Comparative Study On The Influence Of Inclusive Finance On Rural Economic Growth In Three Regions Of Jiangsu Province

The financial sector is a powerful guarantee for the blood of the economic market and its development mechanism.Since the concept of "inclusive finance" was proposed in 2005,the third plenary session of the 18 th CPC central committee took it as a party and government issue for reform.In 2016,it clearly put forward the plan to promote the development of inclusive finance(2016-2020),and pointed out that the amount gap of "agriculture,rural areas and farmers" in China is still large.It can be seen that “inclusive finance” has risen to the national strategic level,which has attracted the attention and close attention of the state and society.In recent years,Inclusive Finance has become an important part of China's financial system and economic development.It has far-reaching impact on rural economic growth and structural transformation reform in the three major regions of Jiangsu.Starting from the connotation and definition of inclusive finance,this paper firstly sorts out the research conclusions of index construction and influencing factors of inclusive finance at home and abroad.Secondly,according to the development status and difficulties and bottlenecks of inclusive finance and rural economic growth in the three regions of jiangsu province,eight indexes from three dimensions were selected in the Sarma index evaluation method to calculate the inclusive finance index of the three regions of jiangsu province from 1998 to 2017,and to evaluate and compare the overall development trend and regional differences of inclusive finance in jiangsu province.The empirical results of the assessment show that the development level of inclusive finance in the three major regions of Jiangsu has been increasing year by year.The development level of inclusive finance in southern Jiangsu is relatively high,and the inclusive financial index has reached 0.6528.In comparison,although the starting point is low in the central and northern Jiangsu,the growth rate is far greater than that in the southern Jiangsu region.The inclusive financial level in 2017 was 26.6 times and 60 times in 1998,respectively.The development level of inclusive finance in the three major regions of Jiangsu has obvious regional differences.Under the background of economic development of the new normal,improving the efficiency of financial services,strengthening the construction of inclusive financial infrastructure,and promoting mobile finance to achieve financial inclusion are conducive to rural economic growth.The relationship between inclusive finance and rural economic growth is studied based on multiple regression model,grey correlation analysis and prediction model.The empirical results show that the correlation between the inclusive financial index,per capita income of residents and road density and rural economic growth has basically reached 0.9,especially for the northern Jiangsu region.Internet penetration rate only has a positive impact on rural economic growth in northern Jiangsu,and its correlation reaches 0.662.In multiple regression,the urbanization rate has a negative impact on the rural economic growth in southern Jiangsu,with an impact coefficient of-0.043.It has positive influence on central and northern Jiangsu.In the grey correlation analysis,the correlation degree between urbanization rate and rural economic growth in southern,central and northern Jiangsu is 0.791,0.610 and 0.589,respectively.The development level of inclusive finance and economic growth promote and restrict each other,showing an inverted u-shaped relationship.The degree of financial benefits has a significant policy and time effect on rural economic growth,especially in 2006-2008 and 2015-2017.Different external environment also has different influence on rural economic growth.The mutually reinforcing development of inclusive finance and rural economic growth also needs to further strengthen the infrastructure construction of the financial sector,improve the level of financial informatization and service efficiency,enrich financial products and encourage innovation of multi-financial institutions,coordinate urban and rural regional economic development,and popularize mass finance.Professional basic knowledge and strengthening legislation and regulation in the financial sector are more conducive to promoting rural economic growth.