Digital Finance and Industrial Chain Resilience in China: A Spatial Network Perspective

Digital finance has increasingly influenced the functioning and stability of industrial systems by reshaping interregional economic linkages.Based on panel data from 31 Chinese provinces spanning the period 2012-2021, this study investigates how the development of digital finance is associated with the spatial structure of industrial chain resilience.A modified gravity model is used to construct interprovincial interaction networks, and social network analysis is applied to examine their structural characteristics and temporal evolution.The empirical results show that the spatial network related to digital finance and industrial chain resilience has become progressively more connected over time, as reflected by a gradual increase in network density.However, substantial regional heterogeneity persists in network position and influence.Provinces with relatively advanced digital finance tend to occupy more central positions and exert stronger structural influence, whereas peripheral provinces remain weakly connected and play limited roles within the network.This asymmetric network configuration constrains the overall stability of the industrial chain system and highlights the importance of coordinated development in digital finance for improving systemic resilience.