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This article utilizes panel data from 31 Chinese provinces during the time span from 2011 to 2020 to evaluate the effect of digital finance on the real economy from the perspective of green innovation. Empirical models show that digital finance can accelerate growth in the real economy. Specifically, the influence of digital finance on the real economy is more pronounced in areas with high financial development. Further analysis shows that green innovation plays the role of the mechanism through which digital finance promotes real economic growth. This article’s findings demonstrate that the government can foster the profound incorporation of digital finance into the real economy.
Wenhui Zhu (Wed,) studied this question.