Research on the integrated development of the digital economy and the real economy
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Research on the integrated development of the digital economy and the real economy

Guoxi Duan 1* Huiwen Zhang 2
1 Department of Economics, Business School, Xi’an International University, Xi’an City, Shaanxi Province, China
2 Department of Economics, Business School, Xi’an International University, Xi’an City, Shaanxi Province, China; School of Economics and Finance, Xi’an Jiaotong University, Xi’an City, Shaanxi Province, China
*Corresponding author: duanguoxi@xaiu.edu.cn
Published on 22 September 2025
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JAEPS Vol.18 Issue 9
ISSN (Print): 2977-571X
ISSN (Online): 2977-5701
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Abstract

With the sustained advancement of China's digital economy and real economy, their integration has emerged as a prominent area of academic inquiry. This study employs the entropy weight method to assess the developmental levels of China's digital economy and real economy, evaluating their integrated development status. Subsequently, panel regression analysis is conducted to elucidate the direction and magnitude of factors influencing this integration. Furthermore, a threshold model is constructed to investigate the nonlinear threshold effects of these determinants. The empirical findings yield several key insights. First, from 2013 to 2022, China witnessed a consistent upward trajectory in the integration of its digital and real economies, albeit with pronounced regional disparities. Second, the developmental levels of both the digital economy and the real economy exhibit statistically significant positive effects on integration, a result robust across all four regions. Third, threshold regression analysis reveals the presence of nonlinear effects when the following variables serve as threshold parameters, digital economy development level, real economy development level, regional economic development, demographic structure, government support, foreign investment, and environmental conditions. Notably, as these threshold variables optimize, both sectors demonstrate promotional effects on integration—however, the marginal contribution of the digital economy exhibits diminishing returns, whereas that of the real economy displays increasing returns. Based on these findings, this study proposes the following policy recommendations: (1) prioritize coordinated development between the digital and real economies, (2) align talent cultivation strategies with contemporary developmental paradigms, (3) strengthen governmental support for economic transformation, and (4) incorporate environmental sustainability into digital economy development initiatives.

Keywords:

digital economy, real economy, integrated development

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Duan,G.;Zhang,H. (2025). Research on the integrated development of the digital economy and the real economy. Journal of Applied Economics and Policy Studies,18(9),12-27.

References

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[21]. Shi YP, Cao AJ. (2023). Deep Integration of Digital Economy and Real Economy: Trends, Challenges and Countermeasures.Economist. 06: 45-53. doi: 10.16158/j.cnki.51-1312/f.2023.06.006.

[22]. Ren BP, Miao XY. (2024). The micro connotation, development mechanism and policy orientation of the deep integration of the digital economy and the reality economy.Journal of Central South University (Social Sciences Edition). 30(3): 88-98. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=_kvDxI8xRKlTkO2fjOr9TB27F5UxwbybTP4nLOKYIuxEcDzrTVyRncF8H1flltg-SxVQWDpyOIt16gdw_kNMvM1OsimRqAv1f7_TIJ20QcqXC9f3hBhZNLPAgCLlqsyBSTaEBEaNmYbe9DaOx8ParPlNI4tkxv-TpVKV0gBREb-w2SvD-k0_zl59wSC1K7zG-eJmmQow7Tc=& uniplatform=NZKPT& language=CHS

[23]. Zhang MZ, Tang YX, Zhang H. (2024) Financial support for deep integration of digital economy and real economy: approaches, mechanisms, and strategies.Macroeconomic research. 04: 22-23. doi: 10.16304/j.cnki.11-3952/f.2024.04.001.

[24]. Zeng AH, Liu BB, Li ZQ. (2024). Research on the Coupling and Coordination of Digital Economy and Real Economy.Statistics and Decision making. 16: 106-111. doi: 10.13546/j.cnki.tjyjc.2024.16.019.

[25]. Hu RD, Zhang T. (2024). Deep Integration of Digital Economy and Real Economy in China’s Provinces: Dynamic Evolution Trend and Obstacle Factor Identification. Jilin University Journal Social Sciences Edition. 04: 172-188+239. doi: 10.15939/j.jujsse.2024.04.jj2.

[26]. Guo H, Quan QH. (2022). The Integrated Development of Digital Economy and Real Economy: Evaluation and Path.Economic Review. 11: 72-82. doi: 10.16528/j.cnki.22-1054/f.202211072.

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[28]. Liu YJ, Wang YN, Chang Y. (2023). The Impact of Industrial Internet on the Digital Transformation of Manufacturing Enterprises: Based on Multi time Point PSM-DID Verification.Enterprise Economy. 08: 83-92. doi: 10.13529/j.cnki.enterprise.economy.2023.08.008.

[29]. Dong XX, Chen R. (2024). Digital transformation, innovation driven and innovation resilience of high-tech manufacturing industry.Statistics and Decision making. 17: 167-171. doi: 10.13546/j.cnki.tjyjc.2024.17.029.

[30]. Jiang HY, Han YH, Qin Y. (2024). Research on the Interactive Relationship between Digital Transformation and Green Transformation in Manufacturing Industry.Ecological Economy. 11: 47-52.Available from: https: //kns.cnki.net/kcms2/article/abstract?v=Ep7N7zfewyR7X8ZOmIm45J36Et6ufOW2sJsOQ2ehIcy50sHmFBoMOu7DmWpt0HVkXA98TIILlt5IGjmzChxQz1R0K_A_aVtZo8K-SskbRavR_qJdHjZeMon79yszzxJE1-LcLAfXDy4A5cz5T7i7rKzXnEg_csIu2yZRxFmaRXAvUBzc9nDJ2dh4kohilB7H-NaOxhjLUec=& uniplatform=NZKPT& language=CHS

[31]. Vu K, Nguyen T. (2024). Exploring the contributors to the digital economy: Insights from Vietnam with comparisons to Thailand.Telecommunications Policy, Volume 48, Issue 1, 102664. doi: 10.1016/j.telpol.2023.102664.

[32]. Wu DK, Wang MC, Cheng YY. (2024). Research on the Coupling Mechanism of China’s High-quality Financial Development and the Real Economy.Journal of Statistics and Information. 07: 42-55. Available from: https: //link.cnki.net/urlid/61.1421.C.20240623.1729.004

[33]. Song LY, Guo M. (2019). Study on the Impact of Free Trade Zone (FTZ) Policy on Local Financial Power-Analysis Based on the Difference-in-Differences Methods and Synthetic Control Methods.Inquiry into Economic Issues. 11: 14-24. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=Ep7N7zfewyRLKwOILYeFe5W--R_CvDpIdHZXqgjDLrzNrgi1lKnjBf9ej8JK-ys3g2ZIpMI9Y2n-XNVYyyYOIlu1N4NYHTSCPrO43EIeqHSOMDpVyXW38dlpWXw9fxQ_erhNfoYLSn6t0vmdh8xfc8u0gkLbNWcKKDOFx8J3k_3E9Zt_1zQTFiObF8U_4LZl92OXk953ekA=& uniplatform=NZKPT& language=CHS

[34]. Simionescu M, Cifuentes-Faura J. (2024). The digital economy and energy poverty in Central and Eastern Europe.Utilities Policy. Volume 91, 101841. doi: 10.1016/j.jup.2024.101841.

[35]. Hansen B E. (1999). Threshold effects in non-dynamic panels: estimation, testing, and inference.Journal of Econometrics. 93: 345-368. Available from: https: //users.ssc.wisc.edu/~bhansen/papers/joe_99.pdf

[36]. Lv YF, Wang D, Chen SW. (2015). Research on the Effect of China’s Foreign Trade on Productivity, Earnings and Environment: Based on the Threshold Panel Model.China Economic Quarterly. 02: 703-730. doi: 10.13821/j.cnki.ceq.2015.02.013.

[37]. P. J, Ashraf S. (2023). Global value chain participation and CO2 emissions: Does economic growth matter?. New evidence from dynamic panel threshold regression.Energy Economics. Volume 128, 107154. doi: 10.1016/j.eneco.2023.107154.

[38]. Huang QH. (2017). On the Development of China's Real Economy in the New Era‌.China's Industrial Economy. 09: 5-24. doi: 10.19581/j.cnki.ciejournal.2017.09.001.

References

[1]. Cyberspace Administration of China. (2016). G20 Digital Economy Development and Cooperation Initiative, Office of the Central Cyberspace Affairs Commission. Available from: https: //www.cac.gov.cn/2016-09/29/c_1119648520.htm

[2]. Javaid M, Haleem A, Singh RP, Sinha AK. (2024). Digital economy to improve the culture of industry 4.0: A study on features, implementation and challenges.Green Technologies and Sustainability. Volume 2, Issue 2, 100083. doi: 10.1016/j.grets.2024.100083.

[3]. China Academy of Information and Communications Technology. (2023).Global Digital Economy White Paper. Available from: http: //www.caict.ac.cn/kxyj/qwfb/bps/202401/P020240326601000238100.pdf

[4]. Dogan B, Nketiah E, Ghosh S, Nassani A A. (2025). The impact of the green technology on the renewable energy innovation: Fresh pieces of evidence under the role of research & development and digital economy.Renewable and Sustainable Energy Reviews. 210: 115193. doi: 10.1016/j.rser.2024.115193.

[5]. Conference Handbook of Global Digital Economy Conference. (2024). Available from: https: //gdec-oss1.oss-cn-beijing.aliyuncs.com/2024/file/2024全球数字经济大会会刊.pdf?v2

[6]. Goldfarb A, Tucker C. (2019). Digital economics.Journal of Economic Literature. 57(1): 3-43. doi: 10.1257/jel.20171452

[7]. Li ZP, Wang H. (2024). Digital New Quality Productivity and High-quality Development of Real Economy: Theoretical Analysis and Empirical Test.Statistics and Decision making. 10: 12-16. doi: 10.13546/j.cnki.tjyjc.2024.10.002.

[8]. Liu ZB. (2015). Rethinking the Interactive Relationship between the Real Economy and the Virtual Economy.Study & Exploration. 09: 82-89. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=_W1AupcyYgZ2jUiF8FSQfmaawrvvygz83UU0MSfs2_hrTixEnWlS9j6Mq6R-ESvNSeI_c8CvWt9rGoitLwRol30D7lRUWo1E1DC4hym03fPoIk6z-Kaj7z5csmATxXzCmMGi4Fmeb5c696l-jn4Wjah2gO3kGybjDGks-jLulI7EB3HQ1fm7RD_3_whXim4E38bwvQb0gjA=& uniplatform=NZKPT& language=CHS

[9]. Ouyang RH, Gong W. (2023). Promoting the deep integration of the digital economy and the real economy: mechanism and path.Journal of Beijing Technology and Business University (Social Sciences). 38(4): 10-22 Available from: https: //kns.cnki.net/kcms2/article/abstract?v=Ep7N7zfewyS_M3mOEoPpx4Fjpzg1AI9f9I0588wi3SUSzbWroV5Yb5fqqYZQ1hqeC0XRvG0OVxeny3Ym8rso8vFXmPAcOyYaI-dWZ9mQSnQLPM9_jrzmtgYLtGhk2AsNHeQXsHAlS8pZCegj7jcGAYjwscb3sq54sb2ZsPINfS3Mzc9xSP4IyVbTn7iMHXRHisnJvbqhGJ4=& uniplatform=NZKPT& language=CHS

[10]. The State Council of The People’s Republic of China,14th Five Year Plan for the Development of Digital Economy. (2021). Available from: https: //www.gov.cn/gongbao/content/2022/content_5671108.htm

[11]. Hong YX, Ren BP. (2023). Connotation and Approach of Deep Integration of the Digital Economy and the Real Economy.China's Industrial Economy. 02: 5-16. doi: 10.19581/j.cnki.ciejournal.2023.02.001.

[12]. Wang ZG, Xiang M. (2024). Path Analysis of Digital-real Economy Integration: A Quasi-natural Experiment Based on Big Data Comprehensive Pliot Zone.Exploration of Economic Issues. 09: 95-112.Available from: https: //kns.cnki.net/kcms2/article/abstract?v=_kvDxI8xRKlOidwDiARjPBcCryalJNskqN3tvmGDGoyud1o24TR-CM8F6x7A-xXpVKT0mqGCqxjElLKUXPmkGaCLC3z5iFrwlw_zTNAwueYmL4B5gsq7m3EWLC8poehW-BiV_bU_sdgsxuDXhv3RFK9qEP3HH99y_U0-d6ReFaunn58_FYg9z5OamQLY-Mqm& uniplatform=NZKPT& language=CHS

[13]. Xue D, Li XM. (2023). Empowering the high-quality development of the real economy with the digital economy: practical challenges and path choices.Qinghai Social Sciences. 04: 81-90. doi: 10.14154/j.cnki.qss.2023.04.009.

[14]. Jiang S, Sun YX. (2020). An empirical study on the effect of digital economy on real economy.Science Research Management. 05: 32-39. doi: 10.19571/j.cnki.1000-2995.2020.05.004.

[15]. Jing RZ. Digital Economics [M].Beijing: CHINA MACHINE PRESS; 2024.

[16]. Singh K, Chaudhuri R, Chatterjee S. (2025). Assessing the impact of digital transformation on green supply chain for achieving carbon neutrality and accelerating circular economy initiatives.Computers & Industrial Engineering. 201: 110943. doi: 10.1016/j.cie.2025.110943.

[17]. Eichel R. (2021). Momentum in real economy and industry stock returns.Journal of Behavioral and Experimental Finance. Volume 32, 100576. doi: 10.1016/j.jbef.2021.100576.

[18]. Ngene G M, Tah K A. (2023). How are policy uncertainty, real economy, and financial sector connected?.Economic Modelling. Volume 123, 106291. doi: 10.1016/j.econmod.2023.106291.

[19]. Ahnert T, Hoffmann P, Monnet C. (2025) Payments and privacy in the digital economy.Journal of Financial Economics. Volume 169, 104050. doi: 10.1016/j.jfineco.2025.104050.

[20]. Guo LJ, Zhao CY. (2023). Logic Mechanism and Implementation Path of Promoting Further Integration of Digital and Real Economy.Economic Problem. 11: 33-39. doi: 10.16011/j.cnki.jjwt.2023.11.004.

[21]. Shi YP, Cao AJ. (2023). Deep Integration of Digital Economy and Real Economy: Trends, Challenges and Countermeasures.Economist. 06: 45-53. doi: 10.16158/j.cnki.51-1312/f.2023.06.006.

[22]. Ren BP, Miao XY. (2024). The micro connotation, development mechanism and policy orientation of the deep integration of the digital economy and the reality economy.Journal of Central South University (Social Sciences Edition). 30(3): 88-98. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=_kvDxI8xRKlTkO2fjOr9TB27F5UxwbybTP4nLOKYIuxEcDzrTVyRncF8H1flltg-SxVQWDpyOIt16gdw_kNMvM1OsimRqAv1f7_TIJ20QcqXC9f3hBhZNLPAgCLlqsyBSTaEBEaNmYbe9DaOx8ParPlNI4tkxv-TpVKV0gBREb-w2SvD-k0_zl59wSC1K7zG-eJmmQow7Tc=& uniplatform=NZKPT& language=CHS

[23]. Zhang MZ, Tang YX, Zhang H. (2024) Financial support for deep integration of digital economy and real economy: approaches, mechanisms, and strategies.Macroeconomic research. 04: 22-23. doi: 10.16304/j.cnki.11-3952/f.2024.04.001.

[24]. Zeng AH, Liu BB, Li ZQ. (2024). Research on the Coupling and Coordination of Digital Economy and Real Economy.Statistics and Decision making. 16: 106-111. doi: 10.13546/j.cnki.tjyjc.2024.16.019.

[25]. Hu RD, Zhang T. (2024). Deep Integration of Digital Economy and Real Economy in China’s Provinces: Dynamic Evolution Trend and Obstacle Factor Identification. Jilin University Journal Social Sciences Edition. 04: 172-188+239. doi: 10.15939/j.jujsse.2024.04.jj2.

[26]. Guo H, Quan QH. (2022). The Integrated Development of Digital Economy and Real Economy: Evaluation and Path.Economic Review. 11: 72-82. doi: 10.16528/j.cnki.22-1054/f.202211072.

[27]. Xu YP, Shi YM. (2024). The Integration of the Digital Economy and the Real Economy Empowers the High-Quality Development of the Specialized, Refined, Differential and Innovative Enterprises.Reform of Economic System. 04: 14-22. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=_kvDxI8xRKnkplhCLwHvlYF-8yIcr7RVhr_V7p1AilMnmqz-WgxZmXZ65LkoyOl9azcPbSljnMHW6dja6CeBdmhjId09wWyUPjOaC_Qdmo8UL6ON8RHh8sFlLYn2FgLxMn6URe0Icg41DlnEuBLTDPgwoZT-d5VnihJhuAffHCGK5PIi4VqzEJ9_BEGCNpjYmskpwn_sUTc=& uniplatform=NZKPT& language=CHS

[28]. Liu YJ, Wang YN, Chang Y. (2023). The Impact of Industrial Internet on the Digital Transformation of Manufacturing Enterprises: Based on Multi time Point PSM-DID Verification.Enterprise Economy. 08: 83-92. doi: 10.13529/j.cnki.enterprise.economy.2023.08.008.

[29]. Dong XX, Chen R. (2024). Digital transformation, innovation driven and innovation resilience of high-tech manufacturing industry.Statistics and Decision making. 17: 167-171. doi: 10.13546/j.cnki.tjyjc.2024.17.029.

[30]. Jiang HY, Han YH, Qin Y. (2024). Research on the Interactive Relationship between Digital Transformation and Green Transformation in Manufacturing Industry.Ecological Economy. 11: 47-52.Available from: https: //kns.cnki.net/kcms2/article/abstract?v=Ep7N7zfewyR7X8ZOmIm45J36Et6ufOW2sJsOQ2ehIcy50sHmFBoMOu7DmWpt0HVkXA98TIILlt5IGjmzChxQz1R0K_A_aVtZo8K-SskbRavR_qJdHjZeMon79yszzxJE1-LcLAfXDy4A5cz5T7i7rKzXnEg_csIu2yZRxFmaRXAvUBzc9nDJ2dh4kohilB7H-NaOxhjLUec=& uniplatform=NZKPT& language=CHS

[31]. Vu K, Nguyen T. (2024). Exploring the contributors to the digital economy: Insights from Vietnam with comparisons to Thailand.Telecommunications Policy, Volume 48, Issue 1, 102664. doi: 10.1016/j.telpol.2023.102664.

[32]. Wu DK, Wang MC, Cheng YY. (2024). Research on the Coupling Mechanism of China’s High-quality Financial Development and the Real Economy.Journal of Statistics and Information. 07: 42-55. Available from: https: //link.cnki.net/urlid/61.1421.C.20240623.1729.004

[33]. Song LY, Guo M. (2019). Study on the Impact of Free Trade Zone (FTZ) Policy on Local Financial Power-Analysis Based on the Difference-in-Differences Methods and Synthetic Control Methods.Inquiry into Economic Issues. 11: 14-24. Available from: https: //kns.cnki.net/kcms2/article/abstract?v=Ep7N7zfewyRLKwOILYeFe5W--R_CvDpIdHZXqgjDLrzNrgi1lKnjBf9ej8JK-ys3g2ZIpMI9Y2n-XNVYyyYOIlu1N4NYHTSCPrO43EIeqHSOMDpVyXW38dlpWXw9fxQ_erhNfoYLSn6t0vmdh8xfc8u0gkLbNWcKKDOFx8J3k_3E9Zt_1zQTFiObF8U_4LZl92OXk953ekA=& uniplatform=NZKPT& language=CHS

[34]. Simionescu M, Cifuentes-Faura J. (2024). The digital economy and energy poverty in Central and Eastern Europe.Utilities Policy. Volume 91, 101841. doi: 10.1016/j.jup.2024.101841.

[35]. Hansen B E. (1999). Threshold effects in non-dynamic panels: estimation, testing, and inference.Journal of Econometrics. 93: 345-368. Available from: https: //users.ssc.wisc.edu/~bhansen/papers/joe_99.pdf

[36]. Lv YF, Wang D, Chen SW. (2015). Research on the Effect of China’s Foreign Trade on Productivity, Earnings and Environment: Based on the Threshold Panel Model.China Economic Quarterly. 02: 703-730. doi: 10.13821/j.cnki.ceq.2015.02.013.

[37]. P. J, Ashraf S. (2023). Global value chain participation and CO2 emissions: Does economic growth matter?. New evidence from dynamic panel threshold regression.Energy Economics. Volume 128, 107154. doi: 10.1016/j.eneco.2023.107154.

[38]. Huang QH. (2017). On the Development of China's Real Economy in the New Era‌.China's Industrial Economy. 09: 5-24. doi: 10.19581/j.cnki.ciejournal.2017.09.001.

Cite this article

Duan,G.;Zhang,H. (2025). Research on the integrated development of the digital economy and the real economy. Journal of Applied Economics and Policy Studies,18(9),12-27.

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The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Journal: Journal of Applied Economics and Policy Studies

Volume number: Vol.18
Issue number: Issue 9
ISSN: 2977-5701(Print) / 2977-571X(Online)

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