Impact of Technological Innovation and Financial Development on the Economic Growth: Panel Evidence from China

Zixuan Zhu

Chapter 36 in Internet Finance and Digital Economy:Advances in Digital Economy and Data Analysis Technology, 2023, pp 503-513 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The factors affecting economic growth have been given attention and generated lively discussions by many economists, but the impact of technological progress and financial development on economic development in the context of the Chinese economy has been less discussed. In this paper, we use a fixed effect model to empirically test the impact of technological progress and financial development on economic growth using provincial panel data for 31 provinces in China from 2010 to 2019. The result shows that the traditional factors affecting economic growth, capital and labor, have a positive impact; scientific progress also contributes to economic growth; but financial development can inhibit economic growth.

Keywords: Internet Economy; Online Finance; Financial Engineering; Big Data; Blockchain; Supply Chain; E-commerce (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2023
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