The Mechanism and Spatial Effects of FinTech Empowering New Quality Productive Forces
DOI:
https://doi.org/10.6981/FEM.202610_7(10).0015Keywords:
FinTech; New Quality Productive Forces; Two-way Fixed-effects Model; Spatial Spillover.Abstract
As a new round of technological revolution and industrial transformation advances, it is essential to clarify the pathways and boundaries through which FinTech empowers new quality productive forces. Based on panel data from 257 prefecture-level cities in China from 2015 to 2024, this paper constructs a two-way fixed-effects model for empirical analysis. The results show that FinTech significantly promotes local new quality productive forces, with technological innovation and industrial structure upgrading serving as important mechanisms. Further analysis indicates that FinTech promotes the development of local new quality productive forces while generating negative spillovers to neighboring regions. After decomposing the effects into short-run and long-run components, the short-run effect is found to be a siphon effect that exerts an inhibitory influence, whereas the long-run effect becomes positive through spillover effects. Accordingly, enterprises, financial institutions, and governments should take into account regional development heterogeneity, improve the precision of FinTech adaptation, coordinate local cultivation with interregional linkage, refine overall coordination mechanisms, and promote the development of new quality productive forces.
Downloads
References
[1] Xi, J. P. (2024). Developing new quality productive forces is an inherent requirement and important focus for promoting high-quality development. Ningxia Journal of Agriculture and Forestry Science and Technology, 65(11), 1–2.
[2] Yang, J. (2026). Research on the impact of FinTech on new quality productive forces. Academic Journal of Business & Management, 8(1).
[3] Wen, S. Y., Wang, C. Y., & Wu, K. (2026). Financial development and new quality productive forces: Analysis and empirical test from the perspective of Marxist financial theory. Contemporary Economic Science, 1–14.
[4] Ding, N., Gu, L., & Peng, Y. (2022). Fintech, financial constraints and innovation: Evidence from China. Journal of Corporate Finance, 73.
[5] Zhao, J. G., & Ma, R. (2026). The impact and mechanism of financial agglomeration and FinTech synergy on enterprise innovation resilience. On Economic Problems, (03), 71–79+98.
[6] Zheng, H. Y., & Cai, J. Y. (2026). FinTech, digital technology innovation, and new quality productive forces. Journal of Statistics and Information, 41(5), 70–81.
[7] An, B. W., Xu, P. Y., Lu, Y. F., & Li, C. Y. (2025). New quality productive forces promote high-quality economic development: Driving sources and regional coordination. Journal of Industrial Technological Economics, 44(03), 14–23.
[8] Jiang, Y. M., Sun, X. Y., & Qiao, Z. Y. (2024). The great significance, basic framework, and realization path of developing new quality productive forces from the perspective of Chinese modernization. Journal of Management, 37(03), 1–15.
[9] Liu, W. (2024). Scientifically understanding and effectively developing new quality productive forces. Economic Research Journal, 59(03), 4–11.
[10] Wang, J., & Wang, R. J. (2024). New quality productive forces: Indicator construction and spatiotemporal evolution. Journal of Xi’an University of Finance and Economics, 37(01), 31–47.
[11] Syverson, C. (2011). What determines productivity? Journal of Economic Literature, 49(2), 326–365.
[12] Chen, Y. F., Yang, S. S., & Hu, S. H. (2025). Construction and measurement of a new quality productive forces evaluation index system: Based on the “input-process-output” perspective. Science Research Management, 46(02), 1–11.
[13] Zhu, B., & Zeng, L. D. (2024). The impact and mechanism of digital finance development on regional new quality productive forces. Finance & Economics, (8), 16–31.
[14] Zou, K., Liu, X., & Li, X. M. (2024). Research on the generation effect and mechanism of new quality productive forces from the development of technology finance. Finance Economics Research, 39(06), 3–18.
[15] Ke, D. L., & Zhang, X. N. (2026). A political economy study of the high-level circular ecology of “technology-industry-finance”. Contemporary Economic Research, (01), 118–128.
[16] Chen, M. Q., Li, B. E., & Deng, Y. F. (2026). How does the matching between “FinTech and the real economy” affect enterprises’ new quality productive forces? Finance Economics Research, 41(02), 48–64.
[17] An, J. J., Zhao, X. R., & Li, B. H. (2025). The impact of technology finance on provincial financial risk: Spatial effects from the perspective of financial regulation. Contemporary Economic Research, (12), 102–117.
[18] Yang, C. (2025). New quality productive forces and common prosperity: Paths enabled by digital technology. China Soft Science, (S1), 427–432.
[19] Su, H. (2025). Technology finance, new quality productive forces, and innovation efficiency of high-tech industries. Statistics & Decision, 41(13), 30–35.
[20] Wang, H. F., Li, H. F., & Xiang, F. Y. (2026). The impact of FinTech on the modernization of the manufacturing industry chain: From the perspective of new quality productive forces. Finance & Theory and Practice, 47(1), 17–24.
[21] Deng, X. J., Xie, X. Y., & Zou, J. (2025). The mechanism and spatial effects of FinTech empowering new quality productive forces. Southwest Finance, (11), 94–106.
[22] Zhang, H. F., & Li, R. X. (2023). Research on the impact of financial agglomeration on the transformation and upgrading of manufacturing in the Yangtze River Delta from the perspective of spatial effects. Journal of Suzhou University (Philosophy and Social Sciences), 44(06), 26–39.
[23] Ji, W. J., & Liu, W. H. (2026). Technology finance policy and the entry of new technology service enterprises: A study from the perspective of cultivating new quality productive forces. Journal of Industrial Technological Economics, 45(02), 56–66.
[24] Ji, X. Q., Zhang, Z., Li, Z. Q., & Zhang, Y. S. (2025). Spatiotemporal evolution characteristics and driving factors of China’s new quality productive forces spatial correlation network structure. Resources Science, 47(02), 373–388.
[25] Wang, Y., Feng, X. G., & Zhao, C. Y. (2026). Digital finance, information asymmetry, and small and micro enterprise financing: Evidence from loan facilitation institutions. Journal of Quantitative & Technological Economics, 43(1), 242–264.
[26] Zhao, S. F., Liang, W. Q., & Cui, Z. X. (2025). Digital finance and industrial structure optimization: From the perspective of regional financial industry expansion. Macroeconomics, (2), 57–71.
[27] Huang, J., Xiang, Y. T., & Du, M. Z. (2026). Key digital technology innovation and the development of enterprises’ new quality productive forces. Economic Perspectives, (6), 99–121.
[28] Wu, J., Zhang, Y. F., Cheng, L. Y., & Wang, C. X. (2025). FinTech and enterprise total factor productivity: Dual perspectives of external and banking FinTech. Economic Perspectives, (9), 39–58.
[29] Liu, X. H., & Yuan, Q. J. (2025). The effect path of FinTech empowering the green transformation of manufacturing enterprises. Journal of Statistics and Information, 40(7), 58–73.
[30] Wang, W., & Sun, Y. X. (2025). Intelligent manufacturing and new quality productive forces: From the perspective of total factor productivity of strategic emerging industries and future industries. Contemporary Economic Science, 47(05), 34–51.
[31] Gao, L. T., Meng, F., & Tian, Q. B. (2024). The impact and spatial effects of digital finance on enterprise technological innovation. Science Research Management, 45(6), 72–82.
[32] He, X. Q., & Liu, L. L. (2026). The impact of urban digital inclusive finance on entrepreneurial activity and its spatial effects. Economic Geography, 46(3), 78–86.
[33] Zhang, G. J., Liang, Z. Y., & Wu, Z. S. (2024). Evolution characteristics of digital inclusive finance in Chinese urban agglomerations and its effects on high-quality development. Geographical Research, 43(3), 621–639.
[34] Sun, L., & Zhang, J. (2025). Can coordinated development of two-way FDI boost new quality productive forces? An empirical test based on spatial econometrics and panel threshold models. Journal of International Economic Cooperation, 41(2), 62–75+91–92.
[35] Jiang, T. (2022). Mediating effects and moderating effects in causal inference empirical research. China Industrial Economics, (5), 100–120.
[36] Shao, S., Li, X., Cao, J. H., & Yang, L. L. (2016). Economic policy choices for haze pollution control in China: From the perspective of spatial spillover effects. Economic Research Journal, 51(9), 73–88.
[37] Han, W. L., Zhang, R. S., & Zhao, F. (2024). Measurement of new quality productive forces and new drivers of China’s economic growth. Journal of Quantitative & Technological Economics, 41(06), 5–25.
[38] Shen, Y., & Guo, P. (2015). Internet finance, technology spillover, and commercial banks’ total factor productivity. Journal of Financial Research, (03), 160–175.
[39] Sheng, T. X., & Fan, C. L. (2020). FinTech, optimal banking market structure, and credit supply to small and micro enterprises. Journal of Financial Research, (06), 114–132.
[40] Liu, J. H., Yang, M. J., & Chen, S. S. (2026). Research on the impact of technology finance system innovation on key digital technology innovation: Evidence from “technology branches”. Journal of Finance and Economics, 52(3), 34–48.
[41] Gan, C. H., Zheng, R. G., & Yu, D. F. (2011). The impact of China’s industrial structure change on economic growth and fluctuation. Economic Research Journal, 46(5), 4–16+31.
[42] Zhao, T., Zhang, Z., & Liang, S. K. (2020). Digital economy, entrepreneurial activity, and high-quality development: Empirical evidence from Chinese cities. Management World, 36(10), 65–76.
[43] Song, Z., Yu, X., Zou, H., & He, Y. (2026). Research on the extensive margin and intensive margin of household consumption in structural transformation: From the perspective of demand scale based on market accessibility. Management World, 42(8), 19–37.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Frontiers in Economics and Management
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
How to Cite
