Impact of FinTech on the industrial structural transformation: Evidence from China's resource-based cities

In the wave of global digital transformation, FinTech plays an increasingly prominent role in leading economic development and industrial structure transformation (IST). Furthermore, developing natural resources in resource-dependent cities typically requires significant capital investment. Therefore, exploring strategies that leverage FinTech to introduce innovative financial products and services emerges as a critical pursuit, holding the key to enhancing operational efficiency within the resource extraction sector and facilitating industrial advancement. This study investigates the impact of FinTech on IST in Chinese resource-based cities. Empirical data demonstrates the significant driving role of FinTech in improving IST. It demonstrates a positive association between the influence of FinTech and the depth of financial deepening. The heterogeneity analysis of the subsample reveals that the positive impact of FinTech on IST is particularly evident in central and western cities, small and medium-sized cities, and cities with a high level of marketization. There exists an apparent threshold effect of FinTech on IST, beyond which the role of FinTech in guiding IST becomes more prominent. The insights derived from this study aim to enhance the empowering potential of FinTech, thereby paving a more robust path for IST in resource-based cities.