Investigation And Research On The Influencing Factors Of Consumer Financial Demand In Xinjiang

During the 40-year The reform and opening-up policy,China’s economic and social development has made great achievements.Per capita disposable income grows rapidly,and Significant increase in per capita spending.Under the new normal of the economy.With the continuous advancement of supply-side structural reforms and the steady growth of household income.Consumption plays a prominent role in the process of economic restructuring and the transformation of economic growth and kinetic energy.Together with investment and exports,it has become a troika that drives economic growth.With the growth of new consumption formats,the use of new models,and the continuous expansion of China’s consumer market,consumption will continue to play the first driving force for economic growth.In the context of the financial services real economy,the deep integration of consumption and finance makes the effect of consumer finance in the process of helping residents consume significantly.Consumer finance refers to financial institutions providing financial products and financial services,including consumer credit,to consumers.As a link to stimulate economic growth and promote consumption,consumer finance is an indispensable part of China’s financial system.Xinjiang Uygur Autonomous Region is located in the northwest of China.It is the core area of the ancient Silk Road and the “Silk Road Economic Belt”.The growth rate of the regional GDP is in the forefront of the country,but the economic aggregate is located in the middle and lower reaches of the country.Xinjiang residents have huge consumption potential,yet The consumption level of residents is lower than the national average.Consumer finance is still a new thing for Xinjiang residents.The development of consumer finance in Xinjiang started late and there is huge room for growth in the future.Research on the influencing factors of consumer financial demand in Xinjiang,and find out the influencing factors affecting Xinjiang residents’ participation in consumer finance,can provide suggestions for the development of consumer finance in Xinjiang,and provide new ideas for consumption to promote economic growth in Xinjiang.Under the above background,this paper uses the form of questionnaire survey to explore the influencing factors of consumer financial demand in Xinjiang.In the structure of the article,follow the logical sequence of “theoretic combing – field investigation – empirical analysis – problems and policy recommendations”.The article is divided into seven parts.The first part is the introduction part,which introduces the research background,research significance,research methods and ideas,as well as innovation and deficiencies.The second part is the theoretical basis and literature review.First,the concept of consumer finance is defined.Explain theories related to consumption and consumer finance.Theories related to consumption include the absolute income hypothesis,the relative income hypothesis,the persistent income hypothesis and the life cycle hypothesis.Theories related to consumer finance include the theory of liquidity constraints and the theory of insufficient effective demand.The combing of relevant theories provides theoretical guidance for the study of this paper.Secondly,it reviews the literature related to consumer finance and consumer demand,and provides a solid foundation for follow-up research.The third part analyzes the development and current situation of consumer finance in Xinjiang,including the development history of consumer finance in Xinjiang and the environmental analysis of consumer finance development in Xinjiang.This section provides an overall background and realistic basis for the survey.The fourth part introduces the questionnaire design of the influencing factors of consumer financial demand in Xinjiang,including the purpose of the survey,the survey object,the survey ideas,the questionnaire design and survey methods,and the recycling of the questionnaire.Section V describes the findings,including quality analysis of survey data and descriptive statistical analysis of survey data.The sixth part uses factor analysis to empirically analyze the possible factors affecting the consumer financial needs of Xinjiang residents.It is found that the institutional supply status,the economic status of residents,the cognitive status of residents and the status of products are the main factors affecting the consumption finance of Xinjiang residents.The seventh part is questions and policy recommendations.The problems in consumer financial demand of Xinjiang residents are: insufficient financial knowledge of residents,low enthusiasm for consumer finance participation,less consumer financial products,narrow choice channels for residents,low consumption level of residents,insufficient motivation for simple intertemporal consumption,and consumer financial services.There are not many institutions and insufficient coverage of consumer finance.In terms of policy recommendations,this paper combines the problems found in the investigation process to provide opinions and suggestions from the government level,consumer financial service institutions and individual residents.