Abstract: This paper constructs a multi-sector endogenous growth model with a micro foundation of the data value chain. Theoretically, it reveals how data, through the synergistic effects of three mechanisms—accumulation of factors, promotion of technological progress, and driving of economic structural transformation, multiplies the effect on economic growth. The study finds that: (1) the synergistic interplay of the three mechanisms contributes approximately 1.73 percentage points of additional growth rate, accounting for 31.1% of the total endogenous growth dynamics, thereby constituting a significant output synergistic multiplier result; and (2) among individual mechanisms, structural transformation (29.1%) and technological progress (21.8%) are the primary drivers, yet relying solely on any single mechanism cannot explain the high-speed growth of China’s digital economy; the positive feedback loop among the mechanisms is key. This provides a new theoretical perspective and quantitative basis for understanding the growth dynamics of China’s digital economy and for formulating relevant policies.

Key words: data factor, economic growth, synergistic mechanism, synergistic multiplier effect, data value chain