A Research In The Impact Of Inclusive Finance Development On Economic Growth In Heilongjiang Province

Finance is the core of the modern economy,but both developed and developing countries have serious financial exclusion problems,which makes some low-income groups and the poor can not enjoy the normal financial services.In this context,the United Nations General Assembly put forward the “Inclusive Finance” concept in 2005.In China,the Party Central Committee include Inclusive Finance into the party's governing agenda for the first time in 2013.In 2016,the State Council formulated the “Promotion of Inclusive Financial Development Plan(2016-2020)”,which is sufficient to explain the necessity of developing inclusive finance in China.It is undeniable that after years of development,the comprehensive strength of the financial industry in Heilongjiang Province has been greatly enhanced.However,there are still serious dualistic financial problems in Heilongjiang Province.The financial resources are concentrated in urban areas and high-end customers,while rural areas,the poor and small and medium-sized enterprises and other vulnerable groups can not obtain financial services,which will lead to urban and rural areas in Heilongjiang dual economic and urban-rural income gap to further expand,seriously restricting the economic and social development in Heilongjiang Province.In this context,taking Heilongjiang Province as an example,it is of great significance to study the impact of inclusive financial development on economic growth and put forward corresponding countermeasures and suggestions for promoting the construction of inclusive financial system in Heilongjiang Province and the whole country to promote economic growth in Heilongjiang Province.First of all,on the basis of elaborating the background of inclusive finance,this paper introduces the concept of inclusive finance and economic growth and the related theories as a theoretical support.Secondly,on the basis of reviewing the scholars' research on the level of inclusive financial development,this paper constructs the model of inclusive financial Index,and uses this model to measure the level of Inclusive financial development in Heilongjiang Province from 2005 to 2014.The results show that the development level of inclusive finance in Heilongjiang Province is generally fluctuating,but there are still many problems and challenges in the development of inclusive finance in Heilongjiang Province.Thirdly,this paper uses the relevant data of Heilongjiang Province from 2005 to 2014 to construct the measurement model,and quantitatively measure the impact of the level of inclusive financial development on economic growth in Heilongjiang Province.Finally,on the basis of empirical analysis,this paper putsforward that the establishment of multi-level wide coverage of financial institutions,accelerating the financial innovation to meet the expanding financial service demand,weakening the phenomenon of “elite capture” in financial poverty alleviation and playing the role of the government in the construction of the financial system and other targeted countermeasures to promote economic growth in Heilongjiang Province.