Research on the Impact of Digital Finance on the Optimization of the Manufacturing Industry’s Structure

As an important industry in China, the structural upgrading of the manufacturing industry is a key element in promoting China’s economic development. In the process of upgrading, digital finance, as an effective supplement to the traditional financial system, can better serve the real economy and help the manufacturing industry achieve transformation and upgrading. This paper selects the relevant data of manufacturing and digital finance industry in 28 provinces in China from 2011 to 2019, and analyzes the development status of manufacturing and digital finance industry from the provincial and regional levels. Firstly, the manufacturing industry is divided according to the elements using the fuzzy C-mean clustering method; secondly, the manufacturing structure advanced index at the provincial and regional levels is constructed using the vector pinch angle measurement method; finally, the constructed manufacturing structure advanced index is used to establish an econometric model to empirically analyze the impact of digital finance on the structural advancement of the manufacturing industry in four regions, namely, East, Central, West and Northeast, by using the constructed digital finance index and the total digital finance indicators, the breadth of coverage, the depth of use, and the digitalization subindexes. East, Central, West, and Northeast, and empirically analyzed the impact of regional digital finance on the advanced manufacturing structure. The results of the study can help each region to identify the effect of digital finance according to the actual situation, and reasonably use digital finance tools.