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The Mechanism and Path for Digital Economy to Foster New Drivers for High-Quality Economic Development in China

Author

Listed:
  • REN Baoping

    (Business School, Nanjing University, Nanjing 210093, China)

  • LI Peiwei

    (Institute of Economic Development on Western China, Northwest University, Xi’an 710127, China)

Abstract

As traditional drivers fade, cultivating new drivers has become the key to the high-quality development of China’s economy. In the new round of scientific and technological revolution and industrial transformation, the digital economy plays a strategic role in promoting high-quality economic development in China, by using data as a new key production factor and innovation as the driving force, and driving impetus change, efficiency change and quality change to increase total factor productivity. The mechanism for the digital economy to cultivate new drivers for the high-quality development of China’s economy is through four dimensions, namely allocation optimization, economies of scale, industrial integration, and innovation-driven growth. In the context of the digital economy, accelerating the cultivation of new drivers calls for the following efforts: speeding up digital innovation and promoting the driving force change, efficiency change, and quality change; accelerating the process of digital industrialization and pushing advanced industrial basic capabilities; using industrial digital transformation to promote the modernization of the industrial chain; and advancing the high-quality development of the manufacturing industry, and promoting the deep integration of the digital economy and the real economy.

Suggested Citation

  • REN Baoping & LI Peiwei, 2022. "The Mechanism and Path for Digital Economy to Foster New Drivers for High-Quality Economic Development in China," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 17(4), pages 669-696, December.
    • Handle: RePEc:fec:journl:v:17:y:2022:i:4:p:669-696
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    File URL: https://journal.hep.com.cn/fec/EN/10.3868/s060-015-022-0028-4
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