As a new engine to stimulate the vitality of consumption, the debut economy is the power engine to smooth domestic circulation and release the potential of domestic demand, which can quickly enhance the commercial level and attractiveness of cities and has an important impact on Chinese-style consumption modernization. Based on the panel data of 283 cities at the prefecture level and above in China from 2015 to 2024, the two-way fixed effect model and the intermediary effect model were used to examine the relationship between the debut economy, the allocation of innovative factors, and Chinese-style consumption modernization. The results show that the development of the debut economy plays a significant role in promoting the modernization of Chinese-style consumption. After adjusting the measurement method of the explained variables, excluding the sample data of provincial capital cities and municipalities directly under the central government, and controlling the policy interference in the same period, this conclusion still holds. The analysis of intermediary effect shows that the debut economy can promote the modernization of Chinese-style consumption by promoting the optimization of the allocation of innovative factors. Heterogeneity analysis shows that in large-scale cities and cities with a high marketization level, the debut economy has a stronger driving effect on Chinese-style consumption modernization, and it is obviously stronger than that of small and medium-sized cities and cities with a low marketization level. Therefore, countermeasures and suggestions were proposed to take multiple measures to promote the development of the debut economy, optimize the allocation of innovation factors, and cultivate the debut economy according to local conditions. The above conclusions can provide theoretical cornerstones and practical paths for China to promote the prosperity of the debut economy and cultivate new growth points of Chinese-style consumption modernization.

the debut economy  /  Chinese-style consumption modernization  /  the allocation of innovative factors  /  Chinese path to modernization  /  marketization level  /  urban size