Spatial Spillover of Digital Economy and Green Finance for High-Quality Development in China

Industry 4.0 is growing, and the strong economy is often accompanied by an integrated financial system. Now China is striving for the “double carbon” target and high-quality development so digital economy and green finance have become important strategies. Thus, this paper tries to construct a theoretical framework among them and uses various spatial measures and panel threshold techniques to analyze their relationship. The results demonstrate that: (1) Spatial correlation is an important and indispensable factor testified by the digital economy and green finance in the process of high-quality development. (2) The effect of digital economy differs from that of green finance on high-quality development. Moreover, the former outweighs the latter in China. The synergy between the two attributes more to economic development, indicating that the digital economy is beneficial for green finance. (3) The test of threshold effect shows that there is a threshold between digital economy and green finance, and only when the two match each other and develop coordinately can the effect on high-quality development be achieved better.