Digital Finance, Private Economy, and Common Prosperity: An Empirical Analysis from Zhejiang, a Demonstration Province for Common Prosperity

Abstract

In the critical period of accelerating the realization of common prosperity, exploring the successful experience of Zhejiang in promoting common prosperity is of great significance for demonstrating its leadership and driving the development of common prosperity in China. Based on the calculation of the level of common prosperity in eleven prefecture-level cities in Zhejiang from 2011 to 2021, this paper uses a panel data model to analyze the impact of digital finance on common prosperity and further explores the intermediary role played by the private economy. The research findings indicate that digital finance significantly promotes the development of common prosperity, with the private economy playing a crucial intermediary role. In light of this, the paper proposes the vigorous development of digital finance to drive common prosperity through the growth of private economy.