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