Wu, Wulin; Lin, Xiaowen
A icle
Digi al inclusi e inance o g een ans o ma ion:
Insigh om g een inno a ion, indus ial upg ading, and
employmen quali y
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: Wu, Wulin; Lin, Xiaowen (2025) : Digi al inclusi e inance o g een
ans o ma ion: Insigh om g een inno a ion, indus ial upg ading, and employmen quali y,
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Digi al inclusi e inance o g een ans o ma ion: Insigh om g een
inno a ion, indus ial upg ading, and employmen quali y
Wulin Wu
a
, Xiaowen Lin
b,*
a
School o Economics, Fujian No mal Uni e si y, Fuzhou 350117, China
b
School o Economics and Managemen , Fuzhou Uni e si y, No. 2 Wulongjiang No h A enue, Shangjie Town, Minhou Coun y, Fuzhou 350108, China
ARTICLE INFO
JEL classi ica ion:
O0
O1
O4
Keywo ds:
Digi al inclusi e inance
Inclusi e g een g ow h
G een echnology inno a ion
Indus ial upg ading
Employmen quali y
ABSTRACT
Unde s anding he in luence o digi al inclusi e inance (DIF) on inclusi e g een g ow h (IGG) is c ucial o
p omo ing he g een ans o ma ion and sus ainable de elopmen o de eloping economies. This s udy explo es
he e ec o DIF on IGG in Chinese ci ies, and how DIF a ec s IGG by e ec i ely coupling inancial ins umen s
wi h g een ans o ma ion goals h ough a “ iple media ion mechanism”. The indings e eal ha DIF signi i-
can ly p omo es IGG, as well as economic g ow h, income dis ibu ion, wel a e inclusi eness, and en i onmen al
p o ec ion. Fu he mo e, g een echnology inno a ion, indus ial upg ading, and employmen quali y play a
media ing ole in he DIF-IGG ela ionship. Addi ionally, he main e ec is s onge in he eas and sou h, and
ci ies wi h highe le el o economic de elopmen , indus ial upg ading, popula ion densi y, ag icul u al en e-
p eneu ship, and non-ag icul u al en ep eneu ship, as well as in he 2016–2022 pe iod. O e all, his s udy
e eals he mechanisms and e ec s o DIF on IGG, expands he scope o esea ch on economic g een ans-
o ma ion, and p o ides new empi ical e idence and aluable e e ences o ad ancing inancial sus ainabili y
and IGG in China and o he de eloping coun ies. I also o e s insigh s in o add essing he cu en global
ecological and en i onmen al c ises, and economic inequali y.
In oduc ion
Today, digi al ans o ma ion has become an absolu e necessi y
(K aus e al., 2022; Leal-Rod iguez e al., 2023), as i acili a es adap-
a ion o he Fou h Indus ial Re olu ion (Uddin, 2024) and can p o-
oundly a ec businesses (Buck e al., 2023; Sumbal e al., 2024),
including c ea ing inancial inno a ion oppo uni ies. Digi al inclusi e
inance (DIF) ep esen s one such model o inancial inno a ion, whose
po en ial inclusi e and g een a ibu es can enable u ban economic
g een ans o ma ion. Indeed, in ecen yea s, wi h he con inued in e-
g a ion o digi al echnology and inancial inclusion, DIF has been
ecognized as a c ucial ac o in p omo ing inclusi e g een g ow h (IGG)
in de eloping coun ies. Fo ins ance, i can alle ia e inancing chal-
lenges encoun e ed du ing economic g een ans o ma ion by p o iding
low cos and e icien inancial se ices, pa icula ly o in es men s in
low-ca bon echnologies and g een p ojec s. DIF also u ilizes digi al
echnologies such as sma e minals and cloud compu ing o p o ide
inancial p oduc s and se ices o he public, anscending empo al and
spa ial limi a ions, and p omo ing in o ma ion and esou ce sha ing
(Hui, 2021). This can help wi h he demand o inancial p oduc and
se ice inno a ion in IGG. The e o e, DIF can play a i al ole in p o-
mo ing IGG and sus ainable de elopmen in de eloping coun ies.
The adi ional g ow h model has helped he Chinese economy in
achie ing apid de elopmen o >40 yea s, wi h an a e age annual
g oss domes ic p oduc (GDP) g ow h a e o 13.7 % om 1978 o 2024.
Howe e , his g ow h model has also led o en i onmen al deg ada ion,
esou ce deple ion, and income dis ibu ion inequali y (Long & Ji, 2019;
Liu & Waqas, 2024), c ea ing unce ain ies in China’s economic g een
ans o ma ion and sus ainabili y (Gu e al., 2021). A key cha ac e is ic
o eme ging economies ansi ioning o de eloped economies is hei
emphasis on c ea ing a sus ainable socie y and he pu sui o sus ainable
de elopmen (Shao e al., 2020). In ecen yea s, China’s implemen a-
ion o such s a egies, including IGG ini ia i es, has a ac ed in e na-
ional a en ion gi en ha he coun y is he wo ld’s la ges de eloping
coun y. Since 2010, China has indeed achie ed signi ican p og ess in
p omo ing IGG, wi h inc easing syne gies among economic g ow h,
en i onmen al p o ec ion, and social inclusion. Fo example, om 2010
o 2023, China g ew annually a 6.5 % on a e age, while he a e age
annual ene gy consump ion g ow h was 2.8 % and he coun y achie ed
a cumula i e educ ion o 30.6 % in ene gy in ensi y, which is
* Co esponding au ho .
E-mail add esses: [email p o ec ed] (W. Wu), [email p o ec ed] (X. Lin).
Con en s lis s a ailable a ScienceDi ec
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equi alen o sa ing app oxima ely 1.65 billion ons o s anda d coal.
This has se a posi i e example o de eloping coun ies wo ldwide.
Howe e , he undamen al, s uc u al, and end-based p essu es acing
China’s economic g een ans o ma ion ha e no been undamen ally
alle ia ed. The issue o insu icien inclusi eness in g een g ow h e-
mains p ominen . The e o e, accele a ing IGG has signi ican p ac ical
implica ions o p omo ing global economic g een ans o ma ion and
sus ainable de elopmen , including o China.
F om a p ac ical pe spec i e, China’s IGG ini ia i e ep esen s a
comp ehensi e ans o ma ion o di e se a eas, encompassing de el-
opmen concep s, p oduc ion modes, and li es yles, which equi es dual
suppo om bo h inancial and echnological esou ces. Howe e , due
o long-s anding disconnec ions in inancial in e media ion and ech-
nological pene a ion mechanisms, he na ional inancial sys em has
s uggled o achie e inclusi eness and equi y, making i di icul o
implemen China’s IGG objec i es. The ecen li e a u e has also
explo ed he impac o DIF on inclusi e g een de elopmen and inclusi e
g ow h. Fo ins ance, Liu and Xu (2023) a gue ha he co e o DIF lies in
he b oadening, a ionaliza ion, and sophis ica ion o he inancial sys-
em, he eby p o iding momen um o en e p ises’ inclusi e g een
de elopmen . Hu e al. (2023) sugges ha he essence o DIF enabling
inclusi e g ow h is o ully le e age echnological inno a ion ad an-
ages, o e come ba ie s in adi ional inclusi e inance models, and
p o ide equal digi al inancial se ices o ulne able g oups. Howe e ,
hese s udies a e limi ed o explo a ions a he en e p ise and p o incial
le els, wi h ew examining DIF’s e ec on u ban IGG in de eloping
coun ies such as China. Add essing his gap, his s udy examines he
heo e ical and empi ical issues conce ning DIF’s e ec on IGG o Chi-
nese ci ies. This in es iga ion can help ad ance inancial sus ainabili y
and IGG in China and o he de eloping coun ies, while add essing
cu en global ecological en i onmen al c ises and economic inequali y
issues.
Backg ound and li e a u e e iew
The eme gence and de elopmen o DIF
In 2005, he Uni ed Na ions o mally p oposed he concep o in-
clusi e inance o he i s ime, and de ined i as a inancial business
model aimed a na owing he gap be ween he ich and poo and
imp o ing inancial inclusion. In 2013, China o mally p oposed o
de elop inclusi e inance. In ol ing he in eg a ion o digi al echnol-
ogy and inclusi e inance, DIF has become an impo an way o enhance
global inancial sus ainabili y. In 2016, he elease o he G20 Digi al
Financial Inclusion P inciples clea ly showed ha digi al inance had
become a ecognized model o inclusi e inance (Em ehani e al., 2021).
Building on i s ea lie successes as well, in 2023, China clea ly empha-
sized he need o p omo e he de elopmen o DIF in an o de ly manne ,
including imp o ing he le el o inclusi e inancial echnology, building
a heal hy DIF ecosys em, and imp o ing he DIF egula o y sys em.
No ably, due o di e en na ional condi ions, he DIF policies o
majo economies exhibi di e ences. Eu opean coun ies ha e chosen a
ma ke in eg a ion pa h by es ablishing ules i s . Fo example, he
Eu opean Union (EU) is seeking o suppo en i onmen al goals and
inancial inclusion by es ablishing he wo ld’s mos s ingen g een asse
ecogni ion s anda ds, and p omo ing open banking and g een da a
sha ing. On he one hand, he g een asse iden i ica ion s anda d can
clea ly dema ca e he de ini ion o “g een”, educe ma ke agmen a-
ion and in es o s’ g een iden i ica ion cos s, and a ac capi al o
g een p ojec s in Eu ope. On he o he hand, open banking and g een
da a sha ing policies can e ec i ely in eg a e Eu ope’s en i onmen al
pe o mance, ca bon emissions, and o he g een da a, helping in es o s
accu a ely assess he g een alue and po en ial isks o p ojec s.
The Uni ed S a es has adop ed a ma ke -led inno a ion incen i e
sys em, such as allowing echnology gian s such as Apple Pay o issue
g een consume inance p oduc s, suppo ing p i a e companies such as
Tesla o lead he inno a ion o g een inancial p oduc s, and p omo ing
ax c edi measu es in he In la ion Reduc ion Ac . On he one hand,
echnology gian s use hei huge use base and digi al pla o ms o
apidly p omo e g een and low-ca bon consump ion scena ios, and
lowe he h eshold o adop ing g een echnologies. Simul aneously,
hey encou age consume s o choose g een p oduc s h ough ools such
as consume poin s ewa ds and ca bon oo p in acking, he eby
o ming a demand side d i e as well. On he o he hand, he In la ion
Reduc ion Ac p o ides ax c edi s o enewable ene gy p ojec s such as
pho o ol aics and wind powe , and o he pu chase o elec ic ehicles,
signi ican ly educing he isk o co po a e g een in es men s. Howe e ,
he ax c edi policy elies on pe sonal axpaying abili y. As such, low-
income amilies in he Uni ed S a es may no ully enjoy he bene i s
due o hei low ax bu den, which may exace ba e he imbalance in he
dis ibu ion o bene i s in he g een ansi ion. In addi ion, he ac also
equi es he localiza ion o clean echnology p oduc ion, which can
p omo e he ans o ma ion o adi ional indus ial s a es o g een
manu ac u ing. Howe e , he skill misma ch in he ans o ma ion
p ocess may lead o he exclusion o some wo ke s.
Meanwhile, China has adop ed a go e nmen -led model, such as
suppo ing IGG goals by o mula ing g een inance and inancial ech-
nology de elopmen plans, p oposing dual ca bon goals and ca bon
educ ion suppo ools, suppo ing mobile paymen s and g een loans,
and encou aging g een inancial p oduc inno a ion and digi al
employmen . The Chinese model, h ough he closed-loop o “ a ge
cons ain - digi al in as uc u e - p oduc inno a ion - employmen
suppo ”, conside s inclusi eness while apidly p omo ing g een ans-
o ma ion, especially ampli ying he e ec o digi al echnology on in-
clusi e inance and egional ebalancing. Howe e , he s ong s a e
con ol may inhibi spon aneous ma ke inno a ion. Hence, endogenous
d i e s should be os e ed by in oducing a compe i i e subsidy mech-
anism. Compa ed wi h Eu opean and Ame ican coun ies, China is
be e a using scale ad an ages and digi al go e nance ools o achie e
he inclusi e g een ans o ma ion o he economy. Howe e , one
should emain igilan agains he lack o g ass oo s adap abili y and
digi al di ide, which may be caused by policy igidi y. A p esen ,
China’s DIF le els a e among he bes in he wo ld. In 2023, g een loans
had inc eased 36.5 % om 2022 o each 30.08 illion yuan. China’s
digi al paymen and digi al inance also ank i s in he wo ld, ac-
coun ing o 45.60 % (34.62 illion yuan) and 15.6 % (4.17 illion
yuan) o he co esponding global ma ke s, espec i ely. O e all, he
apid de elopmen and applica ion o DIF in China has alle ia ed he
bias and en i onmen al cos p oblems o adi ional inance o a ce ain
ex en , and p o ided a d i ing o ce o p omo ing he g een ans-
o ma ion o egional economies. This undoub edly p o ides aluable
expe ience e e ence o de eloping coun ies on how o use digi al
echnology o p omo e sus ainable inance and IGG.
The eme gence and de elopmen o IGG
IGG began wi h he concep o inclusi e g ow h p oposed by he
Asian De elopmen Bank in 2007. Meanwhile, he Wo ld Bank de ined
IGG as “a sus ainable de elopmen model ha akes in o accoun bo h
economic g ow h and he imp o emen o social and en i onmen al
well-being, and achie es g een g ow h while ensu ing social inclusion
wi h equal oppo uni ies”. The 2012 Rio+20 Summi also emphasized
he impo ance o p omo ing IGG. Subsequen ly, h ough he Uni ed
Na ions epo and sys ema ic esea ch o he Asian De elopmen Bank,
he issue o IGG g adually gained widesp ead a en ion om coun ies
globally. In 2016, he Uni ed Na ions p oposed he Sus ainable De el-
opmen Goals, which also inco po a ed he p inciples o IGG. Since hen,
many coun ies ha e begun o mula ing new de elopmen s a egies
cen e ed on IGG. In summa y, IGG is a sus ainable de elopmen model
ha conside s economic g ow h, sus ainabili y, and inclusi eness. I s
goal is o combine he in e es s o indus ialized coun ies wi h g een
g ow h and inclusi e g ow h in de eloping coun ies o add ess he
W. Wu and X. Lin
Jou nal o Inno a ion & Knowledge 10 (2025) 100726
2
global ecological and en i onmen al c isis, and economic inequali y,
he eby achie ing sus ainable de elopmen .
DIF esea ch
In ecen yea s, he de elopmen o DIF has ecei ed g ea a en ion
om global policymake s and schola s. Mos schola s ha e eached a
gene al consensus on he economic e ec s o DIF, belie ing ha i plays
a posi i e ole in p omo ing household consump ion (Zhang e al., 2020;
Chen & Chang, 2024) and sus ainable employmen (Geng & He, 2021),
na owing he u ban- u al income gap (Li & Feng, 2023), educing
a me s’ po e y ulne abili y (Liu e al., 2024; Wu & Zhang, 2025), and
easing inancing cons ain s (Ross & Blumens ein, 2015). Some schola s
ha e s udied he in luencing ac o s o DIF. Da a ne wo k co e age and
sma phone pene a ion a e he main de e minan s o he de elopmen
o DIF (Beck e al., 2016). Meanwhile, o he schola s a gue ha digi al
inancial li e acy is necessa y o op imize DIF (Gumila e al., 2024).
Howe e , a suppo i e egula o y en i onmen , a clea egula o y sys-
em, and suppo i e go e nmen policies a e also c ucial o he sus-
ainable de elopmen o DIF (Xiao e al., 2024). This is because digi al
echnology is cons ained by ac o s such as p i acy issues, illi e acy,
and limi ed economic accessibili y. In summa y, DIF is a ec ed by ac-
o s such as echnical in as uc u e, digi al inancial li e acy, go e n-
men policies, and egula o y sys ems. Since he In e ne is an impo an
medium o DIF, some schola s ha e also explo ed he impac o mobile
paymen s on DIF. Fo example, Huang e al. (2020) a gue ha mobile
paymen s in China a e e olu ionizing inancial inclusion, d i en by
supply sho ages, a iendly egula o y en i onmen , and he la es
echnological de elopmen s.
IGG esea ch
IGG lacks a uni ied au ho i a i e de ini ion, wi h schola s in e -
p e ing i om di e en pe spec i es. F om a de elopmen economics
pe spec i e, IGG is ega ded as a sus ainable de elopmen s a egy
(Schone eld & Zoome s, 2015; Zhang & Li, 2023). F om a wel a e
economics pe spec i e, schola s belie e ha he co e goal o IGG is o
imp o e people’s wel a e (Kuma 2017; Be khou e al., 2018). Then,
wha kind o economic g ow h is IGG? Despi e he lack o consensus on
he de ini ion o IGG, he co e essence is unanimously ecognized: IGG
aims o pu sue he coo dina ed de elopmen o economic, social and
en i onmen al sus ainabili y. Schola s ha e also ocused on he mea-
su emen and in luencing ac o s o IGG (O o i e al., 2023; Li e al.,
2023; Wu e al., 2025; ; Okombi & Ndoum, 2024). Howe e , he
mul i ace ed na u e o he IGG de ini ion has led o a lack o consensus
on measu emen me hods, indica o amewo ks, and in luencing ac-
o s. In gene al, he e a e wo main me hods o measu ing IGG: e al-
ua ing inpu -ou pu e iciency and building a comp ehensi e indica o
sys em. Scien i ically e alua ing IGG is c ucial o guide he economy
owa d g een and inclusi e ans o ma ion, especially selec ing scien-
i ic and app op ia e indica o s and measu emen me hods.
The e ec o DIF on IGG
Ex an esea ch ocuses on wo aspec s. Fi s , he e ec o DIF on he
g een economy. Chinese schola s gene ally belie e ha digi al inance
can p omo e g een g ow h by suppo ing co po a e digi al ans-
o ma ion and sol ing ene gy po e y. Fo ins ance, digi al echnology
can be used o help companies imp o e he success a e o g een inno-
a ion p ojec s (Fan e al., 2022; Razzaq & Yang, 2023; Chen & Zhang,
2024). Meanwhile, DIF p omo es indus ial g een ans o ma ion by
s eng hening inno a ion capabili ies and imp o es g een o al ac o
p oduc i i y by alle ia ing ac o misma ch (Tan & Shu, 2020; Zhu e al.,
2022, 2023). In addi ion, DIF imp o es egional ca bon pe o mance
and ene gy e iciency o he eal economy (Duan e al., 2021; Zhou &
Wang, 2024), and p omo es g een ag icul u al de elopmen (Ma e al.,
2024; Guo e al., 2024). Eu opean s udies ha e shown ha digi al
inance has enhanced inancial inclusion in EU coun ies, and p omo ed
he accessibili y and sus ainable de elopmen o inancial inclusion in
Balkan coun ies (Spilbe gs, 2023; Gigau i e al., 2023). Meanwhile, DIF
has educed he ca bon oo p in o he op 30 emi ance ecipien s
(Fa zana e al., 2024). Howe e , some schola s ha e p oposed di e en
iews. Faisal e al. (2018) ind a nonlinea ela ionship be ween inan-
cial de elopmen and en i onmen al pollu ion in Tu key. Ahmad e al.
(2022) and Abbas e al. (2024) show ha inancial inclusion has nega-
i ely a ec ed he ecological en i onmen o BRICS coun ies and g een
economic g ow h in 12 de eloping coun ies such as Indonesia. In mos
cases, he China-Eu ope DIF esea ch suppo s he sus ainabili y and
inclusi eness o inancial se ices, and he idea ha DIF posi i ely a -
ec s he g een economy and sus ainable de elopmen . Howe e , he
opposi e esul s a e obse ed in many de eloping coun ies.
Second, he e ec o DIF on g een in es men and g een inno a ion.
On he one hand, DIF educes he inancing cos o g een p ojec s by
p o iding inancial p oduc s such as online inancing pla o ms, digi al
bonds, and g een unds (Wang & Zan, 2024). G een ans o ma ion is
usually accompanied by highe in es men isks. DIF can use echnology
o p o ide mo e in es men op ions, he eby posi i ely a ec ing g een
in es men (Gu e al., 2024; Zhu e al., 2024). Fo example, pee - o-pee
(P2P) lending pla o ms in he Uni ed S a es, he Uni ed Kingdom,
Sweden, and Sou h Ko ea use digi al echnology o p o ide g een
inancial esou ces o he ma ke (Jung & Lee, 2022). These g een in-
es men s include inno a i e inancial p oduc s such as g een bonds,
g een unds, and c owd unding, which help di e si y in es men isks
and a ac mo e in es o s o pa icipa e in g een p ojec s.
On he o he hand, digi al ans o ma ion p omo es knowledge c e-
a ion by le e aging co po a e inno a ion cul u e and he egional
inno a ion en i onmen (Chen e al., 2024a), and posi i ely a ec s
co po a e inno a ion (Liu e al., 2023; Chen e al., 2024b). A pa icula ly
illus a i e example is he ole o inclusi e inance’s digi al ans-
o ma ion in p omo ing co po a e g een inno a ion. Wi hin he ame-
wo k o g een inno a ion, digi al inance helps inc ease u ban economic
concen a ion and de elop local inancial sys ems (Zhu e al., 2024).
This can c ea e an en i onmen conduci e o he ex e nal inancial
amewo k, he eby s imula ing co po a e g een inno a ion beha io
(Hao e al., 2023). In he Chinese con ex , DIF has a signi ican posi i e
e ec on g een echnology inno a ion o non-s a e-owned en e p ises,
hea ily pollu ing indus ies, and en e p ises in he cen al and wes e n
egions (Wang e al., 2022; Shu & Huang, 2024). Rega ding he un-
de lying ac o s, DIF can imp o e he en husiasm o en e p ises o
g een echnology inno a ion by enhancing he co e age b ead h, use
dep h, and digi iza ion deg ee o digi al inance (Xu e al., 2023). He e,
imp o ing in o ma ion disclosu e and easing inancing cons ain s play
key media ing oles (Kong e al., 2022; Du e al., 2024). Howe e , some
schola s ha e highligh ed ha al hough DIF has imp o ed he g een
inno a ion e iciency o a egion, i has a siphon e ec on su ounding
ci ies (Zhang e al., 2022a). In summa y, DIF o digi al inance p o ides
con enien inancing channels, educes inancial cons ain s, imp o es
esou ce alloca ion, and inc eases in o ma ion anspa ency. I can help
in es o s iden i y and in es in g een p ojec s mo e quickly, he eby
join ly p omo ing he de elopmen o g een in es men and g een
inno a ion.
Li e a u e summa y
Ex an esea ch mainly ocuses on he heo e ical and empi ical is-
sues o DIF and IGG. Fu he , i demons a es he inhe en ela ionship
be ween DIF and he g een economy, g een in es men , and g een
inno a ion. Howe e , ew schola s ha e conduc ed a comp ehensi e
discussion on he e ec o DIF on IGG. Speci ically, ex an esea ch
su e s om some limi a ions: Fi s , mos s udies ocus on en e p ises
and p o inces in de eloping and Eu opean coun ies, and igno e he
e ec o DIF on IGG a he ci y le el. Some s udies do men ion he issues
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3
o u ban indus ial g een de elopmen and g een o al ac o p oduc-
i i y. Fo example, Zhu e al. (2022) obse e ha DIF can imp o e
u ban g een o al ac o p oduc i i y by alle ia ing capi al and labo
misma ches. Tan and Shu (2020) ind ha new inancial de elopmen
can p omo e u ban indus ial g een de elopmen by s eng hening
inancial ma ke iza ion and inno a ion capabili ies. Howe e , he au-
ho s do no explo e he impac o DIF on he in e nal dimensions o
g een o al ac o p oduc i i y and indus ial g een de elopmen .
Second, when measu ing he IGG le el, some s udies do no cla i y
he meaning o IGG, and con use i wi h “inclusi e g ow h” o “g een
g ow h”, esul ing in blu ed indica o bounda ies. Mos s udies ocus on
economic and en i onmen al indica o s, wi h ew inco po a ing social
inclusion indica o s (such as ai income dis ibu ion and uni e sal
wel a e). Fu he , due o excessi e eliance on economic da a o sub-
jec i e weigh ing me hods while alloca ion dimension weigh s, he
measu emen esul s a e no igo ous enough.
Thi d, when discussing he ansmission mechanism, mos s udies
only apply adi ional inancial de elopmen heo y o analysis, which
ocuses on adi ional pa hs such as digi al ans o ma ion, inancing
cons ain s, esou ce misma ch, echnological inno a ion, inno a ion
cul u e, and en i onmen . Howe e , he ailu e o cons uc a unique
analysis model o DIF, especially he lack o in eg a ion o key ac o s
such as g een inno a ion, indus ial upg ading, and employmen quali y
in o he heo e ical amewo k, leads o insu icien explana o y powe .
Fou h, China’s de elopmen , and hus, DIF de elopmen exhibi
clea egional balances. Howe e , ew s udies e alua e he egional
he e ogenei y o DIF’s e ec on IGG. Meanwhile, when discussing
egional he e ogenei y, mos s udies adop he adi ional classi ica ion
me hod whe ein he coun y is classi ied in he h ee egions o eas ,
cen al, and wes . They do no adequa ely e lec o examine he
inc easing no h-sou h gap caused by he con inued shi o China’s
economic cen e o he sou h.
Con ibu ion o his s udy
Based on panel da a om 282 ci ies a o abo e he p e ec u e le el
in China om 2010 o 2023, his s udy comp ehensi ely explo es he
mechanism and e ec o DIF on IGG om bo h heo e ical and empi ical
pe spec i es. We also examine he iple media ion mechanism o g een
echnology inno a ion, indus ial upg ading, and employmen quali y.
In addi ion, his s udy ocuses on he egional he e ogenei y o DIF’s
in luence on IGG, and supplemen s he discussion o he e ogenei y om
ou aspec s: empo al, economic de elopmen , indus ial s uc u e, and
popula ion densi y di e ences.
This s udy makes ou con ibu ions: Fi s , conside ing he limi ed
li e a u e on he e ec o DIF on IGG in de eloping coun ies, his s udy
add essing his gap by iden i ying DIF as a key d i ing ac o o IGG in
Chinese ci ies.
Second, his s udy no only clea ly de ines he conno a ions o IGG,
bu also explains i s main cha ac e is ics om he ou aspec s o goals,
me hods, esou ce iews, and alues. Thus, i helps cla i y he bound-
a ies o he dimensional design and indica o selec ion o he IGG
e alua ion sys em. Speci ically, his s udy inco po a es he h ee pilla s
o economy, socie y, and en i onmen in o he de ini ion o IGG.
Fu he , ou indica o e alua ion sys em in eg a es he ou dimensions
o economic g ow h, income dis ibu ion, wel a e uni e saliza ion, and
en i onmen al p o ec ion. This helps add ess he sho comings o
adi ional esea ch ha o e - elies on economic and en i onmen al
indica o s, and igno es social inclusion indica o s. Mo eo e , his s udy
uses bo h subjec i e and objec i e combined weigh ing me hods o
alloca e he weigh s o he 4 dimensions and hei 16 indica o s, mi i-
ga ing he challenges associa ed wi h using only ype o weigh ing
me hods.
Thi d, his s udy e eals h ee media ion mechanisms o he main
e ec : g een echnology inno a ion, indus ial upg ading, and employ-
men quali y. This p omo es heo e ical de elopmen a he ollowing
h ee le els: (1) I helps o e come he limi a ions o adi ional inancial
heo y, which ocuses on capi al alloca ion e iciency. Meanwhile, his
s udy e ec i ely couples inancial ins umen s wi h g een ans-
o ma ion goals h ough he h ee media ion mechanisms. Speci ically,
we cons uc a six-dimensional syne gis ic amewo k encompassing
inance, echnology, indus y, employmen , economy, and en i onmen ,
and explain how DIF p omo es IGG h ough mul i-le el ansmission
mechanisms. (2) This s udy ad ances g een g ow h heo y. Speci ically,
we demons a e ha DIF can p omo e he ans o ma ion o he eco-
nomic sys em owa ds an inclusi e g een di ec ion h ough he coo di-
na ed e o s o echnology, indus y, and employmen , hus p o iding a
dynamic e olu iona y pe spec i e o he g een g ow h heo y. (3) This
s udy en iches he labo economics heo y. I econs uc s he logic o
he employmen quali y e ec in he g een ans o ma ion, demon-
s a ing ha DIF no only p o ides inancing, bu also o ces he
upg ading o labo skills h ough he equi emen s o g een ans-
o ma ion, p omo ing he ansi ion o he employmen ma ke om
“demog aphic di idend” o “skill di idend”.
Fou h, his s udy ocuses on he he e ogenei y o he impac om
di e en geog aphical egions. I e eals ealis ic easons o he di -
e en ia ion in he in luence o DIF on IGG ac oss he eas , cen al, wes ,
and no heas egions, as well as he di e ences be ween he no h and
sou h, p o iding new empi ical e idence o p omo ing he balanced
de elopmen o China’s economic g een ans o ma ion. Speci ically, i
p omo es he heo e ical de elopmen a he ollowing wo le els: (1)
Supplemen ing he ci cula cumula i e causal heo y. Regional he e o-
genei y analysis e eals ha he DIF pene a ion di e ences be ween
egions (such as he lagging digi al in as uc u e in he no heas )
c ea e a sel - ein o cing mechanism o “digi al-g een dual di ide”
h ough g een echnology inno a ion and indus ial upg ading, sup-
plemen ing he applicabili y o ci cula cumula i e causal heo y
(Kaldo , 1970) in he digi al age. (2) I p o ides inspi a ion o he
ede ini ion o g een ai ness. T adi ional en i onmen al jus ice heo y
ocuses on pollu ion dis ibu ion (such as poo e egions bea ing mo e
en i onmen al isks). Meanwhile, ou egional he e ogenei y analysis
shows ha digi al capabili y inequali y is exace ba ing he spa ial
dep i a ion o g een oppo uni ies (such as he lack o digi al skills
aining in he no h). Hence, digi al igh s should be inco po a ed in o
he amewo k o sus ainable de elopmen jus ice.
Theo e ical analysis and esea ch hypo heses
Di ec e ec mechanism o DIF on IGG
DIF is a new inancial se ice model d i en by digi al echnology
(Huang & Huang, 2018). I s inhe en g een a ibu es and posi i e
en i onmen al ex e nali ies signi ican ly p omo e he cons uc ion o a
g een economic de elopmen sys em and enhance g een o al ac o
p oduc i i y (Zhu e al., 2022). On he one hand, DIF can s imula e
en e p ises o p oac i ely in es in g een ini ia i es, s eng hening he
compensa o y e ec s o g een echnology inno a ion and inc easing he
easibili y o g een de elopmen om an economic bene i pe spec i e
(Liu & Xu, 2023). Acco ding o he endogenous g ow h logic o Po e ’s
hypo hesis, his ma ke sel -o ganized cos -bene i econs uc ion
mechanism can yield excessi e economic e u ns om he
egula ion-induced g een R&D in es men ia imp o ed echnological
e iciency. This can essen ially c ea e a posi i e eedback loop o
“en i onmen al egula ion- inancial incen i es- echnological leap”.
Meanwhile, by u ilizing DIF, consume s and inancial ins i u ions can
educe he ene gy consump ion ela ed o cash, pape , and ans-
po a ion, signi ican ly lowe ing he associa ed pollu ion emissions.
F om a p oduc ion unc ion pe spec i e, his digi al paymen model
econs uc s he echnical pa h o inancial ansac ions h ough dema-
e ializa ion, subs an ially educing he ma ginal en i onmen al cos
pe uni ansac ion olume. A he consume beha io le el, digi al
inancial pla o ms e ec i ely sol e he p e e ence-beha io gap in
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4
g een consump ion by building a sys em combining en i onmen al in-
o ma ion, inancial ools, and consump ion scena ios. Fo example,
nume ous en i onmen al se ice pla o ms buil on digi al inance can
enhance esiden s’ en i onmen al awa eness, guiding hem owa ds
g een consump ion and he eby p omo ing he de elopmen o g een
indus ies (Zheng e al., 2022).
On he o he hand, DIF le e ages digi al echnologies such as big
da a and cloud compu ing o accu a ely assess isk c edi and inancing
needs, achie ing eal- ime, poin - o-poin ma ching o inancial e-
sou ces. This enhances he esou ce alloca ion e iciency o inancial
se ices (Li & Yang, 2024). The i ual na u e o digi al echnology and
i s unique abili y o alloca e esou ces ac oss ime and space signi i-
can ly expand co e age o emo e a eas o speci ic indus ies ha
adi ional inance s uggles o each, hus imp o ing he inclusi eness
and accessibili y o inancial se ices. DIF, exempli ied by digi al pay-
men se ices, lowe s he h eshold o inancial se ices, enhances
se ice e iciency, and p omo es egional echnology ad ancemen ,
he eby e ec i ely inc easing egional o al ac o p oduc i i y (He &
Yang, 2021). In addi ion, DIF uses big da a analysis o p o ide mo e
ma ke segmen s o g een in es men , especially small g een and
inno a i e g een echnology companies ha a e no co e ed by he
adi ional inancial sys em. Mo eo e , he digi al ans o ma ion o
inance p omo es he de elopmen o echnology-in ensi e
manu ac u ing, and ul ima ely, p omo es g een de elopmen (Duan
e al., 2021). In his p ocess, he echnical unc ions o he
manu ac u ing indus y, and senio manage s’ suppo o he digi al
s a egy and digi al cul u e a e impo an ac o s a ec ing digi al
ans o ma ion (S azzullo, 2024).
Acco dingly, we p opose ou i s hypo hesis as ollows:
Hypo hesis 1: DIF p omo es IGG in Chinese ci ies.
The indi ec e ec o DIF on IGG
Media ing ole o g een echnology inno a ion
DIF p omo es IGG by s imula ing g een echnology inno a ion ia
esol ing he misma ch be ween he s uc u al con adic ions o he
adi ional inancial sys em and needs o g een ans o ma ion, and
using digi al echnology o o e come he g een echnology iden i ica-
ion dilemma in adi ional inance. F om a new s uc u al economics
pe spec i e, g een echnological inno a ion can o e come he con-
s ain s o diminishing e u ns o ac o s, esou ce endowmen con-
s ain s, and en i onmen al ca ying h esholds unde he adi ional
g ow h model by econs uc ing he echnical pa ame e s o he p o-
duc ion unc ion. The e o e, g een echnology inno a ion se es as he
ounda ion and d i ing o ce o g een economic de elopmen (Liu,
2018), and a key ac o in imp o ing ene gy and en i onmen al pe -
o mance (Cao e al., 2021).
F om a g ow h pa adigm ans o ma ion pe spec i e, g een ech-
nology inno a ion eshapes ac o combina ion e iciency h ough
induced echnological change. This enables g een echnology inno a-
ion o d i e he economy om ex ensi e g ow h o inno a ion-d i en
in ensi e g ow h (Wang & Zhan, 2023), becoming a key way o ach-
ie e an economic de elopmen -en i onmen al p o ec ion win-win
(Da on e al. (2012); Li & Bai, 2021). Howe e , cons ained by he
high cos o g een ans o ma ion, China o en aces a unding sho age
in p omo ing g een echnology inno a ion and g een indus y de el-
opmen . S ill, wi h he con inuous expansion o he digi al inancial
sys em, DIF and g een inance can be inno a i ely in eg a ed in o
mul iple g een scena ios such as ESG in es men and inancing, g een
buildings, and ca bon ading ma ke s, g ea ly enhancing he supply and
inno a ion o g een inancial p oduc s. This p o ides sus ained inancial
suppo o new echnology R&D ac i i ies in g een indus ies, alle i-
a ing he inancing di icul ies o g een echnology inno a ion. Mean-
while, DIF uses digi al echnology o e ec i ely simpli y he p ocedu al
and complica ed g een inancial se ice p ocess unde he adi ional
inancial sys em, signi ican ly imp o es he e iciency o g een inancial
se ices by sho ening he app o al ime o each link, and speeds up he
g een ce i ica ion and e alua ion o g een en e p ise echnology inno-
a ion p ojec s. Thus, DIF p omo es g een inno a ion in o he Schum-
pe e ian “c ea i e des uc ion” cycle by building a
“ echnology-capi al-policy” co-e olu iona y ecosys em. This no only
p o ides en e p ises wi h smoo h inancing channels and a good inan-
cial en i onmen , bu also signi ican ly imp o es he g een echnology
inno a ion pa h and en i onmen al go e nance cos dilemma.
Acco dingly, his s udy p oposes he ollowing hypo hesis:
Hypo hesis 2: DIF p omo es IGG by enhancing g een echnology
inno a ion.
Media ing ole o indus ial upg ading
DIF p omo es indus ial upg ading by econs uc ing he inancial
esou ce alloca ion mechanism, p o iding a s uc u al impe us o he
g een ans o ma ion o he economy. The de elopmen o DIF has
helped in accumula ing capi al o inno a ion, enabling en ep eneu s
o gain pu chasing powe h ough he inancial ma ke s and eo ganize
p oduc ion ac o s, hus igge ing echnological p og ess and p omo -
ing indus ial upg ading. The adi ional inancial sys em ends o a o
la ge en e p ises. Meanwhile, DIF educes he inancing cos s o small
and medium-sized en e p ises (SME), and g een indus ies h ough big
da a isk con ol and supply chain inance, allowing mo e inno a i e
and g een en e p ises o g ow. On he one hand, digi al inancial ech-
nology p omo es he in elligen upg ading o adi ional indus ies, such
as digi al p oduc ion in manu ac u ing and sma de elopmen in ag i-
cul u e, and imp o es p oduc ion e iciency and esou ce u iliza ion.
Meanwhile, guided by China’s dual ca bon goals, na ional policies o-
wa d g een indus ies ha e acili a ed he low o long-du a ion capi al
o he g een inancial indus y. This has aided he de elopmen o g een
and ela ed eme ging indus ies. These indus ies ha e high g ow h
po en ial and low policy isks. Thus, he p o i -seeking and isk-a e se
cha ac e is ics o inancial ins i u ions d i e inc eased in es men s in
g een, low-ca bon, and eme ging echnology-in ensi e indus ies,
he eby p omo ing indus ial s uc u e upg ading (Jiang & Jiang, 2020).
This can p omp en e p ises o adop cleane p oduc ion echnologies,
he eby p omo ing ene gy conse a ion and emission educ ion, and
imp o ing esou ce u iliza ion e iciency.
On he o he hand, digi al echnology p o ides massi e da a and
compu a ional powe suppo o de eloping g een inancial p oduc s,
e ec i ely s imula ing he supply and inno a ion o hese p oduc s. A
ich a ie y o g een inancial p oduc s can e ec i ely s imula e esi-
den s’ demand o g een sa ings and g een consump ion. The g een
inance supply side and g een consump ion demand side o m a syne gy
o a ac mo e social capi al o low in o he g een and low-ca bon ield,
and join ly p omo e he g een and low-ca bon ans o ma ion o he
indus ial s uc u e. In addi ion, he dis ibu ed blockchain ledge en-
su es he openness and anspa ency o he low and use o unds,
moni o ing he low o g een c edi and o he unds o g een,
en i onmen ally- iendly indus ies. Wi h he con inuous changes in
capi al lows, high-pollu ion indus ies will ake he ini ia i e o ans-
o m and upg ade unde he p essu e o su i al. Meanwhile, i will also
d i e he de elopmen o eme ging indus ies such as high- ech, which
will ine i ably d i e high-quali y economic de elopmen (Zhang e al.,
2022b).
Based on hese a gumen s, his s udy p oposes he ollowing
hypo hesis:
Hypo hesis 3: DIF can p omo e IGG by d i ing indus ial upg ading.
Media ing ole o employmen quali y
DIF can d i e IGG by op imizing he employmen s uc u e and
empowe ing human capi al. Fo ins ance, DIF plays a posi i e ole in
expanding he co e age o inancial se ices and imp o ing hei quali y
and e iciency, making inclusi e inancial se ices accessible o all. This
c ea es posi i e ex e nali ies o job c ea ion and employmen quali y
enhancemen . On he one hand, many SMEs ha e no been able o ully
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5
ealize hei abili y o c ea e jobs due o a lack o access o adequa e
inancial suppo (Kadi i e al., 2012). DIF enhances he inclusi eness
and b oad each o inancial se ices, e ec i ely alle ia ing c edi
cons ain s o po en ial en ep eneu s and add essing he inancing
challenges aced by SMEs and indi idual businesses in hei ea ly s ages.
I indi ec ly s imula es demand o labo by hese en e p ises. This no
only helps hem a ac mo e highly skilled alen s, bu also p o ides a
b oad space o labo ans o ma ion and e-employmen . Meanwhile,
some DIF pla o ms combine blockchain and o he echnologies o
p omo e he anspa ency o in o ma ion such as labo con ac s and
social insu ance, p o ec wo ke s’ igh s and in e es s, and hus, o m a
heal hie and mo e s able employmen en i onmen . Enhanced inancial
accessibili y has also inc eased employmen and en ep eneu ship le els
among esiden s in low-income and emo e a eas (B uhn & Lo e, 2014),
he eby alle ia ing income dis ibu ion inequali y and economic
inequali y.
On he o he hand, inancial ins i u ions use big da a echnology o
analyze he beha io al da a and c edi le el o en e p ises. This in-
c eases he u no e a e o p oduc ion ac o s wi hin en e p ises,
leading o he c ea ion o mo e high-quali y job oppo uni ies. Mo e-
o e , business ypes such as digi al paymen s, In e ne weal h manage-
men , In e ne lending, and In e ne insu ance accele a e he e iciency
o sa ings- o-in es men con e sions, imp o e in o ma ion ans-
pa ency, and inc ease he o e all u no e a e o p oduc ion ac o s in
socie y, he eby enhancing employmen quali y. In addi ion, DIF can
signi ican ly educe he sea ch cos s and isk iden i ica ion cos s in
inancial ma ke s, ans o ming adi ional alue deli e y p ocesses, and
unlocking subs an ial comme cial space. This suppo s egional ech-
nology inno a ion and economic g ow h (Sun & Chai, 2023). Fu he ,
egional economic g ow h ine i ably aises wage le els, a ac ing mo e
highly skilled alen . This imp o es he employmen en i onmen and
enhances job quali y, he eby p omo ing an inclusi e economy. As
adi ional indus ies g adually wi hd aw o ans o m, he de elopmen
o eme ging and g een echnology indus ies o en has a g ea e demand
o high-quali y alen s. Suppo ed by DIF, hese indus ies can c ea e
mo e high-quali y employmen oppo uni ies, educe employmen
disc imina ion agains low-income g oups, and imp o e u ban
inclusi eness.
Thus, his s udy p oposes he ollowing hypo hesis:
Hypo hesis 4: DIF can p omo e IGG by imp o ing employmen
quali y.
Resea ch design
Va iables
Dependen a iable
D awing on he li e a u e e iew, his s udy de ines IGG as a sus-
ainable de elopmen model ha conside s economic g ow h, social
equi y, and en i onmen al iendliness. In e ms o he economy, IGG
en isions a g een economy cha ac e ized by sus ained economic g ow h
and ecological en i onmen imp o emen , which goes beyond simple
GDP g ow h (Sun & Wang, 2025). In e ms o socie y, IGG aims o
imp o e human well-being, s eng hen equal oppo uni ies, and na ow
he gap be ween he ich and poo (Xu & Xu, 2020). In e ms o he
en i onmen , IGG means sus ainable de elopmen , a aching impo -
ance o esou ce conse a ion, ecological p o ec ion, and en i on-
men al balance (Aslam & Ghouse, 2023). Based on his de ini ion o IGG
and ollowing Zhang and Li (2023), his s udy cons uc s an IGG e al-
ua ion sys em (Table 1) which includes ou dimensions: economic
g ow h (EG), income dis ibu ion (ID), wel a e inclusi eness (WI), and
en i onmen al p o ec ion (EP). The selec ion o indica o s ollows he
p inciples o scien i ici y, ep esen a i eness, and da a a ailabili y.
Meanwhile, ollowing Chen e al. (2022), his s udy adop s a combina-
ion o subjec i e and objec i e weigh ing me hods o measu e he index
o IGG and i s ou dimensions o 282 ci ies in China om 2010 o 2023,
and maps he le el index o 0~10.
Independen a iable
In a wo ld inc easingly d i en by digi al ans o ma ion, digi al
echnologies such as big da a, blockchain, me a e se, and a i icial in-
elligence hold g ea p omise o economic and social p og ess (Xiao
e al., 2024), and p omo e he apid de elopmen o DIF. Di e en om
adi ional inance, DIF pays mo e a en ion o digi al echnology and
has many ad an ages such as wide co e age, low cos , high e iciency,
and less pollu ion. Thus, acco ding o mains eam p ac ices, his s udy
uses he u ban DIF index eleased by Peking Uni e si y as he measu e o
he DIF de elopmen le el. The la ge he alue o he index, he highe
he le el o de elopmen o DIF in he ci y. DIF is a comp ehensi e
concep ha includes h ee dimensions: he b ead h o co e age
(B ead h), dep h o usage (Dep h), and deg ee o digi aliza ion (Digi i-
za ion). These encompass 33 indica o s (Guo e al., 2020). I s applica-
bili y and eliabili y ha e been widely ecognized by he academic
communi y.
Mechanism a iables
DIF may p omo e IGG in ci ies h ough he media ing ole o g een
echnology inno a ion, indus ial upg ading, and employmen quali y.
The e o e, he h ee a e selec ed as mechanism a iables o ans-
mission mechanism es ing. Fi s , g een echnology inno a ion e e s o
managemen and echnology inno a ion aimed a p o ec ing he
ecological en i onmen . This s udy uses he o al numbe o g een pa en
applica ions o measu e he le el o g een echnology inno a ion. Sec-
ond, indus ial upg ading e e s o he p ocess o imp o ing he de el-
opmen o indus ial s uc u e. This s udy uses he a io o he added
alue o he e ia y indus y o he added alue o he seconda y in-
dus y o measu e he deg ee o indus ial upg ading. The la ge he
a io, he highe he deg ee o indus ial upg ading. Thi d, employmen
quali y e e s o he deg ee o which labo is combined wi h he means o
p oduc ion and ecei es income. I e lec s bo h he skill le el o in-
di iduals and he ope a ion o he labo ma ke in a coun y o egion.
He e, employmen quali y is measu ed by he pe capi a wage le el o in-
Table 1
IGG E alua ion sys em.
Dimension Indica o s A ibu e
Economic g ow h
(EG)
Pe capi a GDP +
GDP g ow h a e +
Income dis ibu ion
(ID)
Pe capi a disposable income o u ban
esiden s
+
Pe capi a disposable income o u al esiden s +
Pe capi a disposable income o u ban and
u al esiden s
+
Wel a e inclusi eness
(WI)
The p opo ion o u ban basic medical
insu ance pa icipan s o he o al popula ion
+
The p opo ion o u ban employees
pa icipa ing in basic pension insu ance o he
o al popula ion
+
The p opo ion o unemploymen insu ance
pa icipan s o he o al popula ion
+
Numbe o Public Lib a y Books pe 10,000
People
+
Numbe o beds in hospi als and heal h cen e s +
En i onmen al
p o ec ion (EP)
Sul u dioxide emissions pe 10,000 people –
Indus ial was ewa e discha ge –
Indus ial smoke (powde ) dus emissions –
Comp ehensi e u iliza ion a e o gene al
indus ial solid was e
+
Cen alized ea men a e o sewage
ea men plan s
+
Ha mless ea men a e o household was e +
No e: “+” means ha he indica o a ibu e is posi i e; “-” means ha he in-
dica o a ibu e is nega i e.
W. Wu and X. Lin
Jou nal o Inno a ion & Knowledge 10 (2025) 100726
6
se ice employees.
Con olled a iables
Conside ing ha o he ac o s can also a ec IGG in ci ies, his s udy
selec s he ollowing nine indica o s as con olled a iables: Fi s ,
adi ional inancial de elopmen is measu ed by he a io o yea -end
deposi and loan balances o inancial ins i u ions o egional GDP.
Nex , he consump ion le el o esiden s is measu ed by he a io o o al
e ail sales o consume goods o egional GDP. Thi d, ixed asse s in-
es men is measu ed by he a io o o al ixed asse s in es men o
egional GDP. Fou h, he in ensi y o educa ion in es men is measu ed
by he a io o educa ion expendi u e o egional GDP. Fi h, he in-
ensi y o echnology in es men is measu ed by he a io o science and
echnology expendi u e o egional GDP. Six, he le el o u baniza ion is
measu ed by he numbe o people pe squa e kilome e . Se en h,
human capi al is measu ed by he numbe o s uden s en olled in p i-
ma y, seconda y, and highe educa ion ins i u ions pe 10,000 people.
Eigh , unemploymen le el is measu ed by he a io o he numbe o
egis e ed unemployed indi iduals in u ban a eas a he end o he yea
o he o al popula ion a he end o he yea . Finally, he le el o pas-
senge anspo a ion is measu ed by highway passenge olume.
Model cons uc ion
Benchma k eg ession model
The wo-way ixed e ec s model can e ec i ely con ol ci y-speci ic
and ime-speci ic unobse able ac o s, allowing us o pay mo e a en-
ion o he e ec o ime- a ying a iables on he esul s and imp o e he
accu acy o he es ima ed esul s. In addi ion, his model is pa icula ly
sui able o analyzing panel da a and can be e cap u e he dynamic
changes o a iables. The e o e, his s udy applies a wo-way ixed e -
ec s model o es Hypo hesis 1. The benchma k eg ession model is
cons uc ed as ollows:
IGGi =c0+c1DIFi +∑jcjCon olsi +
μ
i+w +
ε
i (1)
whe e IGG ep esen s IGG; DIF ep esen s DIF; Con ols ep esen a se ies
o con olled a iables. i and ep esen he ci y and yea , espec i ely;
c0 deno es cons an s; c1 and cjdeno e eg ession coe icien s;
μ
i,w , and
ε
i deno e ci y ixed e ec s, yea ixed e ec s, and andom dis u bances,
espec i ely.
Media ing e ec model
The media ion e ec model can decompose he o al e ec in o he
di ec and indi ec e ec s. Consequen ly, we analyze in g ea e how he
co e independen a iable a ec s he dependen a iable h ough he
mechanism a iables. He e, we es whe he g een echnology inno a-
ion, indus ial upg ading, and employmen quali y media e he DIF-IGG
ela ionship using Eqs. (2) and (3):
Media o i =
α
0+
α
1DIFi +∑j
α
jCon olsi +
μ
i+w +
ε
i (2)
IGGi =β0+β1Media o i +k1DIFi +∑jβjCon olsi +
μ
i+w +
ε
i (3)
H0:
α
1β1=0.whe e Media o ep esen s mechanism a iables;
α
1
ep esen s he e ec o DIF on his a iable; β1 ep esen s he e ec o
he mechanism a iables on IGG when con olling o DIF; and k1 ep-
esen s he di ec e ec o DIF on IGG when con olling o he mecha-
nism a iable. Based on he p inciples o he media ion e ec model, i
all h ee e ms (
α
1,β1,k1) a e signi ican , hen a pa ial media ion e ec
exis s. I e ms
α
1 and β1 a e signi ican bu k1 is no , hen a comple e
media ion e ec exis s. I a leas one o
α
1 and β1 a e no signi ican , a
coe icien p oduc es is necessa y o u he es hese e ms, which
checks whe he H0:
α
1β1=0. This s udy uses he Boo s ap me hod o
cons uc he con idence in e al o he coe icien p oduc es ima o . I
0 is included in he in e al, i sugges s he absence o a media ion e ec .
Con e sely, i 0 is no included, i demons a es he p esence o a pa ial
media ion e ec .
Da a
This s udy uses he panel da a om 282 p e ec u e le el and abo e
ci ies in China om 2010 o 2023. Following Zhang and Li (2023), he
sample da a come om he China U ban S a is ical Yea book and
a ious ci y s a is ical yea books, wi h some missing da a illed in using
in e pola ion me hod. Conside ing he lag in he e ec s o DIF, and o
a oid he issue o bidi ec ional causali y be ween con olled a iables
and he dependen a iable, all independen a iables a e lagged by one
pe iod, co e ing he da a ange om 2010 o 2022. Na u al loga i hms
a e applied o all non- ela i e alue a iables o educe he po en ial
he e oscedas ici y and ola ili y in he sample. To elimina e he in e -
e ence o p ice luc ua ions on he empi ical esul s, he consume p ice
index o each p o ince was used o de la e all mone a y-measu ed a -
iables in he sample using 2009 as he base yea . Table 2 p esen s he
desc ip i e s a is ics.
Empi ical esul s
Benchma k esul s
Table 3 shows he benchma k esul s o Eq. (1). Columns (1) o (5)
show he esul s o DIF on IGG and i s ou dimensions wi hou adding
con olled a iables. Columns (6) o (10) a e he esul s a e adding he
con olled a iables. Clea ly, R
2
con inuously inc eases a e adding
con olled a iables, which indica es a signi ican imp o emen in he
model’s i and e i ies he a ionali y o he con olled a iables
selec ed in his s udy. Columns (1) and (6) show ha ega dless o
whe he con olled a iables a e included, he coe icien s o DIF a e
signi ican ly posi i e. Thus, DIF has a signi ican p omo ing e ec on
IGG. Columns (2) o (5) and Columns (7) o (10) show ha ega dless o
Table 2
Desc ip i e s a is ics o he a iables.
Symbol Va iable Obs Mean SD Min Max
IGG Inclusi e g een
g ow h
3666 3.081 0.808 0.954 7.199
DIF Digi al inclusi e
inance
3666 4.754 1.460 0.000 5.953
GTI G een echnology
inno a ion
3666 5.324 1.769 −0.510 10.687
IU Indus ial
upg ading
3666 1.172 0.895 −0.467 11.560
EQ Employmen
quali y
3666 10.785 0.340 8.357 12.950
Size T adi ional
inancial
de elopmen
3666 2.614 2.282 −0.490 77.659
Consump The consump ion
le el o esiden s
3666 0.399 0.174 −0.654 2.490
In es Fixed asse s
in es men
3666 0.760 0.349 −0.493 4.665
Edu The in ensi y o
educa ion
in es men
3666 0.035 0.019 −0.021 0.185
Sci The in ensi y o
echnology
in es men
3666 0.003 0.003 −0.013 0.068
U ban U baniza ion
le el
3666 5.743 0.925 1.620 7.882
Capi al Human capi al 3666 7.200 0.295 5.655 8.657
Unemp Unemploymen
le el
3666 0.024 0.588 −0.049 26.026
Pass Passenge
anspo a ion
le el
3666 8.293 1.201 −13.778 22.713
Sou ces: The au ho s calcula ed his able wi h sample da a.
W. Wu and X. Lin
Jou nal o Inno a ion & Knowledge 10 (2025) 100726
7
whe he con olled a iables a e included, he eg ession coe icien s o
DIF a e signi ican ly posi i e o all IGG dimensions o economic g ow h,
income dis ibu ion, wel a e inclusi eness, and en i onmen al p o ec-
ion. The e o e, Hypo hesis 1 is suppo ed. The de elopmen o DIF
e ec i ely aids ci ies in p omo ing economic g ow h, imp o ing income
dis ibu ion, enhancing wel a e inclusi eness, and bols e ing en i on-
men al p o ec ion. Consequen ly, his suppo s u ban IGG. This inding
is consis en wi h Liu and Xu (2023), who belie e ha DIF signi ican ly
imp o es he inclusi eness o egional g een de elopmen . Mo eo e ,
Zhu e al. (2023) ind ha he e ec o DIF on u ban g een economic
e iciency has a spa ial spillo e e ec .
Column (6) shows ha he coe icien o DIF is 0.131, indica ing ha
a 1 % inc ease in he le el o DIF can p omo e a 0.131 % inc ease in he
le el o u ban IGG. Acco ding o columns (7) o (10), he eg ession
coe icien s o DIF o he ou dimensions a e as ollows: EG (0.091), ID
(0.355), WB (0.020), and EP (0.059). Tha is, a 1 % inc ease in he le el
o DIF can inc ease EG by 0.091 %, ID by 0.355 %, WB by 0.02 %, and EP
by 0.059 %. Fu he , DIF has he g ea es e ec on ID, ollowed by EG,
EP, and WB. This is mainly because DIF, by educing ansac ion cos s,
expanding he ange o cus ome se ices, and imp o ing he inancial
supply sys em, p o ides con enien , ai , and low cos inancial suppo
o disad an aged g oups ha we e p e iously excluded om he adi-
ional inancial ma ke . This e ec i ely alle ia es he ma ke ailu es o
adi ional inance and esul ing issues o income dis ibu ion
inequali y.
Robus ness es
Replacing independen a iable
We es he obus ness o he esul s by using he ollowing h ee
al e na i e independen a iables, which ac ually cons i u e DIF: he
b ead h o co e age (B ead h), dep h o usage (Dep h), and deg ee o
digi iza ion (Digi iza ion). The e ec s o he h ee dimensions on IGG
a e es ed sepa a ely, wi h he esul s p esen ed in columns (1) o (3) o
Table 4. Clea ly, he eg ession coe icien s o h ee dimensions exhibi
minimal changes and emain signi ican ly posi i e a he 1 % le el,
Table 3
The esul s o benchma k eg ession.
Va iables (1) IGG (2) EG (3) ID (4) WI (5) EP (6) IGG (7) EG (8) ID (9) WI (10) EP
DIF 0.152***
(31.49)
0.076***
(13.55)
0.464***
(52.66)
0.008***
(2.81)
0.058***
(4.13)
0.131***
(23.06)
0.091***
(13.06)
0.355***(19.16) 0.020***
(5.22)
0.059***
(4.59)
Size 0.008
(0.91)
−0.011**
(−2.29)
0.046
(1.28)
−0.011***
(−2.54)
0.006
(1.08)
Consump 0.330***
(3.61)
−0.091***
(−1.04)
1.234***
(3.87)
−0.020
(−0.24)
0.197
(1.53)
In es −0.180***
(−4.29)
0.128**
(2.33)
−0.724***
(−6.40)
0.066*
(1.87)
−0.191*(−1.88)
Edu 0.628
(0.38)
−6.074***
(−4.61)
8.341
(1.46)
−2.754***
(−3.13)
3.002(1.21)
Sci 11.904**
(2.01)
−6.363
(−0.82)
39.633***
(2.49)
−0.224
(−0.06)
14.568**
(2.14)
U ban 0.430
(1.57)
−1.437***
(−2.68)
3.345***
(4.48)
−0.539
(−1.07)
0.35
(0.76)
Capi al 0.413***
(3.56)
0.174
(1.30)
0.672***
(2.76)
0.033
(0.30)
0.772***
(2.63)
Unemp 0.009***
(5.30)
0.050***
(27.25)
0.021***
(3.42)
−0.020***
(−10.23)
−0.015***
(−5.30)
Pass −0.072***
(−2.75)
−0.044***
(−2.68)
−0.300***
(−2.52)
0.016
(1.58)
0.039
(1.56)
Cons an 2.361***
(103.20)
1.383***
(51.88)
1.238***
(29.85)
0.581***
(41.35)
6.242***
(93.04)
−2.454
(−1.41)
8.876***
(2.96)
−20.276***
(−4.11)
3.331
(1.15)
−1.747
(−0.48)
Ci y FE YES YES YES YES YES YES YES YES YES YES
Yea FE YES YES YES YES YES YES YES YES YES YES
N 3666 3666 3666 3666 3666 3666 3666 3666 3666 3666
R
2
0.3724 0.0723 0.4282 0.0023 0.0174 0.4596 0.1191 0.5880 0.0301 0.0427
No es: alues a e shown in b acke s; ***, ** and * indica e s a is ical signi icance a 1 %, 5 %, and 10 % le els, espec i ely.
Sou ces: The au ho s de eloped his able using empi ical esul s.
Table 4
The esul s o obus ness es .
Va iables (1) (2) (3) (4) (5) (6)
DIF / / / 0.101***
(17.64)
0.097***
(26.61)
0.130***
(22.81)
B ead h 0.134***
(3.55)
/ / / / /
Dep h / 0.128***
(22.56)
/ / / /
Digi iza ion / / 0.125***
(22.02)
/ / /
Con ols YES YES YES YES YES YES
Cons an −2.375
(−1.38)
−2.477
(−1.40)
−2.569
(−1.46)
−2.080
(−1.26)
−6.265***
(−3.51)
−2.337
(−1.34)
Ci y FE YES YES YES YES YES YES
Yea FE YES YES YES YES YES YES
N 3666 3666 3666 3666 2256 3614
R
2
0.4686 0.4497 0.4584 0.5120 0.5272 0.4568
No es: alues a e shown in b acke s; ***, ** and * indica e s a is ical signi icance a 1 %, 5 %, and 10 % le els, espec i ely.
Sou ces: The au ho s de eloped his able using empi ical esul s.
W. Wu and X. Lin
Jou nal o Inno a ion & Knowledge 10 (2025) 100726
8
digi al ading ma ke o capaci y eplacemen should be c ea ed o
p o ide a digi al exi o in e io indus ial capaci y.
Fou h, g een employmen and skills ans o ma ion should be p o-
mo ed. Fo ins ance, we ind ha DIF can indi ec ly p omo e IGG in
Chinese ci ies by imp o ing he quali y o social employmen . The
go e nmen , en e p ises, and educa ional ins i u ions should wo k
oge he o p o ide oca ional aining and digi al skills imp o emen
wi h inancial suppo o he labo o ce o mee he alen needs o g een
and eme ging indus ies. In addi ion, digi al echnology should be used
o imp o e in o ma ion anspa ency o aspec s such as labo con ac s
and social insu ance. This can ensu e ha ulne able g oups ha e ai
employmen oppo uni ies, and hus, p omo e social inclusi eness.
Again, ollowing p io in e na ional expe ience, policymake s can
ollow he Finnish p ac ice o build a digi al win sys em o p o essional
capabili ies and dynamically p edic he ma ke demand o g een skills.
G een skills aining should be unde aken o help wo ke s in adi ional
indus ies ans e o g een indus ies, while en e p ises can be
encou aged o p o ide g een jobs and subsidies can be p o ided o hem
o abso b g een employmen . Meanwhile, policymake s should c ea e a
digi al p o ec ion pla o m o he gig economy based on he Uni ed
Kingdom’s wo ke s’ wel a e digi al accoun o achie e he in elligen
p o ec ion o he igh s and in e es s o lexible wo ke s. Nex , esiden s’
inancial li e acy and isk p e en ion awa eness should be imp o ed
h ough inancial knowledge educa ion and aining, and he digi al
di ide in inclusi e inance should be g adually elimina ed. Policymake s
can e e o Singapo e’s skill c edi plan and se up a “digi al lea ning
accoun ” o allow wo ke s o exchange digi al c edi s o aining e-
sou ces. Finally, he An Fo es ca bon accoun model can be e e ed o
implemen a “ca bon inclusi e poin s” compensa ion plan and inco -
po a e pe sonal emission educ ion beha io in o income dis ibu ion.
Limi a ions and esea ch pe spec i es
Fi s , due o limi ed da a a ailabili y, we could no conduc
compa a i e s udies on China and o he coun ies. Fu he , we do no
examine he esea ch phenomena a a mo e mic o le el such as en e -
p ises (e.g., adi ional and high- ech en e p ises) and indus ies (e.g.,
ag icul u e and manu ac u ing indus y). Second, he use o he sub-
jec i e and objec i e combined weigh ing me hod o measu e he IGG
le el index may be a ec ed by he selec ion o indica o s and dis ibu-
ion o weigh s. Mo eo e , due o limi ed da a a ailabili y, some
impo an e alua ion indica o s ha e no been selec ed, making he
e alua ion sys em impe ec . In addi ion, due o he limi a ions o space
and da a, we did no discuss mo e ac o s ha may a ec IGG. Fu u e
esea ch can u he include se e al ypical de eloping and de eloped
coun ies in he wo ld in he scope o esea ch, and can pe o m ex-
amina ions a he en e p ise and indus y le els.. Fu he , schola s can
u ilize mo e ad anced e alua ion me hods and indica o s o be e
measu e he IGG le el. Finally, o he po en ial necessa y mechanisms
h ough which digi al echnology a ec s IGG can also be explo ed, such
as he po en ial e ec o eme ging echnologies such as a i icial in el-
ligence and blockchain.
Funding
This s udy was suppo ed by he Key P ojec o Fujian Social Science
Fund [G an Numbe s: FJ2025A003], and he Key Discipline Cons uc-
ion P ojec o School o Economics, Fujian No mal Uni e si y [G an
Numbe s: Y072220506].
CRediT au ho ship con ibu ion s a emen
Wulin Wu: W i ing – e iew & edi ing, W i ing – o iginal d a ,
Supe ision, Me hodology, Funding acquisi ion, Fo mal analysis, Da a
cu a ion. Xiaowen Lin: W i ing – e iew & edi ing, Supe ision, P ojec
adminis a ion, In es iga ion, Fo mal analysis.
Decla a ion o Compe ing In e es
The au ho s decla e ha hey ha e no known compe ing inancial
in e es s o pe sonal ela ionships ha could ha e appea ed o in luence
he wo k epo ed in his pape .
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