Payment Clearing and Regional Economy Development Based on Panel Data of Sichuan Province

2.2.1.1 Stimulating Consumption Potential

Emergence of third-party payment services has spurred industry innovation, necessitating new dimensions of business oversight (Jakšič & Marinč, 2019). Dominated by market giants such as Alipay and Tenpay, commanding nearly 90% of the market, the landscape represents a typical oligopoly market structure. With the widespread adoption of smartphones and Internet-based social platforms, third-party payment services have permeated into the everyday lives and consumption patterns of residents. They provide a seamless payment experience and cultivate the habit of mobile payments, exhibiting a considerable substitutive effect for cash-type micro-payments. This shift away from cash transactions mitigates inconveniences associated with cash carrying and management. The safety, convenience, and online-oriented nature of payment methods play a pivotal role in stimulating demand-side growth potential in the consumer market.

Moreover, Gomber et al., (2018) suggests that consumers leveraging the financial market for consumption intertemporal smoothing demonstrate increased capability to unleash suppressed consumption demand (Gomber et al., 2018). In other words, alleviating liquidity constraints aids in augmenting residents’ consumption levels.

The parameter ( I raw ) captures the goal tracking of monetary transactions between social and financial domain names, and it displays the raw facts of payments and clearing sports. The boom of the local financial system, represented by the structured ( Q final ), is stricken by the mixture of several elements that were examined inside the analysis. In equation (1), the weighting issue ( γ ) determines the importance of the two factors, ( G slam ) (linked to different raw records) and ( G 7 , 265 ) (tied to raw price facts). ( L Kalman ) affords Kalman filtering techniques, which help with uncertainty and add to an in depth equation (1) of the complex connection among records on payments and clearing and the increase of economies in positive regions.

The innovative amalgamation of third-party payment entities with Internet finance fulfills users’ temporary short-term borrowing requirements, further galvanizing their propensity to consume. Platforms like Alipay Payments and WeChat Payments leverage consumers’ online and offline consumption patterns and other financial transaction records, coupled with their investment behaviors within the platform. Utilizing intelligent big data models, these platforms assess users’ credit risks, offering a certain overdraft credit line as a purely credit-guaranteed standby arrangement that users can access at any time. This mechanism effectively addresses consumers’ transient financial constraints, circumventing the issue of reduced consumption due to liquidity constraints, thereby invigorating consumers’ purchasing desires.

2.2.1.2 Enhancing Efficiency in Funds Operation

The modernized payment clearing system leverages advanced IT solutions to swiftly execute intricate transactions, eliminating various impediments that might arise during payment processes. It transcends the physical constraints of time and space, significantly curtails transaction costs, and realizes secure and efficient capital transfers and circulation. Specifically, the RMB payment and clearing system are robustly structured, with numerous participating entities centralized around the People’s Bank of China’s payment system. This is complemented by banks’ and financial institutions’ payment systems within their jurisdictions, UnionPay’s inter-bank, and NetsUnion’s clearing platforms. Moreover, the system boasts diversified payment modes and settlement tools, including debit and credit bank cards, bills, cellphone number payments, QR code payments, Facial Recognition Payments (FRP), and fingerprint payments. This comprehensive range of payment and clearing options furnishes secure and efficient technical support for the operation of the entire society’s capital flow.

In equation (2), ( Y u ) stands for the regional GDP, ( G u ) for the impact of previous GDP at the modern-day one, and ( C u ) for the diploma to which regional GDP is to modifications in payment and clearance facts, which stands for the quantity of monetary transactions ( V u ). The impact of extra additives, including manufacturing elements and computer graphics from Hector and factor 7,265, is accounted for by way of the coefficient ( L u ) ( A u − I Hector ⋅ Y u − I 7 , 265 ). Additional factors influencing GDP are represented by ( I Hector ) and ( I 7 , 265 ), whilst ( A u ) stands for added manufacturing factors. To better understand how price and clearing data have an effect on nearby financial growth in Sichuan Province, this econometric model seeks to find out the complex interactions between those variables.

Secondly, the cross-border RMB payment and clearing system amalgamates settlement channels and resources, facilitating cross-border RMB payment transactions. This streamlined process facilitates the internationalization of the RMB and expedites the cross-border circulation of the currency. Furthermore, the foreign currency clearing system and domestic foreign currency payment system play pivotal roles in fulfilling the demands of foreign currency payment businesses. Globally renowned clearing systems like SWIFT, Clearing House Interbank Payment System, and Clearing House of Automated Payment System significantly dominate cross-border foreign currency clearing. SWIFT, for instance, serves over 110 million banks, securities institutions, financial infrastructures, and corporate users worldwide. This vast network provides multi-currency clearing and settlement services for cross-border commodity trade and other global services. These systems transcend regional limitations and currency settlement barriers, enhancing the convenience of economic and trade exchanges among countries worldwide. They facilitate cross-region and cross-border trade cooperation, playing a pivotal role in bolstering balance of payments and economic growth in the era of globalization.

The RMB payment clearing system, alongside the foreign currency clearing and settlement system, largely fulfill the clearing requirements of major global settlement currencies. These systems provide technical underpinnings for the seamless circulation of RMB and foreign currency funds, fostering both domestic and international economic exchanges. They serve as catalysts for cross-border trade and the ongoing development of economic globalization.

2.2.1.3 Augmenting the Influence of the Money Multiplier

The evolution of the payment and clearing system reverberates across the base currency supply, the money multiplier, and the velocity of money flow, thereby influencing the overall money supply. GDP is intricately tied to factors like money supply, foreign investment volumes, and fiscal revenue, as determined through econometric analysis models (Efanov & Roschin, 2018). Firstly, the payment and clearing system substantially abbreviates the duration of open market operations. This streamlining fosters enhanced efficiency in the People’s Bank of China’s currency supply and withdrawal processes. It broadens the repertoire of precision monetary policy tools at the disposal of the People’s Bank of China, ensuring greater flexibility and diversification in executing monetary policies.

The predicted fee of the provincial economic boom indicator for the cutting-edge time, just like the GDP of Sichuan Province, is represented by means of ( y ˆ l ) within the econometric model. The beyond styles of financial development are captured through a lag in value ( y ˆ l − 1 ), adjusting for the historic impact. Unobservable factors impacting improvement that are not expressly taken under consideration are protected in the blunders thing ( v l − 1 ). The forecast price of the economic growth inside the gift period is affected by modifications to the lagged financial index and the mistake time period, as proven by using the characteristic ( f ( y ˆ l − 1 , v l − 1 ) ). When positioned all together, equation (3) offers a dynamic framework that indicates how records on clearing and bills interacts with regional monetary increase, which is useful for planning and policymaking.

Secondly, this system facilitates efficient fund circulation among residents, enterprises, financial institutions, and the government. A stable and secure payment and clearing system significantly amplifies the efficacy of fund exchanges. Improved efficiency in commercial banks’ utilization of excess reserves leads to increased current funds held within the units’ excess reserves. This decrease in the excess reserve ratio deposited by commercial banks with the People’s Bank of China augments the scope of asset allocation, such as loan investments, thereby expanding the credit scale. The credit scale escalation prompts a surge in derivative deposits, thereby elevating the impact of the money multiplier.

Furthermore, the streamlined operation of the payment and clearing system expedites the settlement of financial transactions. This effectively diminishes the transit duration or volume of funds. Consequently, residents, enterprises, public institutions, and government agencies demonstrate enhanced flexibility and efficiency in their financial arrangements. Their precautionary motives for holding cash diminish, accelerating currency flow speed, thereby amplifying the influence of the currency multiplier.

The payment and clearing system’s impact, rooted in monetary policy implementation, fund utilization efficiency, and currency circulation velocity, shapes the social money supply. This indirect influence extends to the relationship between supply and demand in the capital market, fund liquidity, money’s purchasing power, and the overall gamut of socio-economic activities.

2.2.1.4 Facilitating Factor Support

Within the framework of economic growth theory, productivity is shaped by various factors including natural resources, human capital, physical capital, scientific advancements, and the institutional environment. Among these, technological advancements play a catalytic role in propelling economic growth. Traditional economic theory emphasizes the contribution of economic factors to this growth.

As society progresses and the economy rapidly evolves, the labor force’s contribution to economic development is expected to marginally decrease, while capital input and technological progress contributions will likely escalate gradually.

The focus at that centered on the towns and prefectures of Sichuan Province explored a link that is encapsulated in equation (4). The shift in location GDP is illustrated with the aid of the a ˆ l , the alternate in percentage in all payments and clearing records is represented by means of i , and manage factors inclusive of manufacturing factors, transparency, and government intervention are protected in ( y ˆ l ) . The nearby gross home product (GDP) increases by way of 0.476% for every one percent factor rise in charge and clearance information, this courting holds true even after controlling for other widespread factors. These effects show that clearing and payment information is a good predictor of local financial increase, which is useful for coverage and method planning via regulatory agencies and government businesses.

The establishment, enhancement, and seamless functioning of the payment system, a vital financial infrastructure, along with the efficient execution of fund delivery and settlement across financial markets (bonds, stocks, foreign exchange, futures, etc.), provide a secure and efficient clearing channel. This expedites capital flow and enhances the efficiency of economic and financial activities. It serves as the fundamental assurance for the orderly advancement of economic and financial activities, offering essential resource-based support and robust technical underpinning for driving economic development.

Methods for deriving useful statistics from time series data are the purview of time series analysis. Many models, including those for predicting, take advantage of this. Panel datasets are a kind of multi-dimensional data collection that includes measurements taken over time for the same company, business, area, or individual. The text presents them as independent and somewhat different modelling frameworks for educational reasons.

Growth in the economy (GDP), consumption, investment, and foreign trade are all examples of economic indicators. Things like government spending, pricing, the money supply, and the balance of payments measure stability in the economy. Policymakers, people, businesses, and investors may learn about the economy’s current and potential future state via economic indicators like GDP, unemployment, inflation, or specific pricing.

Figure 1 explains the evolution of payment and settlement methods – from traditional cash and bank card payments to contemporary online, QR code, FRP, cellphone number payments, and other innovative methods – is a result of practical applications of internet technology, biometrics, and other advanced technologies within the payment sphere. The integration of financial technology in the payment industry has led to the optimization and refinement of payment systems. It has enabled access to a more extensive array of payment scenarios, broadening the scope and depth of payment system coverage. This transformation into online and digital platforms has elevated the quality and efficiency of inclusive financial payment services, thereby fueling economic and social development.

Figure 1

The evolution of payment and settlement methods.

Additionally, the payment and clearing system stands as the fundamental linchpin for economic and financial stability. Payment and clearing data serve as accurate reflections of economic activities. Through meticulous monitoring of this data, it not only mirrors currency circulation speed, transaction activity frequency, cross-border payments, debt defaults, and more but also enables analyses of regional economic development characteristics, industrial structures, sub-sectors, and the impact of sudden occurrences like the COVID-19 outbreak on the economy. This analytical capacity holds substantial practical significance for understanding socio-economic phenomena and development patterns.

This research examines the level of economic development, county finances, industrialization, urbanization, and education scale in the county to demonstrate how EPSC reform has affected these factors. It may be useful for figuring out how the strengthened counties’ extended jurisdiction affects the availability of essentials at the county level. A clear separation of impact route and impact effect is achieved, and suggestions for the relevant government decision-making agencies’ subsequent reform course of action are offered.

2.2.2.1 Modelling

To verify the effect of payment and clearing on the economy, the following basic static panel model is constructed:

Equation (5) explains i represents the regions, t the year, ln gdp i, the logarithm of GDP in year t for region i , and ln payment i,t is the core explanatory variable of this paper, representing the logarithm of the amount of funds cleared in the payment system of region i in year t . X i , t represents a set of control variables, φ and α 1 are regression coefficients, and α 0 denotes the constant term, and μ i are factors that do not vary over time across regions and are used to control the region’s fixed effects, and ε i , t is the random error term.

One of the most influential networks within the ever-converting financial panorama of south-western China is the Sichuan Province Payment Clearing and Regional Economic Development Ecosystem. Figure 2 depicts this linked machine, which emphasizes the significance of powerful charge strategies in promoting local growth by way of revealing the complicated relationships between exceptional parts. These surroundings revolve around the Payment Clearing System. Facilitating smooth transactions and settlements, this mechanism is the spine of monetary interactions in Sichuan Province. Figure 2 suggests that banks and different monetary organizations are vital to this gadget due to the manner money flows thru them. When it comes to managing the complexities of financial transactions and preserving the machine strong, those institutions are vital. Assembled around the Payment Clearing Process are Payments Service Providers, an extensive style of groups that useful resource with the convenience and effectiveness of financial transactions.

Figure 2

Sichuan Province’s mechanism for clearing payments and promoting regional economic development.

By facilitating new sorts of fee and supplying novel thoughts, these service providers, which include technological platforms and charge gateways, improve the surroundings as a whole. It plays a critical position in growing a stimulating atmosphere for economic operations with the aid of catering to the numerous needs of customers and firms. Detailed facts approximately Payment Transactions and Settlements are protected within the next layer of Figure 2. This element indicates how cash moves from the beginning of a transaction all the way to its final agreement, showing how the economic gadget’s liquidity and fitness are laid low with that procedure. When this system runs nicely, it supports the place’s financial information in a preferred and guarantees the regularity of payments specifically. With a focal point in the direction of Economic Indicators, Figure 2 expands outward to cover the bigger economic backdrop. Several measures fall within this class, together with GDP, unemployment charges, and inflation. These metrics indicate how nicely the payment clearing manner is doing economically in Sichuan Province, which is a good indicator of the province’s average financial system. Figure 2 displays how the systems of charge and financial signs are undoubtedly and negatively correlated, emphasizing the importance of a wholesome financial environment in promoting economic increase.

The multi-faceted character of Regional Development is finally captured with the aid of the outermost part of Figure 2.

The typical improvement of Sichuan Province is motivated by a lot of socioeconomic aspects, inclusive of its infrastructure, instructional machine, healthcare system, and others. The Payment Clearing Mechanism’s funding choices and policy preferences are in turn stricken by nearby improvement, which in flip is laid low with economic signs. Sichuan Province’s local monetary improvement and payment clearing are interdependent in complicated approaches, as proven in Figure 2. The illustration depicts the interdependent parts of the monetary gadget, drawing attention to how important it is to have dependable fee systems for the cause of selling sustainable improvement and economic growth. Those in positions of electricity, commercial enterprise, and stakeholder hobby in Sichuan Province’s financial system would do well to familiarize themselves with this ecosystem.

Figure 3 shows the complex network of relationships among Payment and Clearing Data, regional financial improvement, and other elements. It describes the key factors of the econometric take a look at that became done at panel records of Sichuan Province’s cities and prefectures from 2010 to 2021. The complicated relationship amongst financial transactions and the growth of the regional economic system can be better understood by following this pathway, which lays out the essential hyperlinks to a few of the Payment and Clearance Network and several monetary measurements. The Payment and Clearing Data is the beginning of the process and the muse of the complete analysis. This statistic correctly portrays the financial sports happening in the vicinity because it consists of the overall quantity of financial transactions. Figure 3 demonstrates that the Payment and Clearing Data will be the main independent variable in the econometric observes that follows. Figure 3 shows the manner to the following step on the street, which is the analysis of regression (Econometric Model). This is the maximum essential stage in understanding the correlation among the nearby GDP and the payment and clearing statistics.

Figure 3

Economic impacts determined by clearing and payment data.

Representing the statistical strategies used to recognize the effects of Payment and clearing adjustments on the bigger financial environment, Figure 3 encapsulates the spirit of this investigation. The outcomes of this study lay the foundation for deducing useful records regarding the Payment and Clearing System’s economic importance. An extra essential layer of the Control Factors includes the figure’s manufacturing factors, transparency, and authority’s intervention. According to the econometric version, these parameters are very vital for making the evaluation greater unique. Researchers have been capable of getting a better examination of how Payment and Clearing Data affected nearby GDP after accounting for those confounding factors. Taking these into account will help monitor an extra problematic depiction of the monetary mechanisms at work, as Figure 3 certainly shows. The nearby GDP is the final intention on the end of the street. This signifies the enlargement and manufacturing of the local economic system.

The figure illustrates the look it’s foremost locating, that’s that there is a sturdy correlation among a rise within the total amount of Payment and Clearing Data and favorable upgrades in the Regional GDP. There is quantification of the share increase in Payment and Clearing, which demonstrates a good-sized economic impact. After deliberating all of the relevant variables, the elasticity coefficient remains pretty high at 0.1%, proving that the association is powerful. Figure 3 is an image that illustrates the intricate relationships that are being investigated. These illustrations provide an understanding of the process by which Payment and Clearing Data contribute to the expansion of local economies. Figure 3, which is an invaluable visual aid, makes the main findings of the analysis more approachable and simpler to recognize. This is because it takes into consideration a more comprehensive understanding of the financial outcomes of the Payment and Clearing Network in Sichuan Province.

2.2.2.2 Foundational Analysis

2.2.2.3 Selection of Variables and Description of Data

The explained variable of this paper is GDP (lngdp), which is used to measure the level of regional socio-economic development. The core explanatory variable is the payment system funds clearing volume (lnpaymt). The People’s Bank of China large-value real-time payment system, the "aorta" for the flow of social funds, handles about 70% of the whole social capital flow, so its large-value real-time payment system business amount is selected as a representative of the payment system funds clearing volume by taking into account the stability of the payment system, data timeliness and availability, etc. In order to facilitate interpretation and reduce heteroskedasticity, GDP and fund clearing volume are converted into logarithmic values.

Based on the theory related to economic growth and by referring to the practice of scholars such as Qian et al. (2020), Tao al. (2016), and Zhang (2012), the following six types of indicators, such as labor inputs, capital inputs, industrial structure, urbanization rate, etc., are selected as control variables:

2.2.2.3.6 Urbanization Rate (urban)

Economic growth is impossible without urbanization as urbanization brings population and capital. This paper measures the urbanization rate by the proportion of the urban population to the total population.

The average income and wage growth rate are the primary indicators of labor earnings, which are the primary concerns of employees. The minimum income guarantee and the social insurance ratio are two components of social security. The first is the percentage of workers who are covered by social insurance, while the latter is the ratio of the minimum wage to the average pay. Many rural excess labor forces in China have shifted their focus to non-farm businesses as a result of the country’s urbanization trend and the general strategy that encourages employment in both urban and rural areas. Furthermore, there has been a consistent rise in the number of employment opportunities in both urban and rural areas. Furthermore, it needs to boost manufacturing employment, revitalize the advanced manufacturing sector, and depend on the real economy if it wants to become a manufacturing power. Consequently, this paper primarily focuses on the urban-rural structure of employment, the industrial-rural structure of employment, and the manufacturing employment rate, which are quantified by the urban employed population proportion, the tertiary industry employed population ratio, and the manufacturing employment rate, respectively. The urban registered unemployment rate and the labor participation rate are components of the work availability index. A key statistic that shows the state of employment in China is the urban registered unemployment rate. Despite the fact that the urban survey unemployment rate is more precise, the present paper uses the urban registered unemployment rate due to the availability of region data.

Dataset Description: An initial evaluation that considers the estimate of the cross-sectional dependency exponent yields a conclusive result that supports substantial cross-sectional dependence. This finding implies that a factor structure is better than a spatial error model, which has important implications for econometric modelling. The estimated findings show that domestic R&D and spatial spillovers help wealthier nations more than poorer ones, but trade-related spillovers are more beneficial to smaller countries. According to the data (https://datasetsearch.research.google.com/search?src=0&query=Payment%20Clearing%20on%20panel%20data&docid=L2cvMTFzc2hodzBzYw%3D%3D), the quantity of schooling is no longer significantly associated with outcomes if the issue of (maybe several) correlated unobserved variables is resolved.

Names and definitions of the variables are shown in Table 1:

Table 1

Variable description

Type	Code	Name	Definition
Implicit variable	Lngdp	GDP	Logarithm of GDP
Core explanatory variable	lnpaymt	Amount of payment transaction	Logarithm of large-value payment system business amount
Control variable	Lnlabor	Labor input	Logarithm of labor force size
Control variable	Lncaptl	Level of capital input	Logarithm of the total investment in fixed assets
Control variable	Open	Level of economic openness	Total exports and imports/GDP
Control variable	Indust	Industry structure	Tertiary output /GDP
Control variable	Gover	Degree of government intervention	Public budget expenditure/GDP
Control variable	Urban	Urbanization rate	Urban population/total population

Figure 4 explains the data on the fund clearing volume of large-value real-time payment system used in this paper come from the Chengdu Branch of the People’s Bank of China, while all other data come from the Sichuan Statistical Yearbook, the statistical yearbooks of various cities and prefectures, and the official website of the Sichuan Provincial Bureau of Statistics. In addition, as the data on the total investment in fixed assets are only published until 2018, the values thereafter are extrapolated based on their growth rates. The sample contains annual data from 2010 to 2021 for 21 cities and prefectures in Sichuan Province, with a sample capacity of 252. The descriptive statistical analysis of each variable is shown in Table 2:

Figure 4

Descriptive statistics.

Table 2

Descriptive statistics

Variable	Observations	Averages	Standard deviation	Median	Minimum	Maximum
lngdp	252	6.934	0.839	6.910	4.811	9.899
Lnpaymt	252	9.592	1.328	9.461	6.849	14.13
lnlabor	252	5.184	0.647	5.210	3.826	7.053
lncaptl	252	6.855	0.731	6.791	5.352	9.593
open	252	4.499	7.014	2.260	0.216	41.28
indust	252	41.2	8.844	40.19	16.57	66.88
gover	252	30.14	25.77	20.76	11.23	153.5
urban	252	44.20	11.06	42.63	20.53	79.48

2.3.3.1 Change the Core Explanatory Variables

Equation (8) depicts the GDP of Sichuan Province at time ‘ l ’, a critical monetary statistic. The general impact of the factors that affect it’s far represented by using the coefficient ( J ). There is a widespread effective affiliation between local financial progress and the ( L l ), which represents the whole charge and clearance statistics at time ‘ l ’. ( I l ) consists of more variables that were accounted for inside the evaluation, along with manufacturing additives and authorities involvement. ( Q l ∣ l − 1 ) stands for the monetary indicator from the earlier time, which shows how the economic situations of the beyond have affected the cutting-edge state of affairs. Central to equation (8) is the concept that it depicts the ever-converting relationship among financial growth within the location in Sichuan Province, facts on bills and clearing, and a number of other elements.

A sensitivity analysis measures how much a change in an independent variable impacts a dependent variable. The study shows that the characteristics influencing the choice to utilize digital payment methods include perceived utility, perceived ease of use, perceived trustworthiness, subjective norms, attitude, and intention. Data breaches and other cyber security concerns pose a danger that might hurt consumers and businesses alike. Digital payment networks also risk encouraging consumers to spend more money than they have and not be as careful with their budgets. Sensitivity analysis aims to find, under certain assumptions, the relationship between a dependent variable and the impact of varying values of an independent variable.

The benchmark regression is repeated by replacing the core explanatory variable lnpaymt with one-period lagged core explanatory variable L. lnpaymt to alleviate the two-way causality problem to some extent. The results show that the parameter estimate of the one-period lagged core explanatory variable L. lnpaymt is 0.0660, which is significant at the 5% confidence interval. That is, the positive and negative signs and significant levels of the parameter estimates of the core explanatory variables are consistent with the results of the benchmark regression regardless of the type of econometric model used. This indicates that the regression is robust and not affected by the specific form of the core explanatory variables.

Chengdu, with special characteristics, exhibits very obvious advantages over other cities and prefectures in the province in terms of economy, industry, and infrastructure, which may lead to extreme values and affect the regression results. After Chengdu is excluded, the benchmark regression is repeated, and the results show that the estimated value of lnpaymt is 0.1054, which is significant at the 1% confidence interval (Table 5). The comparison shows that the parameter estimates of the core explanatory variables are positive and significant at least at the 5% confidence level regardless of the way of robustness test, indicating that the results are robust.

A sensitivity analysis is one way to determine how much changes to one variable’s input values affect a mathematical model’s output. Using digital panel sensitivity analysis, one may decide which data points are most important to gather to calculate a project’s ROI. Parameter sensitivity analysis is a crucial tool when investigating theoretical representations of practical issues. An in-depth sensitivity study of model parameters provides a general set of predictions illustrating how changing a parameter affects important model outputs.

Policy suggestion

1. Make use of payment-clearing data in economic monitoring research and application. At the macro level, time-sensitive payment and clearing data can not only monitor and reflect macroeconomic and regional economic performance in a timely manner but also reflect the transmission path and implementation effects of monetary policies. At the micro level, payment and clearing data can reflect changes in the flow of funds in regions and industries, and information on the financial transactions of residents and enterprises, which is of practical significance for the analysis of changes in the economic structure, income distribution, and the consumption behavior of residents. The relevant departments are recommended to further strengthen the research and application of payment and clearing data and expand the scope of their relevance research beyond macroeconomics, regional economy, monetary policy, consumption behavior, and other aspects, so as to provide valuable references for policy formulation by decision-making departments and strategic planning by enterprises.

2. Establish a payment and clearing database and fully tap the potential research value of payment and clearing data. First, collect payment and clearing data from the People’s Bank of China, intra-bank systems for banking and financial institutions, UnionPay, non-bank payment institutions, etc., and integrate payment and clearing resources from the dimensions of time, space, mode and industry chain to industries, customers, settlement tools, and geographic locations and serve as the basic database resources for the study of socio-economic activities. Secondly, non-bank payment institutions have a large number of business transactions, a wide range of applications, occupy a large market share in the field of retail payment, and cover a large amount of valuable information such as residents’ life services and consumption habits etc. Further tapping the payment information of non-bank payment institutions is conducive to expanding the consumer market and stimulating the demand for consumption. Thirdly, at present, the payment data of banks and financial institutions have not been networked and shared, and the payment systems of large state-owned banks and national joint-stock commercial banks have a large share in the financial transactions of society as a whole, which has an important research value for the analysis of regional economic activities and customers’ financial transactions. As a result, it is suggested that, within a reasonable range, payment and clearing data should be desensitized and shared, so as to ensure data completeness and comprehensiveness.

Researchers should take their time with research design, quality control, and execution (including methods for recruiting participants, collecting data, analyzing it, and selecting an appropriate sample size) to boost the study’s internal validity. For research to be valid, its procedures must be well-structured, the instruments employed must be accurate, and the results must have a low level of systematic error.

With a framework consisting of three dimensions and seven indicators, this study examines how the quality of economic development affects the quality of employment. It seems logical that a region’s job prospects, ability collection, and income are all going to rise in parallel with its degree of economic growth. Regional employment is positively impacted by the forecasted economic development; nevertheless, the regression findings give additional information to how the actual outcomes align with the expected outcomes.