The Connotation of the Era, Long-term Obstacles and Path to Realization of Digital Enabling New Urbanization and Common Wealth

Figure 1.

New urbanization evaluation index system

Target layer	Index layer	Indicator
New type of urbanization	Economy	The added value of the second and third industries is the proportion of GDP.
		Total retail retail (million yuan)
		General budget income (100 million yuan)
		Energy consumption of unit GDP (000 metric tons of standard coal/million yuan)
	Population	Urban population accounts for a total population of the population.
		Urban population density (man/square kilometer)
	Space	The city’s construction area accounts for a total area of the city.
	Sustainable development	Forest coverage(%)
		Per capita (volume/person) of public library
		Education spending is a proportion of GDP

The impact analysis of the new type of urbanization in digital puhui finance

Variable	(1) NURB	(2) NURB	(3) NURB	(4) NURB	(5) NURB	(6) NURB
DIF	0.082***	0.041***	0.035***	0.033***	0.032***	0.031***
	(8.261)	(6.536)	(5.732)	(5.056)	(5.007)	(5.372)
TE		0.021***	0.022***	0.025***	0.022***	0.023***
		(8.635)	(7.004)	(7.607)	(7.114)	(7.036)
Gov			-0.068***	-0.059***	-0.054***	-0.056***
			(-7.361)	(-5.996)	(-4.413)	(-4.018)
Ind				-0.025*	-0.017	-0.021
				(-1.352)	(-1.324)	(-1.104)
InP gdp					0.025**	0.011**
					(2.376)	(2.104)
Fin						-0.003
						(-1.507)
Constant term	0.075***	0.085***	0.124***	0.137**	-0.005	0.006
	(12.635)	(25.369)	(24.797)	(21.094)	(-0.057)	(0.079)
Sample size	432	432	432	432	432	432
Time fixed effect	Control	Control	Control	Control	Control	Control
Regional fixation effect	Control	Control	Control	Control	Control	Control
Adjust R2	0.753	0.826	0.847	0.869	0.871	0.893

LM test results

Statistical inspection		Statistic	P value
Spatial error	Moran’s I	1.5263	0.1417
	Lagrange multiplier	1.6539	0.2282
	Robust Lagrange multiplier	25.7743	0.00000
Spatial lag	Lagrange multiplier	1.6539	0.2282
	Robust Lagrange multiplier	25.7743	0.00000

Wald and LR test

Statistical inspection	Statistic	P value
Wald spatial lag	35.6241	0.00001
LR spatial lag	67.0015	0.00001
Wald spatial error	39.7500	0.00001
LR spatial error	72.1500	0.00001

Variable summary

Variable type	Variable name	Variable symbol	Variable definition
Explained variable	Common rich index	COP	Common rich index
Core interpretation variable	New level of urbanization	NURB	New level of urbanization
	The level of the new type of urbanization	CCD	The level of the new type of urbanization
Mediation variable	Digital puhui financial index	Dif	Digital puhui financial index
Threshold variable	Financial development	Fin	Total loan balance/GDP
	Government intervention	fiscal	Government expenditure
	Population density	density	The number of people per square kilometer
Control variable	Foreign investment level	FDI	Foreign direct investment/GDP
	Openness	open	Import and export total/GDP
	The degree of education	Edu	Average education
	Green technology innovation level	GTI	Green technology innovation level
	Manufacturing upgrade	MAU	Manufacturing upgrade
	Foreign trade dependency	OPE	Foreign trade dependency
	Marketable level	MAR	Marketable level

The common rich measure system

Index category	Primary indicator	Secondary indicator	Tertiary index
Overall affluence	Material life is rich	Income level	The per capita disposable income of rural residents
			The per capita disposable income of urban residents
		Household consumption level	Engel coefficient
	Spiritual culture	Cultural level	Cultural utilities account for fiscal spending
			Per capita public library
	Ecoenvironment	Ecological quality	Per capita green space
			Construction zone greening coverage
Share the wealth	Regional difference	Regional income difference	The per capita disposable income of rural residents is more than the per capita disposable income ratio of rural residents
			The per capita disposable income of urban residents is compared to the per capita disposable income of the national urban residents
		Regional education differences	Average junior high school students spend more than the average junior high school students
		Regional medical differences	The per capita hospital bed number is compared with the national per capita hospital bed number ratio
		Regional public facilities differences	The average person has the area of the road and the area ratio of the country
	Urban and rural difference	Urban and rural income differences	The per capita disposable income ratio of urban and rural residents
		Urban and rural consumption differences	Urban and rural residents consume spending ratios

Spatial panel dubin model estimation and spatial overflow effect decomposition

Variable	SDM (1)	Direct effect (2)	Indirect effect (3)	Total effect (4)
CCD	1.5021*	1.7965*	2.8761***	4.5104***
	(1.04)	(1.53)	(2.67)	(2.23)
GTI	-0.0896	-0.0712	0.0241	-0.0766
	(-1.17)	(-1.25)	(0.09)	(-0.34)
MAU	1.3426	0.6999	-8.0163	-7.1596
	(0.69)	(0.56)	(-1.41)	(-1.24)
OPE	-0.9683	-0.6053	4.5296**	3.6119
	(-1.17)	(-0.82)	(2.15)	(1.34)
MAR	-0.0569**	-0.0412	0.4007***	0.3105**
	(-1.47)	(-1.22)	(3.42)	(2.97)
W*CCD	1.1243*
	(1.77)
W*GTI	0.0528
	(0.26)
W*MAU	-6.2199
	(-1.57)
W*OPE	3.0169*
	(-2.04)
W*MAR	2.9869**
	(-2.03)
Regional effect	Control
Time effect	Control
Log-likelihood	136.9588

Descriptive statistics of variables

Variable name	Sample size	Mean value	Standard deviation	Minimum value	Maximum value
COP	432	0.316	0.186	0.057	0.812
Dif	432	0.242	0.669	0.024	0.465
Fin	432	3.519	1.043	1.643	8.692
fiscal	432	0.644	0.364	0.075	1.873
density	432	0.437	0.717	0.004	4.001
FDI	432	0.215	0.246	0.003	1.362
open	432	0.347	0.358	0.009	1.618
Edu	432	0.261	0.975	8.064	13.703

Intermediate test results

Variable	(1)	(2)	(3)
	COP	NURB	COP
dif	0.796**	3.124***	0.767*
	(0.415)	(0.578)	(0.419)
ed	0.079***	-0.405***	0.093***
	(0.036)	(0.073)	(0.017)
Ind	0.052	-0.154	0.065
	(0.074)	(0.395)	(0.183)
gov	0.835***	0.751***	0.714***
	(0.036)	(1.264)	(0.185)
dfp	-0.076***	-0.173*	-0.073***
	(0.034)	(0.036)	(0.036)
Constant	-0.663**	7.899***	-0.869***
	(0.241)	(1.427)	(0.373)
N	432	432	432
R2	0.893	0.783	0.924