Research On The Influence Of Hubei Digital Inclusive Finance On High Quality Economic Development

At present,the development level of digital Inclusive Finance in Hubei Province has been improved to a certain extent,but at the same time,there is a big gap with the rapid development of economy and society.From the regional point of view,there are spatial differences in the development level of digital Inclusive Finance.Compared with the developed market,the development level of digital Inclusive Finance in the backward market is generally low.This unbalanced phenomenon will lead to the spillover effect of high-quality economic development in various regions,and seriously hinder the process of coordinated economic development in Hubei Province.Therefore,in the process of research on the digital Inclusive Finance to promote high-quality economic development,we should focus on its influencing factors and mechanisms.The first law of geography points out that there must be spatial correlation between things,and the size of spatial correlation is related to distance.If spatial correlation is ignored in econometric analysis,it will lead to the error of estimation results.Based on the digital inclusive financial index issued by the Internet research center of Peking University,this article deals with the entropy and standardization of the high-quality economic development index and the digital inclusive financial index of Hubei Province.It is found that the high-quality economic growth index of different prefecture level cities in the province may have spatial correlation,so it is necessary to analyze the effect of digital Inclusive Finance on the high-quality economic development on the basis of spatial correlation,so as to realize the spatial spillover effect of digital inclusive financial index on economic growth.Based on the panel data of 15 prefecture level cities(except Shennongjia forest area and Enshi Autonomous Prefecture)in Hubei Province from 2011 to 2018,this article makes regression analysis of spatial Dubin model.First,based on the spatial distribution of Hubei Province,this article analyzes the high-quality economic growth of the city area by Moran index.The results show that the high-quality economicgrowth index of different prefecture level cities in Hubei Province has spatial correlation.Second,through the decomposition of independent variables and the analysis of spatial Doberman model,it is found that under the spatial correlation,the digital inclusive financial index has a significant positive spatial spillover effect on the high-quality economic growth index;from the regression coefficient of independent variables,the regression result of financial science and technology index is greater than the level of financial development,indicating that the latter has more development space.Thirdly,after decomposing the effect of the model by using the "partial differential method",it is found that the indirect effect in the independent variable is greater than the direct effect,which indicates that the impact of digital Inclusive Finance on the high-quality economic growth in the region is greater than that of the region itself.At the same time,the conclusion of other variables has no significant change except that the effect decomposition of per capita fiscal revenue and expenditure level in the control variables has not passed the significance test.Finally,according to the empirical conclusion,this article suggests that we should strengthen the cooperation of digital Inclusive Finance among regions,improve the efficiency of digital inclusive financial service economy,establish the digital inclusive financial system,strengthen the implementation of government policies,ensure the implementation of various financial reform policies,break through the pattern of fiscal expenditure policies,and promote the development of Hubei’s economy Heng.