Can the digital economy promote FinTech development?

Abstract

The deep integration of artificial intelligence (AI), blockchain, cloud computing, and big data into the economy and finance has given rise to the digital economy and financial technology (FinTech). The digital economy can promote high-quality economic development (Ning, 2020). On various occasions annually beginning from 2015, China's General Secretary Xi stressed the need for his country to develop a digital economy. Its development has been written into China's data security law (draft), drafted by the Standing Committee of the National People's Congress. It is anticipated that FinTech will reconstruct the pattern of global finance, which is expected to promote a worldwide rise in the tide of FinTech (Zhang & Chen, 2018). The People's Bank of

How does red culture affect corporates’ cash holdings? Evidence from China

“…(1) to alleviate endogeneity; the results are shown in Column (1) of Table 5 . Second, following Faccio, Marchica, and Mura (2011) [ 52 ], Laeven and Levine (2007, 2009) [ 53 , 54 ], and Chen, Yan, and Chen (2021) [ 55 ], this study takes the average number of red cultural influences in other cities in the same year as the instrumental variable ( ivRED ), corporate cash holdings as the dependent variable, and red cultural influence as the independent variable. We then use the instrumental variable method and control for individual fixed effects to re-estimate Eq.…”

How Can Digital Economy Development Empower High-Quality Economic Development?

“…The need to address the distortion of financing constraints is an important reason why enterprises take digital transformation (Chen, 2022). Moreover, digital technology can facilitate financial institutions to connect more clients, evaluate their information, improve business operations, and innovate financial services, which ultimately promotes the leap-forward development of financial technology (Chen et al, 2022b).…”

“…The digital economy provides a novel carrier for promoting innovation and entrepreneurship and improves the overall efficiency of the economic system. An extensive literature has examined the impact of the digital economy on economic growth (Bulturbayevich & Jurayevich, 2020), the financial market (Chen, 2022;Chen et al, 2022b), and firm innovation (Wen et al, 2022). However, little literature discusses the impact of the digital economy on regional total factor productivity (hereafter, TFP).…”

Spillover Effect of the Interaction between Fintech and the Real Economy Based on Tail Risk Dependent Structure Analysis

“…In the study of the impact of fintech development on economy growth, the multivariate regression approach is commonly used. For example, Chen et al [5,6] investigated how fintech affects the digital economy and if the digital economy can promote fintech development. Shin and Choi [7] studied the feasibility of the fintech industry as an innovation platform for sustainable economic growth in Korea.…”