Examines the impact of sci-tech finance policies on industrial chain resilience in China, suggesting policy implications.
With the acceleration of global economic integration and the continuous rise of external uncertainties, the resilience and security of industrial and supply chains have become core benchmarks for measuring an economy’s risk resistance and sustainable development capacity, which is crucial to the stable operation of the modern economic system. Based on panel data covering 279 prefecture-level and above cities in China from 2003 to 2023, this paper takes the Pilot Program for Integrating Science, Technology and Finance as a quasi-natural experiment, and adopts a multi-period DID model to empirically examine the correlation between sci-tech finance policies and urban industrial chain resilience, as well as explore its potential transmission pathways. The results show that the pilot policy significantly improves urban industrial chain resilience. Financial deepening level, high-tech application level, and urban informatization level may serve as potential transmission channels through which the policy functions. Further heterogeneity analysis indicates that the policy effect varies markedly across cities in terms of location, scale, urban resource endowments, and industrial foundation. This study enriches relevant research on sci-tech finance policy effects and industrial chain resilience and provides theoretical basis and practical reference for optimizing sci-tech finance system design and consolidating industrial chain security.
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Wang et al. (2026) studied this question.
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