中国经济增长新动力探析——基于资本账户开放与数字金融发展交互作用视角

New Drivers of China's Economic Growth:Perspective of the Interaction between Capital Account Liberalization and Digital Financial Development

文章构建了资本账户开放与数字金融发展对经济增长影响的理论模型,并进一步展开了国家与省际层面实证分析。结果表明:首先,资本账户开放与数字金融发展是新发展格局下中国经济增长的新兴动力,中国经济增长框架需要加入资本账户开放和数字金融因素;其次,国家与省际层面的资本账户开放,以及省际层面的数字金融均有利于经济增长;最后,国家与省际层面的资本账户开放度变化率与数字金融的交互作用,以及省际层面的数字金融变化率与资本账户开放度的交互作用均可以推动经济增长。

This paper constructs a theoretical model to explore the impact of capital account liberalization and digital financial development on China's economic growth and further conducts empirical analyses at both national and provincial levels.The results indicate:Firstly,capital account liberalization and digital financial development emerge as the new drivers of China's economic growth under the new development pattern,suggesting that the economic growth framework in China needs to incorporate factors such as capital account liberalization and digital finance.Secondly,capital account liberalization at the national and provincial levels,as well as digital finance at the provincial level are conducive to economic growth.Finally,the interaction between the rate of change in capital account openness and digital finance at both the national and provincial levels,as well as the interaction between the rate of change in digital finance and capital account liberalization at the provincial level,can promote economic growth.