Author(s)

Qianyi Dong, Wanxia Li, Youcheng Wu, Wenfeng Li, Dejiang Sun^*

Foshan University, Foshan, China.

The real economy is the lifeline of a country and the foundation for stable economic operation. Serving the real economy is the responsibility of the financial sector, and developing inclusive digital finance is essential for the real economy. This study aims to explore the impact mechanism and spatial spillover effects of inclusive digital finance on the high-quality development of the real economy in Guangdong Province. Panel data from Guangdong Province and its 21 prefecture-level cities from 2014 to 2020 are selected, and an indicator system for inclusive digital finance and high-quality development of the real economy is constructed. The study employs spatial econometric models for empirical analysis. The empirical results show that: 1) There is spatial dependence between inclusive digital finance and high-quality development of the real economy in Guangdong Province. The spatial correlation of inclusive digital finance development in each prefecture-level city generally shows a downward trend, while the spatial correlation of high-quality development of the real economy shows an overall upward trend. 2) The overall Pearl River Delta urban agglomeration has a high level of development in both inclusive digital finance and high-quality development of the real economy, which can radiate and drive neighboring regions. 3) There is polarization in the high-quality development of the real economy among prefecture-level cities in Guangdong Province, and the development pattern remains relatively unchanged, characterized by the distribution pattern of high-high agglomeration areas and low-low agglomeration areas. 4) Inclusive digital finance has a significant positive promoting effect on the high-quality development of the real economy in Guangdong Province, and the depth of inclusive digital finance usage is one of the important driving forces. 5) Inclusive digital finance has a negative spatial spillover effect on the high-quality development of the real economy in Guangdong Province, indicating that the development of inclusive digital finance in one area may inhibit the high-quality development of the real economy in adjacent areas. 6) The breadth of coverage in different dimensions has a positive spatial spillover effect on the high-quality development of the real economy in Guangdong Province, while usage depth has a negative spatial spillover effect.

Digital Financial Inclusion, Real Economy, Moran Index, Spatial Durbin Model

Dong, Q. , Li, W. , Wu, Y. , Li, W. and Sun, D. (2023) The Impact of Digital Inclusive Finance on the High-Quality Development of Guangdong’s Real Economy: An Analysis Based on Spatial Econometric Models. Theoretical Economics Letters, 13, 953-973. doi: 10.4236/tel.2023.134054.