Synergistic Impacts of Digital Finance and Technology Finance on Sustainable Development: Evidence From China’s Manufacturing Industry

Amid the global economic slowdown, the synergy between digital finance and technology finance (DFTF) has become increasingly important for enhancing innovation capacity, operational efficiency, and competitiveness in the manufacturing sector. In this context, it is essential to assess how DFTF contributes to the sustainable development of the manufacturing industry (SDMI). Using provincial panel data from 30 provinces in China from 2011 to 2023, this study constructs an integrated index system to measure SDMI across three dimensions: innovative development, green development, and digital development. In addition, panel Tobit models, mediation analysis, moderation analysis, and spatial Durbin models are employed to identify the mechanisms and spatial spillover characteristics through which DFTF affects SDMI. The results indicate that: (1) DFTF significantly promotes SDMI. (2) Its effects differ across dimensions, with the strongest impact observed on green development. (3) Technological innovation serves as the primary transmission channel through which DFTF promotes SDMI. (4) Human capital strengthens the positive effect of DFTF on SDMI; (5) DFTF generates positive spatial spillover effects that enhance SDMI in neighboring provinces.