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Can the Digital Economy Improve the Level of High-Quality Financial Development? Evidence from China

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  • Hao Zhou

    (School of Law and Business, Wuhan Institute of Technology, Wuhan 430205, China)

  • Xinyi Li

    (School of Law and Business, Wuhan Institute of Technology, Wuhan 430205, China)

  • Xiaoli Li

    (School of Management, Wuhan Textile University, Wuhan 430200, China)

Abstract

Background: High-quality development has permeated all aspects of China’s economic and social development. Nevertheless, few scholars have studied high-quality financial development. Purpose: Explore the spatial spillover impact of the digital economy on high-quality financial development by adding a spatial dimension to existing studies. Methods: We construct a high-quality financial development indicator system and explore the digital economy’s impact on high-quality financial development through the spatial Durbin model. Results: The digital economy helps promote high-quality financial development with spatial spillover and feedback effects. Control variables, such as the number of employees and the degree of openness, contribute to high-quality financial development. Conclusions: The digital economy contributes significantly to high-quality financial development.

Suggested Citation

  • Hao Zhou & Xinyi Li & Xiaoli Li, 2023. "Can the Digital Economy Improve the Level of High-Quality Financial Development? Evidence from China," Sustainability, MDPI, vol. 15(9), pages 1-13, April.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:9:p:7451-:d:1137717
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    References listed on IDEAS

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