer theoretical support for the impact of DF on economic sustainability and provide valuable reference information and a robust policy foundation for developing countries to prudently leverage DF to optimize their production and consumption processes and promote the real economy.</p>

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The impact of digital finance on the high-quality development of the real economy: an empirical evidence from Chinese cities

  • 期刊论文

  • 发表日期：

    2025年5月24日

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  • Xingmin Yin,
  • Jianing Lin,
  • Jianyue Ji

摘要

Digital finance (DF) is gaining momentum as a practical means to drive economic development on a global scale. Using the data of 273 prefecture-level cities in China from 2011 to 2020, this research constructs an evaluation system for the high-quality development (HQD) of the real economy and takes into account the vital role of DF. The findings demonstrate that DF has a substantial impact on the HDQ. Further, the mechanism test illustrates that DF has a transformative impact by promoting innovative research and development, easing financing constraints, optimizing household consumption, and rationalizing labor allocation. The conclusions offer theoretical support for the impact of DF on economic sustainability and provide valuable reference information and a robust policy foundation for developing countries to prudently leverage DF to optimize their production and consumption processes and promote the real economy.