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American Journal of  Financial 
Technology and Innovation (AJFTI)

Research on the Development Direction of  the Industrial Economy Under the 
Background of  the Digital Economy

Fuqiang Guo1*, Changxia My1, Zubritskaya Inessa Anatolyevna1 

Volume 3 Issue 1, Year 2025
ISSN: 2996-0975 (Online)

DOI: https://doi.org/10.54536/ajfti.v3i1.3976
https://journals.e-palli.com/home/index.php/ajfti

Article Information ABSTRACT

Received: November 05, 2024

Accepted: December 07, 2024

Published: January 23, 2025

In this context, this paper introduces the digital economy under the background of  industrial 
economy stage achievements, such as through the development of  the digital economy and 
industrial economy integration and management and find the industrial economy intelligent 
transformation of  three promotion path, and through the relevant research found that the 
industrial economy is facing development difficulties, so this paper discusses the digital 
economy to realize transformation and upgrading of  industrial economic structure facing 
realistic problems, such as intelligent manufacturing, green sustainable development, 
personalization, cross-border integration innovation. Finally, in view of  the problem of  
how to further develop industrial economy under the background of  digital economy, 
relevant countermeasures and suggestions on the development direction of  industrial 
economy under the background of  digital economy, hoping to provide effective suggestions 
for the transformation of  industrial economy to digital and the realization of  high-quality 
development.

Keywords
Ddigital Eeconomy, High-
Quality Ddevelopment, Iindustrial 
Eeconomy

1 Belarusian National Technical University, Minsk, 220013, PR, Belarus
* Corresponding author’s e-mail: guo912823191@163.com

INTRODUCTION
The rapid rise of the digital economy has become a 
new engine for global economic growth. Digitization 
not only improves production efficiency and product 
quality, but also makes the production process more 
flexible and personalized. According to statistics, in the 
past five years (2014-2019), the overall scale of digital 
economy has increased from 16.16 trillion yuan to 35.8 
trillion yuan, the total GDP has increased from 63.51 
trillion yuan to 98.91 trillion yuan, while the proportion 
of digital economy in GDP has increased from 26.1% 
to 36.2%, as shown in Figure 1. It can be seen that the 
digital economy is developing faster and faster, and its 
market size is also expanding, so we should accelerate 
the development of the industrial economy under the 
influence of the digital economy. Take the market size of 
Chinas digital economy market as an example. In 2008, 
the market size of the digital economy was only 4.8 trillion 
yuan, and increased to 27.2 trillion yuan in 2017, while in 
2021, it grew rapidly to 45.5 trillion yuan, with a linear 
growth rate ( Jianhui & Guobin, 2023) As an important 
part of the national economy, the industrial economy 
is facing unprecedented challenges and opportunities. 
Therefore, this paper will pay attention to the challenges 
and coping strategies of industrial economy in the era of 
digital economy, and discuss how to better use digital 
technology to optimize resource allocation, improve 
production efficiency and innovation ability, so as to 
promote the development of industrial economy to the 
direction of higher quality, more efficient and more 
sustainable.

LITERATURE REVIEW
The Digital economy and the industrial economy

Figure 1.1: portion of Chinas digital economy in GDP

As the most significant form of economic development 
in the 21st century, digital economy takes digital 
information and technology as the core resources, and has 
changed the operation mode of the traditional economy. 
It not only optimizes the allocation of resources with 
high efficiency and popularization, but also promotes 
the diversified development of the economy through 
technological innovation. The core position of data 
in the digital economy urges enterprises to take user 
demand-oriented and realize the transformation from 
production-oriented to market-oriented. The distinctive 
feature of this economic form is its deep dependence on 
information technology and its ability to respond quickly 
to market changes.
Industrial economy, also called resource economy, 
that is, economic development mainly depends on the 
possession and allocation of natural resources. Since 
the 19th century, developed countries in the world 
have successively completed the industrial revolutionin 
science and technology, tractors and machine tools have 
replaced manual production tools, cars, trucks, ships and 



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aircraft have replaced backward means of transportation, 
and the production efficiency has been greatly improved 
(Meihan et al., 2023). However, the industrial and 
economic development in this stage mainly depends 
on the possession of natural resources. With the advent 
of the digital economy era, the industrial economy will 
shine new again. Digital transformation of industrial 
economy and the development of digital economy have 
become new engines to promote the development of 
Chinas industrial economy. The two will empower each 
other, which will further accelerate the transformation 
of industrial economy and promote the development of 
industrial economy to a higher level.

Digital economy
Digital economy is a concept with a relatively broad 
connotation. All the economic forms that directly or 
indirectly use data to guide resources to play a role and 
promote the development of productive forces can be 
included in its category. But we should not simply equate 
between the digital economy and the Internet economy 
and the virtual economy. They are only part of the digital 
economy. At present, the digital technology, goods and 
services are not only in the traditional industry direction, 
multifaceted and chain accelerated penetration (i. e., 
digital industry), and in the push such as Internet data 
center (Internet Data Center, IDC) construction and 
service digital industry chain and the development 
of industrial cluster (i. e., digital industrialization). 
According to the data of Chinas digital Economy 
Development Research Report (2023). In 2022, the scale 
of Chinas digital economy reached 50.2 trillion yuan, 
with a nominal year-on-year growth of 10.3%, which has 
been significantly higher than the nominal GDP growth 
rate of the same period for 11 consecutive years. The 
proportion of digital economy in GDP is equivalent to 
the proportion of the secondary industry in the national 
economy, reaching 41.5% (Niaoer, 2022). It can be 
concluded that the development of the digital economy 
over time is particularly important for China and even 
for the whole world.

Industrial economy
Industrial economy is an important part of the 

development of human society, which refers to the use 
of natural resources and human machinery to produce 
commodities. The development of the industrial 
economy not only creates conditions for economic 
growth and employment, but also provides support 
for social progress and scientific and technological 
innovation. Industry refers to the economic activities 
that use raw materials, energy and labor force to produce 
a variety of products and commodities through a series 
of production processes and technologies. Midea Group 
uses digital technology M. Iot to gain insight into 
customers, improve products and services, and achieve 
customer satisfaction and stability. Build the “T + 3” 
mode to realize the value transfer, and build an online 
Midea shopping mall to expand the online channels. 
Establish the VMI operation mode, improve the product 
system through data sharing, enhance the competitive 
advantage, and promote the global expansion of the 
brand. From the successful experience of Midea, digital 
management innovation has improved the quality of 
enterprise products and highlights the management 
advantages (Tie & Zichi, 2021). From the example of 
Midea Group, how important it is for the industrial 
economy to develop further along with the digital 
economy. In a word, industry is one of the pillars of 
the modern economy. With the continuous progress of 
science and technology and the development of human 
society, industry will also continue to evolve and grow.

MATERIALS AND METHODS
The influence of  the digital economy on the 
development of  industrial economy
The author analyzes the index system of explanatory 
variables and explanatory variables in the high-quality 
development of digital economy. As shown in Table 
1 (Yuhua et al., 2022) It is concluded that industrial 
economy is an important link to promote the continuous 
development and progress of human society, and digital 
economy is an important link to promote industrial 
development and upgrading. On the whole, when the 
industrial economy is transformed and upgraded, more 
funds should be invested in the industrial economy that 
can make a significant contribution to the economic 
growth in the future.

Table 1: Index system of explanatory variables and explanatory variables for high-quality industrial development
Level 1 indicators Secondary indicators Level 3 indicators Level 4 index
The development level of 
the digital economy

Internet penetration
rate

Number of Internet broadband access 
users per 100 people

+

Internet-related
practitioners

Number of employees employed in 
computer, software and communication 
services

+

Internet-related
industries

Per-capita telecommunications business 
volume

+



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Number of mobile 
Internet users

Number of mobile phones users per 
100 people

+

Development of digital 
inclusive finance

The China Digital Financial Inclusion 
Index

+

High-quality development 
level of the industrial 
economy

Economic benefits 
improved

Total labor productivity of industrial 
enterprises above designated size

+

Profit rate of total assets of industrial 
enterprises above designated size

+

Per capita assets of industrial enterprises 
above designated size

+

Structural
optimization and
coordination

Industrial added value above designated 
size / national average industrial added 
value above designated size

-

Thiel index -
Sustainable
development capacity
innovation ability

Energy consumption per unit of gross 
domestic product

-

Sulfur dioxide emissions per unit of 
gross domestic product

-

Smoke (powder) dust emissions per 
unit of gross domestic product

-

Patent application number per 10,000 
people

+

Number of students or above / average 
number of industrial enterprises above 
designated size

+

The impact of  the digital economy on the industrial 
economy
The impact of digital economy on industrial economy 
is the gap of digital transformation of industrial 
economy; secondly, the input-output of digital 
transformation is difficult to quantify in the short 
term. Finally, there is a shortage of talent in the digital 
economy. Chinas industrial economy is stepping into 
a critical stage of digital transformation, showing a 
trend of comprehensive penetration from consumer-
oriented to business-oriented and to its upstream and 
downstream industrial chains. Although the traditional 
industrial economy is facing huge development 
pressure, digital transformation has become the only 
way to seek a breakthrough and rebirth, but the road of 
transformation is not smooth. Specifically, the relevant 
industrial enterprises often explore the digital path due 
to the lack of rich transformation practice experience 
and systematic transformation data support ( Jewel, 
2023). Nowadays, the construction of r & d institutions 
and professional talents in the field of intelligence is 
facing severe challenges, especially the lack of high-
end technical talents, scientific research and innovation 
forces and experts in core fields, which seriously restricts 
the pace of digital transformation in the field of digital 
economy.

Specific impact of  digital economy on the 
development of  industrial economy
The first is technological innovation, to promote the 
industrial economy and technological upgrading. 
Technological innovation is the core driving force of 
the digital economy in enabling the industrial economy. 
Under the background of digital economy, the industrial 
economy is undergoing the transformation from the 
traditional industrial economy to intelligence and 
automation. The application of Internet, big data, artificial 
intelligence and other technologies makes product design 
more accurate and production process more efficient. 
For example, through big data analysis to predict market 
demand, the industrial economy can achieve more 
flexible production planning and inventory management. 
Secondly, the industrial structure optimization. The 
digital economy promotes the upgrading of the industrial 
economy. Digital economy has an important influence 
on the optimization and upgrading of the industrial 
structure of the industrial economy. Through the digital 
transformation, the industrial economy can be better 
integrated into the global value chain and improve 
its position in the international division of labor. The 
digital economy also promotes the transformation of 
the industrial economy from traditional production with 
low added value to intelligent manufacturing with high 



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added value. Finally, the improvement of management 
efficiency and the application of digital technology in 
industrial economic management. In the era of digital 
economy, the management mode of industrial economy 
is undergoing fundamental changes.

Challenges facing the industrial economy in the 
digital economy
With the rapid development of digital economy, its 
influence on the development of industrial economy 
is increasingly significant, thus providing new 
opportunities for the high-quality development of 
industrial economy. It is of great theoretical and practical 
significance to study how digital economy promotes the 
endogenous driving force and high-quality development 
of industrial economy. This paper selected 2012-
2021 China 30 provinces (municipalities, autonomous 
regions) (excluding the Tibet autonomous region and 
Hong Kong, Macao and Taiwan region) industrial 
enterprises and digital economy panel data to empirical 
research, collected 300 data samples, data samples from 
30 provinces and China industrial statistical yearbook 
the China science and technology statistical yearbook 
China high-tech industry yearbook China environmental 
statistics yearand CNNIC database make descriptive 
statistics, as shown in Table 2 below (Qinghe, 2024). 
Found that the challenges of future industrial economic 
development are mainly reflected in the following 
aspects:
First, intelligent manufacturing: intelligent 
manufacturing is one of the main trends of the future 

development of industrial economy. Through the 
introduction of artificial intelligence, big data analysis 
and Internet of Things technology, enterprises can 
realize the automation, intelligence and networking of 
the production process, improve production efficiency, 
reduce costs, and promote the intelligent transformation 
and upgrading in the industrial economy.
Second, green and sustainable development: with the 
continuous enhancement of environmental protection 
awareness, green and sustainable development has 
become an inevitable choice of industrial and economic 
development. In the future, the industry will pay 
more attention to the economical use of resources and 
environmental protection, promote circular economy 
and clean production, reduce the impact on the 
environment, and achieve sustainable development.
Third, personalized customization: consumer needs are 
increasingly personalized and diversified. In the future, 
industrial economic products will pay more attention to 
flexible production and customized services. Through 
the rapid response to the market demand, to achieve 
personalized customized production, improve product 
quality and customer satisfaction.
Fourth, cross-border integration innovation: In the 
future, the development of industrial economy will pay 
more attention to cross-border integration innovation, 
and realize cross-border integration and innovation 
of technology through cooperation and exchanges in 
different industries and fields. This will promote the 
integrated development of industries and promote the 
optimization and upgrading of the industrial structure.

Table 2: Descriptive statistics
VARIABLES (1) (2) (3) (4) (5)

N Mean Sd Min Max
year 300 2016 2.877 2012 2021
id 300 15.67 8.916 1 31
GOV 300 0.263 0.113 0.105 0.758
TECH 300 0.0217 0.0150 0.00539 0.0676
DE 300 0.130 0.101 0.0173 0.577
Quality 300 0.208 0.112 0.0620 0.822
HUM 300 0.0208 0.00550 0.00852 0.0425
FDI 300 0.0183 0.0144 0.000100 0.0796

RESULTS AND DISCUSSION
Development direction of  industrial economy under 
the background of  digital economy
In high-quality development, we need to promote 
a new type of industrialization, make the industrial 
economy more high-end, intelligent and green, and 
accelerate the deep integration of the digital economy 
and the industrial economy, so as to build a modern 
industrial economy. In the current complex pattern of 
the global economy, digital transformation has become 
an irreversible trend, and its necessity and urgency have 
become increasingly obvious. And through this paper 
studies the relationship between the digital economy 

and industrial economy, can through to accelerate the 
integration of digital economy and industrial economy 
and management, digital economy under the background 
of intelligent transformation of three promotion path as 
the benchmark, further improve the digital economy of 
industrial economy high quality development and related 
contributions.

Accelerate the integration and management of  
digital economy and industrial economy
The revitalization and development of modern industry 
cannot be separated from the strong support of 
information, and the reform and progress of information 



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is also based on the prosperity of industry as the material. 
Therefore, it is necessary to continuously strengthen the 
organic integration of industrialization and information, 
and carry out standardized management, so that the 
two play a maximum role. First, we will accelerate the 
transformation and upgrading of the industrial economy. 
Although Chinas industrial economy maintains a good 
momentum of development, in the rising period, but we 
can not ignore the severe and complex economic situation 
we are facing, Chinas domestic demand growth rate is 
slow, the continuous contraction of external demand 
are threatening the healthy and rapid development of 
industrial economy (Kongtuan et al., 2023). Therefore, 
while maintaining the stability and continuity of the 
national macroeconomic policies, it is necessary to 
continuously increase the further adjustment of the 
industrial structure and accelerate the transformation and 
upgrading of the industrial economy. Second, accelerate 
the comprehensive integration of industrialization and 
digitalization. Vigorously promote the integration of 
digital economy and industrial economy, realize the 
integration of information technology and industrial 
energy conservation and emission reduction, and 
promote new information technology in the power, 
steel and paper industries, so as to effectively promote 
the development of energy conservation and emission 
reduction work, and further protect Chinas ecological 
environment. Finally, the new information technology 
means to promote the management innovation of 
industrial economy.industrial economyIn order to 
realize the rapid development, it is necessary to carry 
out the continuous innovation of management mode, 
the development of modern information technology 
and the deepening of information technology, which 
provides a good opportunity and platform for the 
innovation of management mode of industrial economy. 
At the same time, after enterprises should integrate new 
technologies, and gradually establish new management 
ideas and prescriptions to meet the needs of the industry

Three improvement paths for the intelligent 
transformation of  the industrial economy under the 
background of  the digital economy
The first path is to build an open and shared digital 
platform ecology. Driven by the wave of digital 
economy, the core of the transformation and 
upgrading of industrial economy lies in building an 
open and shared digital platform, so as to adapt to 
the rapid changes of market demand and improve the 
competitiveness of industrial economic enterprises. 
This process involves multi-dimensional strategic 
deployment and implementation, aiming to realize the 
intelligent and digital operation of industrial economy 
through technological innovation, channel optimization 
and value chain reconstruction. Industrial economic 
enterprises should actively introduce the most advanced 
technological means, such as artificial intelligence, big 
data, cloud computing, etc., in order to improve the 

product performance, optimize the operation mode 
and improve the service quality. This process can not 
only promote enterprises to form a unique competitive 
advantage and brand influence, but also guide industrial 
enterprises to the direction of intelligent and digital. 
Take a high-end equipment manufacturing enterprise 
as an example, through the introduction of intelligent 
manufacturing system and data analysis platform, it has 
realized the fine management of the production process 
and the continuous improvement of product quality, 
thus occupying a leading position in the global market 
(Meixin & Jiayi, 2023). At the same time, in the face of the 
digital transformation of consumer behavior, industrial 
economic enterprises need to flexibly adjust their sales 
strategies and publicity channels, and promote the 
migration of product sales and brand promotion from 
the traditional offline mode to online platforms. In the 
process of the transition,Enterprises should adhere to 
the principle of putting efficiency first, quickly respond 
to the changes in market demand, reduce market risks 
and expand the market share through the integration of 
online and offline operation mode
The second path, increase policy support, promote 
production and manufacturing digitalization. In the 
grand blueprint of the transformation and upgrading 
of small and medium-sized enterprises in the industrial 
economy, the digital transformation of production and 
manufacturing occupies a pivotal position, and its goal 
is to gradually promote the transformation from manual 
to information, digital, and finally towards the leap of 
intelligence. However, in the face of this transformation 
challenge, small and medium-sized enterprises often fall 
into the situation of “wait and see”, “hesitation” or even 
“avoidance” due to the high investment cost, unclear 
short-term benefits and the shortage of intelligent system 
operation and maintenance talents. In view of the above 
difficulties, cloud, low-cost, lightweight digital solutions 
emerge at the historic moment, and become the preferred 
path for small and medium-sized enterprises to step 
into the threshold of digital transformation. In order 
to help small and medium-sized enterprises overcome 
the transformation obstacles, many places introduce 
relevant policies to reduce the burden of enterprise 
transformation, including but not limited to providing 
financial support for financial subsidies, tax incentives, 
low-interest loans, as well as the establishment of special 
funds to support the digital transformation projects of 
small and medium-sized enterprises; At the same time, 
strengthen the construction of public service platform, 
provide one-stop services of technical consultation, 
personnel training, solution docking to reduce the 
cost and risk of small and medium-sized enterprises in 
the process of digital transformation (Yu, 2022). With 
policy guidance and technical support, in order to win 
the initiative of market competition and the broad 
development of the future. The third path is to deepen 
digital education and cultivate technical people. In view 
of the unique demand for talent skills in the production 



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field, compared with the digital transformation in the 
consumer field, it relies more on the optimal allocation 
and in-depth mining of global network talent resources. 
Therefore, the construction of a comprehensive and 
systematic digital talent education system has become 
the key driving force to promote the high-quality 
development of industrial economy. First of all, the 
higher education system actively adapts to the changes of 
the digital era, and promotes the in-depth development 
of digital specialty and interdisciplinary integration by 
adjusting the direction of specialty setting and discipline 
construction. Secondly, enterprises should increase the 
training of employees digital skills (Hao, 2022). This 
not only helps the old employees to quickly adapt to the 
intelligent production environment, but also promotes 
the internal knowledge inheritance and skill iteration 
of the enterprise. Enterprises can provide employees 
with diversified learning channels and rich learning 
resources by establishing internal training colleges, 
introducing external professional training institutions or 
carrying out online learning platforms. Finally, it should 
play a leading role in the universal digital education, 
and promote the popularization and dissemination 
of digital knowledge in the whole society through the 
implementation of the digital literacy promotion plan. 
The Internet, television, radio and other channels are 
used to carry out digital popular science education, and 
the design is suitable for residents of different ages and 
different cultural levels. Course content and teaching 
methods to ensure that digital knowledge covers a wider 
range of people. All sectors of society are encouraged 
to participate in the construction of digital education, 
and form a diversified digital education ecological body 
with government guidance, enterprise participation and 
social support.

CONCLUSION
To sum up,this article deeply explores how the digital 
economy can promote the development of the industrial 
economy towards higher quality. From the perspective 
of the digital economy, two effective ways for the 
development of the industrial economy are proposed. 
One is to accelerate the integration and management 
development direction of digital economy and industrial 
economy; The second is the three development directions 
for the intelligent transformation of industrial economy 
under the background of digital economy. We can see 
that the digital economy, as a new engine of the global 
economy, is profoundly changing the development 
trajectory of the industrial economy. Through digital 
transformation, industrial economic enterprises 
have not only achieved significant improvements in 
production efficiency and continuous optimization of 
product quality, but also promoted the optimization and 
upgrading of industrial structure. Despite facing many 
challenges during the transformation process, industrial 
economic enterprises should further strengthen 
technological innovation, optimize industrial structure, 

improve management efficiency, and attach importance 
to talent cultivation and technological updates. At the 
same time, enterprises should actively explore new 
business models and use digital means to optimize 
supply chain management and customer relationships, 
in order to adapt to the increasingly changing market 
demands and competitive environment.

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