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Keywords

new infrastructure construction; inclusive growth; common prosperity; synergistic effect

Abstract

The development of new infrastructure ( NIF) serves as a critical pillar for advancing China’ s digital economy and fostering inclusive growth, while also offering a vital pathway toward achieving common prosperity.This study employs provincial panel data from 30 Chinese provinces ( excluding Tibet, Hong Kong, Macao, and Taiwan) spanning 2013 to 2022 to systematically investigate the impact of NIF on inclusive growth. By constructing comprehensive evaluation index systems for NIF and inclusive growth, the research utilizes a two-way fixed effects model and a spatial Durbin model ( SDM) to empirically analyze the direct effects, mediating mechanisms, spatial spillover effects, and synergistic relationships between NIF and traditional infrastructure. The findings reveal four key insights. First, The results show that the construction of new infrastructure significantly promotes China��s inclusive growth, and this effect is still valid after the endogeneity test and robustness test. A 1-unit increase in NIF development correlates with a 0. 45-unit improvement in inclusive growth, demonstrating its capacity to bridge regional digital divides and promote equitable access to economic opportunities. Second, industrial structure upgrading and the expansion of digital inclusive financial coverage act as partial mediators in the relationship between NIF and inclusive growth. Specifically, NIF drives industrial transformation by fostering technological innovation, optimizing resource allocation, and generating employment opportunities for low-skilled workers. Simultaneously, it alleviates financial exclusion by leveraging digital technologies to enhance the accessibility of financial services for underserved populations. Third, NIF exhibits significant positive spatial spillover effects. Spatial econometric analysis confirms that NIF not only boosts local inclusive growth but also stimulates neighboring regions ’ development through knowledge diffusion, resource sharing, and cross-regional connectivity. For instance, under a geographical adjacency matrix, a 1-unit increase in NIF generates a 0. 716-unit indirect effect on neighboring areas. Fourth, the synergy between NIF and traditional infrastructure plays a pivotal moderating role. When the coupling coordination degree between NIF and traditional infrastructure is low, the growth-enhancing effect of NIF remains constrained.However, as synergy improves, the empowering effect of NIF on inclusive growth strengthens markedly, highlighting the necessity of coordinated infrastructure development. To validate these conclusions, the study conducts robustness checks ( e. g. , replacing dependent variables, applying OLS models, and winsorizing data) and addresses endogeneity concerns through lagged variable approaches. Mechanism analyses further corroborate the mediating roles of industrial structure upgrading and digital financial inclusion. Further analysis shows that the role of new infrastructure construction is inseparable from the chassis support of traditional infrastructure construction, and when the coupling and coordination degree of ‘ pure new infrastructure’ and traditional infrastructure is high, new infrastructure will further play a role in promoting inclusive growth, that is, new infrastructure and traditional infrastructure can work together to promote inclusive growth. Spatial correlation tests, including global Moran’ s I indices, confirm the clustering tendency of inclusive growth across regions, necessitating spatial econometric modeling. The policy implications derived from this research emphasize three dimensions. First, accelerating NIF deployment is imperative. Priorities should include advancing core technologies in 5G, artificial intelligence, and cloud computing, while integrating NIF with traditional infrastructure to enhance smart transportation, energy systems, and industrial digitization. Second, bridging regional digital divides requires strengthening interregional infrastructure connectivity. Initiatives such as the ‘ East Data, West Computing’ project and cross-provincial high-speed rail networks can optimize resource allocation and leverage comparative advantages between developed and underdeveloped regions. Third, fostering digital inclusive finance is essential. Policymakers should design targeted financial products for rural areas and small enterprises, reduce credit barriers for marginalized groups, and expand digital financial service networks to ensure equitable participation in economic activities. This study contributes to the literature by integrating inclusive growth into the analytical framework of NIF, elucidating the dual mediating mechanisms of industrial upgrading and financial inclusion, and quantitatively assessing the spatial spillover effects and infrastructure synergy. The findings provide empirical evidence for policymakers to harness NIF as a strategic tool for achieving balanced regional development and common prosperity in the digital era.

DOI

10. 16315/j. stm. 2025. 01. 002

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