| Many studies have shown that there is a parallel relationship between financial development and economic growth.Further,the impact of the development of inclusive finance on economic growth is also worthy of in-depth study.This paper selects the panel data of China’s 30 provinces and cities(excluding Tibet)from 2006 to 2017,analyzes the impact of inclusive financial development on economic growth.This paper selects panel data of 30 provinces and cities(excluding Tibet)from 2011 to 2015,analyzes the impact of digital inclusive financial development on economic growth.The specific study is divided into two parts:First,referring to the index calculation method proposed by Sarma and combining with the actual situation in China,we select nine indicators that reflect the development level of inclusive finance in various provinces and cities in China to calculate the inclusive financial index.The calculation results show that from 2006 to 2017,the inclusive financial index of 30 provinces and cities in China(except Tibet)has been significantly improved,indicating that China’s overall inclusive financial level has made certain progress.However,comparing the average value of the inclusive financial indices of various provinces and cities in the past 12 years,it is found that the regional differences are relatively large.The inclusive financial indices of Qinghai and Guizhou provinces are less than half of that of Beijing and Shanghai.This indicates that the level of inclusive financial development in China is seriously unbalanced.Secondly,referring to the research methods of Ma Yufei and others,the breadth and depth of finance are taken as the main considerations.The fixed effect model and the dynamic panel data model based on diffGMM are used to analyze the impact of inclusive financial development on economic growth.The empirical results show that inclusive finance plays an important role in promoting economic growth,but in the long run,its contribution to economic growth is not significant.In the future,efforts need to be made to improve the construction of the inclusive financial system.Then,using the fixed effect model to analyze the impact of digital inclusive finance on economic growth,the results show that the development of digital inclusive finance also has a positive effect on economic growth.Based on the empirical results,this paper proposes the following recommendations.First,relying on the government to support and guide the development of inclusive finance.The central government needs to do a good job in the management of special funds for inclusive financial development and risk compensation funds.More importantly,it is necessary to create conditions or relax conditions for vulnerable groups to obtain access to financial services and improve their access to financial services,which in turn drives economic growth.Second,improve the regulatory environment for the development of inclusive finance and implement reform and innovation pilots to find better development paths and drive economic growth in practice.Third,actively use the Internet financial platform and financial technology to develop inclusive finance.The government took the lead in establishing an Internet inclusive financial credit information system to play the role of big data in risk control;developing financial products for small and micro enterprises and low- and middle-income groups;popularizing knowledge about Internet finance and increasing coverage for vulnerable groups. |
