Research On International Comparison Of Inclusive Finance And Its Influencing Factors

The concept of Inclusive Finance was first formally put forward at the "Year of Microcredit" held by the United Nations in 2005.China formally introduced the concept of Inclusive Finance in 2006.In order to build an inclusive financial system with wide coverage competitiveness and fairness,all countries vigorously promote inclusive financial development,so as to solve the problem of insufficient supply of financial services.This development goal is not only consistent with the concepts of"inclusive development" and "harmonious development" advocated by China,but also closely related to economic development,financial stability,social progress and other issues of people's livelihood.As a result,it has attracted wide attention in China.With the continuous development of Inclusive Finance theory and practice at home and abroad,how to further promote inclusive finance in depth has become the focus of theoretical and practical research.Therefore,the purpose of this paper is to clarify the position of China's inclusive financial development level in the international community,and to find out the problems in China's development of Inclusive Finance and what are the key factors affecting the development level of inclusive finance,so as to provide reasonable and feasible policy recommendations for further promoting the development of Inclusive Finance.Firstly,this paper compares and analyses the differences of Inclusive Finance development among the world's economies by using the data of the World Bank's special survey on financial inclusion.The results show that:from the perspective of account ownership and usage of formal financial institutions,China lags behind developed economies in both bank account ownership and bank card ownership,but is higher than the world average,and develops faster;From the perspective of individual loan sources,the ratio of loans from formal financial institutions in China has not yet reached the world average level,and the gap is wider in rural areas;From the perspective of payment methods,China and the world average level and the BRICS countries' mobile payment rate are basically the same.In 2017,the bank card payment rate surpassed the world average level and BRICS countries,but still lagged far behind the developed countries.Secondly,drawing on the principles and methods of compiling inclusive financial index from the academic circles at home and abroad,and then establishing an index system of inclusive financial,and using the principal component analysis method to synthesize the inclusive financial index.By ranking and analyzing the inclusive financial index from 2004 to 2017,it is found that the overall trend of China's ranking in the long-term survey is rising.The total inclusive financial index has increased by 0.639 points,an increase of 135.7%,and 27 places in the 14-year time span.Thirdly,by using panel data and building individual fixed effect model,the paper makes an empirical analysis on the influencing factors of Inclusive Finance in middle and high income countries and middle and low income countries.The results show that the macro-factor of economic development level plays a leading role in both middle and high income countries and middle and low income countries.At the same time,the level of financial awareness,urbanization level and the age structure of labor force are also affected.Important factors of inclusive finance;the promotion of information technology level has a significant impact on the development of Inclusive Finance in middle-high income countries and low-middle income countries;the impact of credit resource prices on middle-high income countries is not significant,but has a significant negative impact on the inclusive financial index in low-middle income countries;population density is negatively related to the degree of inclusive financial development in various countries.Finally,based on the existing research and the conclusions of this paper,some policy recommendations are put forward for the development of Inclusive Finance in China.