Data is the primary factor of production in the digital economy, playing a role in promoting the deep integration of the digital economy and the real economy and smoothing the national economic cycle. After entering the circulation system of the real economy, data is rapidly integrated into production, circulation, consumption, distribution, and other links. It optimizes resource allocation, unblocks circulation channels, promotes accurate matching of supply and demand, stimulates emerging demand, and forms a virtuous circle of digital technology application, traditional physical enterprise transformation, and technological innovation. Integrated development is an important feature of the digital economy. Data promotes the integration of factors of production, products, enterprises, industries, and markets, which fosters a circular system with deep integration of the digital economy and the real economy. To promote the deep integration of the digital economy and the real economy, the government and business entities should take measures to improve the circular efficiency of the digital economy and the real economy. These measures include attaching importance to the role of data-driven development, improving data capacity, data development, and utilization in enterprises, exploring diverse circulation models of enterprise data, and creating typical application scenarios and industrial data spaces.

With the rapid development and widespread application of new-generation digital technologies, the digital economy is playing an increasingly important role in driving China’s high-quality economic development. As economic growth drivers undergo transformation, studying how to promote the deep integration of the digital economy and the real economy (digital-real economy integration) holds significant strategic importance. In general, the digital-real economy integration of China has made impressive advancements, becoming an irreversible trend. Nonetheless, there persist challenges that necessitate attention, such as the imperative to strengthen underlying technology support and improve the quality of integration. By integrating specific application scenarios of digital technology with traditional enterprise theory, we can gain a comprehensive understanding of how the digital economy empowers innovation and development in traditional enterprises, thereby facilitating the exploration of practical paths for the deep digital-real economy integration. A thorough examination of the main forms and connotations of this deep integration allows us to analyze specific paths across three key dimensions: product layer, enterprise layer, and industry layer. By adopting this approach, a research framework that promotes the deep digital-real economy integration can be established.

The deep integration of digital technology and the real economy is a vital engine for boosting high-quality growth of the real economy. As a result, it is necessary to investigate the effects of this integration on the real economy. This paper develops a two-sector model that incorporates the production sector and the technology research and development sector, taking into account both the factor attribute and the technical attribute of digital technology. Digital capital, general capital, skilled labor, and unskilled labor are considered as intermediate inputs in the model. Furthermore, this paper examines the effects of two integration modes, i.e., factor-based integration and technology-based integration, on the development of the real economy and the biased technical change from a theoretical perspective. Empirical tests are conducted to support the analysis. The findings indicate that both factor-based integration and technology-based integration contribute positively to the development of the real economy, although technology-based integration exhibits diminishing marginal effects. Heterogeneity analysis reveals that factor-based integration plays a more significant role in promoting the development of the real economy in regions with geographical advantages, low levels of human resources, high marketization levels, or low market segmentation. On the other hand, technology-based integration assumes a greater role in facilitating the development of the real economy in regions with geographical disadvantages, low costs on human resources, low marketization levels, or high market segmentation. Further analysis demonstrates that the integration of digital technology and the real economy leads to digital capital-biased technical change and skilled labor-biased technical change. Therefore, it is imperative for the public sector to encourage the expansion of both factor-based integration and technology-based integration in the real economy. Additionally, it is also important to develop a reasonable industry layout plan and enhance the skill level of workers to address the rising demand for relevant factors resulting from changes in the biased technical change.

The traditional manufacturing industry is the backbone of China’s real economy, which serves as the cornerstone for fostering high-quality economic development. This paper analyzes the operational mechanism and impact of the digital economy on the integration of traditional manufacturing industry chain and innovation chain. To achieve these goals, this paper first establishes an evaluation indicator system from three dimensions, such as the industrial base, innovation ecosystem, and economic benefits. Additionally, the paper adopts a comprehensive approach, incorporating the coupling coordination degree model, spatial econometric model, and mediating effect model. The major findings include three points. (1) The digital economy plays a pivotal role in promoting the integration of traditional manufacturing industry chain and innovation chain by addressing capital mismatches, facilitating the concentration of technology talents, and promoting financial development. The integration contributes to the optimized allocation of scientific and technological resources with innovation in the upgrading of production factors. (2) The digital economy plays a nonlinear role in promoting the integration of traditional manufacturing industry chain and innovation chain. (3) The digital economy has a positive spatial spillover effect on the integrated development of traditional manufacturing industry chain and innovation chain.

Promoting integrated development of the digital economy and the real economy is a strategic endeavor for China to bolster the burgeoning driving force of the real economy, establish a modern industrial system, achieve high-quality economic growth, and elevate international competitiveness. The essence of integrated development of the digital economy and the real economy lies in the restructuring and upgrading of input factors and production and operational models within traditional enterprises, enabling traditional enterprises to undergo a digital intelligence transformation and upgrade. This transformation is achieved by harnessing data factors, digital technologies, and digitalized intelligent products provided by the digital economy sector. In practice, the integration of the digital economy and the real economy takes place by incorporating digital technologies into the production and operational nodes of traditional enterprises, leading to the implementation of diverse integration modes, each with its own unique level of efficiency. At present, it is imperative for China to establish a division of labor and cooperation mechanism characterized by an efficient market and a proactive government to further promote integrated development of the digital economy and the real economy.