Abstract:  China attaches great importance to the development of the real economy. In the Central Financial Work Conference, it was stressed again that finance must serve the real economy, and finance should provide high-quality services for economic and social development. Under the background of the rapid development of financial technology, ways and means of financial services for the real economy have been constantly innovated and improved, which has injected new vitality into the development of the real economy. The panel data in China’s 31 provinces (autonomous regions and municipalities) from 2012 to 2021 is selected to conduct a systematic empirical test on the impact of financial technology on the efficiency of finance in supporting the real economy. The findings are as follows. Financial technology significantly improves the efficiency of finance in supporting the real economy; Financial regulation is included in the model, and it is found that financial regulation has a positive moderating effect on the relationship between financial technology and the efficiency of finance in supporting the real economy; Financial technology plays a more significant role in improving the efficiency of finance in supporting the real economy in eastern regions and regions with higher financial development levels. The research provides theoretical basis and empirical evidence for promoting the development of financial technology, improving the efficiency of finance in supporting the real economy and implementing appropriate financial regulation.

Key words: financial technology, real economy, efficiency of finance in supporting real economy, financial regulation