Impact of the Digital Economy and Financial Development on Residents’ Consumption Upgrading: Evidence from Mainland China

Round 1

Reviewer 1 Report

This paper explores the impact of digital economy and financial development on residential consumption upgrading in China using Panel Data Model, proposes some countermeasures according to empirical analysis. The topic considered is interesting and the paper is well structured. However, there are some shortcomings need to be improved:

1. There are some colloquial words in the article, which are not accurate. Please check your manuscript for spelling and typographical mistakes.

2. Please confirm if there are errors in the formula and formula explanation, such as:  equation (13) in 4.3.2 ?

3. Please note the table layout of this article to avoid the table being split by the page. For examples: Table 6 on page 12;Table 7 on page 13; Table 13 on page 17.

4.Please distinguish the difference between the explained variable and the explanatory variable. Generally, the y-variable is called the dependent variable, the outcome variable, the explained variable, the left-hand-side variable，and the variable x-variable is called the independent variable, the explanatory variable, the right-hand-side variable.

There are some colloquial words in the article, which are not accurate. Please check your manuscript for spelling and typographical mistakes.

Author Response

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Author Response File: Author Response.pdf

Reviewer 2 Report

Dear  authors,
Thank you for the opportunity to review your manuscript.

In my opinion, your paper addresses a very interesting and topical issue, with a very interesting empirically analysis. The results of your analysis enrich the research in this field The conclusions are correlated with the results obtained, fully answering the research question. We can also mention the rich bibliography used, which includes 61 relevant publications in the field.

However, from my point of view, you have to explain why the situation in China would be of interest to readers around the world.

Overall, I evaluate the study very positively and I recommend its publication.

Author Response

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Author Response File: Author Response.pdf

Reviewer 3 Report

The article contains elements of novelty, but the authors should make additions.

1) The authors did not justify why the indicators from Tables 1 and 2 were chosen to describe DE and FD. A specific theoretical model should be given, or evidence should be provided about the need to consider one or the other indicator.

2) The hypotheses should be correlated. The authors have not shown this.

3) Authors should describe the methodology of the panel study in more detail.

4) The authors should justify the choice of econometric methodology rather than some other research tools.

5) The authors should expand the discussion section.

6) The authors considered the question based on data from 30 provinces. In this case, we should consider the territorial differentiation for these territories, to build a cartogram.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf