Study on the Impact of Digital Finance on the Upgrading of China’s Industrial Structure

Digital finance has become an important development strategy in China and plays an irreplaceable role in the upgrading of China’s industrial structure. This paper uses panel data from 30 provinces in China from 2011 to 2020 to study the impact of digital finance on industrial structure. The study finds that the impact of digital finance on industrial structure shows a U-shaped relationship. The development of digital finance will promote the transformation and upgrading of industrial structure when it reaches a certain stage. The results of the sub-dimension show that the coverage breadth and depth of use of digital finance also have a U-shaped relationship with the industrial structure. The impact of digital finance on industrial structure has regional heterogeneity. Finally, the impact of digital finance on different industries also varies