Abstract: The digital economy policy is one of the manifestations of the government's support for the development of the digital economy, and the analysis of policy characteristics is helpful to clarify the implementation effect of the policy. Based on the characteristics of the digital economy and from the perspective of the digital economy industry chain, this study uses 468 comprehensive digital economy policies in China from 2017 to 2022, combined with text analysis methods, network analysis methods and spatial econometric models. The results show that China's digital economy policies are divided into eight categories: talent training, enterprise and park development, service platform, technology development, industrial integration development, declaration and evaluation, management and planning, and rewards and subsidies. Overall, the digital economy policies have significantly promoted the development of the digital economy in both the region and neighboring regions. Policies related to talent training and technology development have shown significant positive externalities, and policies on enterprise and park development, service platforms, technology development, incentives and subsidies, and management and planning all show obvious digital economy promotion effects. The number of digital economy policies has a long-term impact on the development of the digital economy, while the intensity of digital economy policies has a significant effect in the short term.

Key words: Digital economy policy, LDA topic model, Social network analysis, Text analysis, Spatial error model