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An Evolutionary Economic Geography Perspective

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An Evolutionary Economic Geography Perspective The emergence of the fintech industry in China: An evolutionary economic geography perspective Doctoral dissertation In fulfillment of the requirements for the degree “Dr. rer. nat” Of the Faculty of Mathematics and National Sciences At Kiel University Submitted by Yijia Chen Kiel, 2021 First examiner: Prof. Dr. Robert Hassink Second examiner: Prof. Dr. Chun Yang Date of the oral examination: June 21st, 2021 Approval for publication: a The research project of this dissertation was conducted at the Department of Geography, Faculty of Mathematics and Natural Sciences at the Christian-Albrechts-Universtät zu Kiel. The project was funded by the Chinese Scholarship Council (CSC). b Table of Contents Table of Contents ........................................................................................................................ i Acknowledgments.................................................................................................................... iii Summary .................................................................................................................................... v Zusammenfassung.................................................................................................................. viii List of Figures ........................................................................................................................... xi List of Tables ............................................................................................................................ xii Chapter 1: Introduction .............................................................................................................. 1 1.1 Practical background .................................................................................................... 1 1.1.1 Digitalization across the world ......................................................................... 1 1.1.2 Fintech as one of the most digitized industries ................................................. 4 1.1.3 Global fintech landscape ................................................................................... 5 1.1.4 Interim summary of the practical background .................................................. 8 1.2 Theoretical literature review ........................................................................................ 9 1.2.2 The status quo of evolutionary economic geography ..................................... 13 1.3 Identifying the research gaps ..................................................................................... 24 1.4 Structure of the dissertation ....................................................................................... 28 Chapter 2: History of the fintech development in China and Shenzhen .................................. 31 2.1 The evolution of the fintech industry in China .......................................................... 31 2.2 The geographical distribution of the fintech industry in China ................................. 36 2.3 The evolution of the fintech industry in Shenzhen .................................................... 37 2.4 Interim summary ........................................................................................................ 42 Chapter 3: Methodology .......................................................................................................... 43 3.1 The brief introduction of the mixed-method .............................................................. 43 3.2 Applying the mixed-method into the evolutionary economic geography .................. 46 3.3 The selection of the embedded approach in this study .............................................. 51 Chapter 4: Exploring the role of supply-side technology and demand-side market in the rise of i the fintech industry: A quantitative regression analysis of China’s city-level patenting ......... 53 4.1 Introduction ................................................................................................................ 53 4.2 Analytical framework................................................................................................. 53 4.3 Data and quantitative method .................................................................................... 59 4.4 Results ........................................................................................................................ 68 4.5 Interim summary ........................................................................................................ 75 Chapter 5: Modifying technology, demand, and institutional logics for regional industrial path development: A qualitative case study of the fintech sector in Shenzhen ............................... 77 5.1 Introduction ................................................................................................................ 77 5.2 Theoretical framework ............................................................................................... 78 5.2.1 Regional precondition ..................................................................................... 78 5.2.2 Asset modification .......................................................................................... 79 5.3 Data and qualitative method ...................................................................................... 87 5.4 Results ........................................................................................................................ 92 5.4.1 A favorable regional precondition in Shenzhen .............................................. 92 5.4.2 Internet industry diversified into fintech......................................................... 99 5.4.3 Financial industry diversified into fintech .................................................... 119 5.5 Interim summary ...................................................................................................... 140 Chapter 6: Conclusions and outlook ...................................................................................... 147 6.1 Summary of the main findings and contributions of the dissertation ...................... 147 6.2 Policy implications for nurturing fintech industry in regions .................................. 155 6.3 Limitations of the research and directions for future research ................................ 156 References .............................................................................................................................. 161 Appendix A. Interview guide ................................................................................................. 191 DECLARATION.................................................................................................................... 193 ii Acknowledgments With the deepest gratitude, I wish to thank every person who has inspired, illuminated, supported, and encouraged me to make this dissertation possible. First and foremost, I would like to thank my supervisor, Professor Robert Hassink. His vision, enthusiasm, kindness, and patience guided me through the various stages of my Ph.D. study. Many thanks to him for give me the opportunity to start my Ph.D. study at Kiel University, particularly when my spoken English was poor. Moreover, I would like to thank him to support me to attend the International Ph.D. course on Economic Geography at Utrecht University in 2018, the 5th Global Conference on Economic Geography in Cologne in 2018, and the 8th Nordic Geographers Meeting in Trondheim in 2019. I would also like to thank my second supervisor, Prof. Chun Yang, for her useful comments and suggestions on my Ph.D. research and inspiring me to improve my dissertation. The same gratitude goes to the other three members of my Ph.D. examination committee (Prof. Florian Dünckmann (chairman), Prof. Hans-Martin Zademach, and Prof. Silja Klepp). Colleagues here at the Department of Geography also helped me a lot during my study. I would like to thank my current and former colleagues in the working group, Han Chu, Fabian Faller, Huiwen Gong, Sinje Grenzdörffer, Xiaohui Hu, Yuchen Hu, Aljosa Isakovic, Christina Nikolic, Eduardo Henrique Da Silva Oliveira, Adriana Petre, Juntao Tan, Gerlind Wagner-Vogel, and Shuaijun Xue (Arranged in alphabetical order). The same thanks go to people who gave me feedback in the Human Geography Colloquium when I presented my research there. I also wish to acknowledge the help, encouragement, and support provided by my friends throughout the Ph.D. study, especially Amy Li in San Francisco and Shuhong Wang in Guangzhou, who spent lots of time chatting with me almost every day and brought me about the technology frontiers in Silicon Village and Shenzhen, respectively. These everyday chatting made me feel at home when I pursued a doctoral degree in a foreign country. This research would not have been possible without adequate funding. I owe great thanks to iii the China Scholarship Council (201808080036), the financial supports from the Working Group Economic Geography, and the Abschlussbeihilfen für Doktorandinnen und Doktoranden des DAAD aus Mitteln des Auswärtigen. Many thanks also to all the interviewees in Shenzhen for taking their time to share their inspiring stories and knowledge. Without their support, I would not have been able to collect a large amount of solid and reliable data. Finally, I am forever indebted to my family members. Without their love, patience, encouragement, and support, I would not have completed this Ph.D. study. Kiel, April 2021 iv Summary
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