New Drivers of China's Economic Growth:Perspective of the Interaction between Capital Account Liberalization and Digital Financial Development
This paper constructs a theoretical model to explore the impact of capital account liberalization and digital financial development on China's economic growth and further conducts empirical analyses at both national and provincial levels.The results indicate:Firstly,capital account liberalization and digital financial development emerge as the new driv-ers of China's economic growth under the new development pattern,suggesting that the economic growth framework in China needs to incorporate factors such as capital account liberalization and digital finance.Secondly,capital account liberalization at the national and provincial levels,as well as digital finance at the provincial level are conducive to economic growth.Fi-nally,the interaction between the rate of change in capital account openness and digital finance at both the national and provincial levels,as well as the interaction between the rate of change in digital finance and capital account liberalization at the provincial level,can promote economic growth.
capital account liberalizationdigital financial developmentChina's economic growth
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