The existing digital transformation of advanced economies and its promotion of the second economic globalization digests the high employment costs of industrialization and realizes low-cost global innovation. However，this has also brought about a series of problems such as the polarization effect of the labor market weakening the incentive of human capital accumulation，the pursuit of monopoly rent by centralized platform companies to suppress network effects and collaborative innovation，and the rise of offshore production that damages the integrity of the local innovation ecosystem. Ultimately，the ability to create new industries and new markets in advanced economies is weakened. It is precisely because of the failure to realize the improvement of knowledge productivity that the existing digital transformation of advanced economies and their promotion of the second economic globalization failed to successfully meet the Jones challenge，that is，to reconstruct the growth momentum under the condition of the disappearance of the demographic dividend，so that the creation of new industries. In the face of such unsustainable digital transformation and globalization，developed economies have begun to carry out a series of domestic and foreign policy adjustments such as advocating the construction of the metaverse，promoting the web 3.0 revolution in the second half of the Internet，and regaining a growth-oriented trade strategy for the digital transformation of productivity. This report comprehensively uses the digital economy industry data，the annual report disclosure data of listed companies in the digital core industry，and the high-frequency and fine-grained digital transformation data of listed companies obtained by crawler technology. With policy adjustments，the development of the digital economy still has potential to be tapped，and good conditions can be created for investment in the digital economy.