Digital-Real Economy Integration:Empowering New Quality ProductiveForces

Zhou Yahong, Lang Xuhua*

School of Economics, Shanghai University of Finance and Economics (SUFE), Shanghai, China

Abstract: The deep integration of the real and digital economies (“digital-real economyintegration”) is emerging as a new growth driver for China’s high-quality economicdevelopment. In the context of digital-real economy integration, the development of newquality productive forces has four main advantages: improving the quality and efficiencyof factors, deepening the division of labor and collaboration, expanding market space,and innovating resource allocation. These advantages are embedded in every aspect ofcorporate manufacturing and macroeconomic operations, resulting in inherent dynamismfor the development of new quality productive forces. With a focus on high-qualityindustrial development, these distinct advantages of digital-real economy integrationare reflected throughout the development mechanisms of new quality productive forces.Specifically, specialized industrial production, industrial chain restructuring, and resourceintegration of industrial clusters result in a more comprehensive and coordinated modernindustrial system, as well as an interconnected and structured development system fornew quality productive forces. Given the challenges facing China’s development of newquality productive forces in the context of digital-real economy integration, it is critical toenhance market-based factor mechanisms, industrial innovation mechanisms, investmentand financing mechanisms for new industries and business models, and the correspondinginstitutional frameworks in order to fully support the development of new quality productiveforces. This will unleash the technological, systematic, and synergistic advantages of digitalrealeconomy integration.

Keywords: New quality productive forces, digital-real economy integration, development

JEL Classification Code: E66, O11, P26

DOI: 10.19602/j.chinaeconomist.2024.11.04