金融科技、OFDI与经济高质量发展——基于“双循环”相互促进的视角

Fintech,Outward FDI and High-Quality Economic Development:Based on the Perspective of“Mutual Promotion of Dual Circulation”

“双循环”新格局构建下,国内国际双循环相互促进机制构建对优化国内大循环意义非凡。本文通过考察对外直接投资(OFDI)这一外循环因素对金融科技与经济高质量发展之间关系的影响,从双循环相互促进的视角为经济高质量发展目标的实现提供新的思路。理论模型的研究结果表明,金融领域过度投资时,加强金融科技创新成果的推广应用,促进金融科技外溢效应的发挥,可有效提升金融效率并促进经济高质量发展。这一结论在动态空间自回归检验中得到验证:当前金融科技对促进中国经济高质量发展尚未发挥显著作用,但其在中国对“一带一路”沿线国家和地区的直接投资领域的应用却可以推动其发挥更大的经济效应。因此,抓住“一带一路”国际合作机遇,积极推进金融科技国际合作、加快金融科技成果应用转化,强化双循环相互促进机制,是引导金融科技规范健康发展、更好服务实体经济的一条有效路径。

Under the construction of“Dual Circulation”,as a major driving force for achieving high-quality economic development,Fintech’s economic effects should not be limited to the“Domestic Circulation”,but also to the"Mutual Promotion of Domestic and International Circulation".However,the research and practice on how to give full play to Fintech's driving force for economic development is often limited to domestic perspec⁃tive.Comprehensively analyzing the impact of international economic cooperation on Fintech’s economic effect,and seeking new breakthroughs in Fintech’s healthy development from international perspective has been neglected.This is a research weakness in the background of building a“Dual Circulation”.In view of this,by innovatively integrating Fintech,outward foreign direct investment(OFDI)and high-quality economic development into a unified framework,the following subjects are discussed from the angle of“Mutual Promo⁃tion of Dual Circulation”:What is the effect of Fintech on high-quality economic development?Can OFDI,an external circulation factor,promote this effect?It is shown inthe theoretical model that strengthening the application of Fintech and promoting its spillover effect can effectively improve financial efficiency and economicdevelopment quality in the case of over-investment in the financial sector.This conclusion is verified by dynamic SAR model(dynamic spatial auto-regression model):Fintech has no significant effecton improving economicdevelopment quality,whileits application in OFDI promotes it to play a greater economic effect.The function of“Domestic Circulation”and“International Circulation”in the high-quality construction of China’s economy is objectely and dialectically analyzed,and a new track forguiding the standard and healthy develop⁃ment of Fintech under the“Dual Circulation”is provided.