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Science & Technology Strategy and Policy

How does the Digital Economy Affect the High-quality Develop⁃ ment of China's Economy? 

——Based on the Perspective of Innovation Factor Allocation 

Yang Lijuan, Han Juanxia 

（School of Economics, Lanzhou University, Lanzhou 730000, China）

Abstract：Under the new economic normal, the rapid development of the digital economy is  not only an important factor for economic growth, but also a key driving force for high-quality  economic development. The article explores the complex impact of the digital economy on the  high-quality economic development from the theoretical level, and measures the digital  economy, high-quality economic development, and the index of the innovation factor allocation  using the entropy value method with the panel data of 30 provinces in the period of 2014—2022, and conducts empirical research on the impact effect of the level of development of the digital  economy on the high-quality economic development by constructing the fixed-effect model, me⁃ diation effects model, panel threshold model, and spatial space Durbin model. In addition, the ro bustness of the model was tested through endogeneity treatment ⁃ , variable substitution, sample  subinterval estimation and reduced-tail treatment, and regional heterogeneity analysis was con⁃ ducted. It is found that the digital economy has a significant positive impact on the high-quality  economic development, and there is a partial mediating effect of innovation factor allocation be⁃ tween the two. As the level of innovation factor allocation increases, the impact of the digital  economy on the high-quality economic development shows a non-linear characteristic of in⁃ creasing marginal effect. At the same time, the digital economy has a positive spatial spillover ef⁃ fect on the high-quality economic development, and promotes the high-quality economic devel⁃ opment of neighbouring regions. Further analysis reveals that the impact of the digital economy  on the high-quality economic development varies in different regions, gradually weakening from  the eastern and central regions to the western regions. Therefore, it is necessary to take the five  concepts for development as a guide, rationally layout the development of the digital economy, optimise the allocation of innovation factors in combination with digital technology, and fully tap  the new power of high-quality economic development. The unbalanced development among re⁃ gions requires macro-control by government departments to strengthen regional coordination  and balanced development. 

Key words: digital economy; high-quality economic development; innovation factor alloca⁃ tion; spatial spillover effect