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Industrial Technology Progress

Digital Economy, Technological Innovation and High Quality De⁃ velopment of Modern Service Industry 

—An Empirical Analysis Based on the Chinese Provincial Panel Data 

Guo Na1,2 , Li Yuexin1

(1.School of Business, Hebei University of Economics and Trade, Shijiazhuang 050061, China; 2.Research Cen⁃ ter for Modern Business Services, Hebei University of Economics and Trade, Shijiazhuang 050061, China)

Abstract: In the new era, the digital economy has become an important driving force for the high-quality development of modern service industries. This article, based on the important statement made at the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China that "China has entered to a stage of high-quality development", anchors the goal of high-quality development of modern service industry. On the basis of understanding that high-quality development of modern service industry is an advanced and senior form of service industry development, it deeply analyzes the mechanism of digital economy, technological inno⁃ vation, and high-quality development of modern service industry, and proposes relevant re⁃ search hypotheses. In terms of research methods, this article takes inter provincial panel data from 2016 to 2020 as the research sample, combines entropy method to comprehensively mea⁃ sure the high-quality development level of modern service industry and digital economy develop⁃ ment level, and uses dual fixed effects model and intermediary model to empirically examine the internal relationship among digital economy, technological innovation, and high-quality develop⁃ ment of modern service industry, At the same time, the bootstrap mediation effect test method is applied to further determine the size of the mediation effect of technological innovation. The research results found that the digital economy can significantly and positively promote the highquality development of China's modern service industry, with the development potential dimen⁃ sion of the digital economy playing a more significant role in the high-quality development of the modern service industry. The analysis of the impact mechanism reveals that technological in⁃ novation plays a completely mediating role, but based on the influence of sample size, this ar⁃ ticle believes that the digital economy mainly promotes the high-quality development of modern service industries by accelerating technological innovation; the analysis of regional heterogene⁃ ity reveals that while the direct effect is significantly positive across all regions, the impact of the digital economy on the high-quality development of modern service industries in the central re⁃ gion is significantly greater than that in the eastern and western regions. Therefore, to further le⁃ verage the role of the digital economy in promoting the high-quality development of modern ser⁃ vice industries, it is necessary to formulate differentiated strategies, vigorously develop the digi⁃ tal economy, fully leverage the positive externalities of the digital economy in promoting the high-quality development of modern service industries, and strengthen the mediating role of technological innovation, in order to accelerate the integration of digital economy and modern service industry in various regions and promote the high-quality development of modern service industries. 

Key words: high-quality development; digital economy; technological innovation; modern service industry