The Impact of Computing Power Infrastructure on the Technological Integration of the Real Economy and Digital Industries

【Authors】

CHAO Xiaojing, SHEN Lu & GUO Huiling

【WorkUnit】

CHAO Xiaojing (Northwest University, 710127)；SHEN Lu (Hunan University of Science and Technology, 411201)；GUO Huiling (Northwest University, 710127)

【Abstract】

The technological integration of the real economy and digital industries is a synergistic and complementary process that can lead to the blurring of sectoral boundaries and the emergence of general-purpose technologies. The key lies in fully unleashing the potential of data as a production factor. Computing power infrastructure, by activating both the information and knowledge value embedded in data, serves as a critical foundation for this integration. This paper systematically examines the effects of computing power infrastructure on the integration via two channels: the release of information value and the extraction of knowledge value. Using 2012-2023 data on Internet data center and content distribution network businesses from the Ministry of Industry and Information Technology’s service platform, we empirically investigate the impact and underlying mechanisms. Research findings show that computing power infrastructure significantly promotes the integration, especially for firms in priority industries, those benefiting from favorable computing power policies, and enterprises with robust intellectual property protection, high digital investment willingness, or a larger pool of technical talent. Mechanism analysis indicates that computing power infrastructure mainly promotes such integration through the marketization of data elements and distributed innovation. Further investigation reveals that computing power infrastructure has facilitated application-oriented integration, as well as integration driven by either digital or real industry technologies, and has expanded the breadth of integration. However, its positive effects on the integration of foundational technology and the depth of integration are not yet evident within the sample period. 
This paper derives three policy implications. First, we should accelerate the development of computing power infrastructure to deepen integration. Second, we should enable efficient supply and flow of data elements while fostering a software-hardware collaborative innovation ecosystem powered by computing capabilities. Third, we should strengthen policy guidance for developing computing power infrastructure and leverage market forces to optimize computing resource allocation.
The main contributions of this study are as follows. First, existing research has examined the real-digital integrated development from perspectives such as real-economy fundamentals and the leading role of digital industries. However, as computing power gradually becomes the core productive force in the digital economy, the strategic position of computing power infrastructure is increasingly prominent, which can promote the upgrading of traditional industries and the technological integration of the real economy and digital industries. By focusing on the computing power infrastructure’s impact on the integration, this study reveals its role as a key enabler of traditional industry transformation. Second, since the key to the technological integration lies in unlocking the value of data as a production factor, this study draws on computing power infrastructure’s adaptive learning and strong connectivity features to develop an analytical framework spanning “information value release and knowledge value extraction.” This framework identifies data element marketization and distributed innovation as key mechanisms, offering new insights into how computing power infrastructure drives technological integration. Finally, this study uses manually collected Internet data center and content distribution network business data from the MIIT’s service platform in combination with Python software for batch crawling and identifies computing power infrastructure’s effects and mechanisms, thus providing robust empirical evidence for promoting the construction of computing power infrastructure and increasing the efficient supply of computing power. Future research could explore the synergistic effects of traditional and computing power infrastructure.

JEL: F49, F124

【KeyWords】

Computing Power Infrastructure, Technological Integration of the Real Economy and Digital Industries, Marketization of Data Elements, Distributed Innovation