Does the digital economy impact the green transformation of manufacturing industry? A Spatial Econometric Analysis Based on Panel Data of Chinese Cities

In the context of the dual carbon target and the evolving green development stage, the digital economy emerges as a crucial catalyst for the green transformation of the manufacturing industry. This paper meticulously investigates the impact of the digital economy on the green transformation of manufacturing, employing panel data sourced from 263 Chinese cities spanning the period from 2011 to 2019. The key findings are as follows: (1) The digital economy significantly propels the green transformation of the manufacturing industry. Importantly, after a series of robustness tests, the conclusion remains significant. (2) Through spatial spillover effects, the digital economy plays a pivotal role in fostering the green transformation of manufacturing in neighboring regions. (3) The positive impact of the digital economy on the green transformation of the manufacturing industry is particularly pronounced in non-resource cities, central cities, and pilot cities of big data pilot zones. (4) Financial development exhibits a negative moderating effect on the green transformation of the manufacturing industry, whereas urban innovation potential demonstrates a positive moderating effect. Our findings offer empirical insights that contribute to a deeper understanding of how the manufacturing industry navigates the path of green transformation in the wake of the digital economy's development.