This paper investigates how digital finance (DF) influences high-quality development (HQD) in China. It aims to systematically assess the direct effects, non-linear threshold effects and transmission mechanisms.
The study uses a panel of Chinese cities (2011–2020) and employs multi-dimensional fixed-effects models, mediation-effect models and threshold models to examine DF’s impact on HQD.
First, DF exerts a robust and stable positive effect on regional HQD, Second, DF, coverage breadth (DF1), usage depth (DF2) and degree of digitalization (DF3) exhibit a marginally increasing positive impact on HQD, Third, the principal channels through which DF promotes HQD are factor allocation structure, industrial development level, innovation capacity and consumption level.
This study provides theoretical and empirical support for coordinated policy design linking DF, structural economic reforms and HQD.
