Research On Factors Influencing The Development Of Inclusive Finance In China

Inclusive finance focuses on meeting the financial service needs of all social strata and groups with affordable costs and providing them with appropriate and effective financial services,which is highly valued around the world.At present,China pratt&whitney financial development policies and measures have been implemented and corresponding results have been achieved: bank of China branches number increases year by year,bank branch coverage expanded year by year,increase digital pratt &whitney,advocating development in areas such as finance,improve small micro enterprise financing difficult problem,but there are still more financial resources to concentrate in large cities,formal financial services popularization is not strong enough.In order to make China's inclusive finance more inclusive and better serve people in need,this paper expounds the meaning and specific service objects of inclusive finance under the socialist system with Chinese characteristics.For pratt & Whitney financial development present situation in China is analyzed,and the pratt &whitney financial development of the China and the United States from two angles of savings and credit,this paper compares and analyzes selected global Findex survey data for the development of China and the United States pratt &whitney T statistical test,from a bank account with a cash card debit card information and the use of case analysis,the results show that the United States opened a bank account number was significantly more than China,and China's savings levels higher than the United States,the number of Chinese credit card is dealt with under the United States.Combined with the development status of China's savings and credit markets,this paper analyzes the influencing factors of China's inclusive finance with the method of decision tree,and explores the influence of personal characteristics on the promotion of inclusive finance.The results show that the development environment of inclusive finance is complex and there are many influencing factors.Individual characteristics such as gender,education level,income level and labor force will directly or indirectly affect the development of formal finance.For example,the higher the education level,the higher the utilization rate of formal financial account;Lower income levels will discourage demand for and use of formal financial accounts;Relaxing some restrictions would have an impact on individual subgroups,such as women.At the same time,the target group is classified according to personal characteristics with the help of data.At the same time,interactive feature items of personal characteristics are added.Through the construction of Probit model,the differences of formal financial account holding and use and service of different groups are analyzed in the process of China's current development of inclusive finance.The analysis results show that the general benefit of China's formal financial services to young people,women and low-income groups is limited,and the improvement of education level and employment can effectively promote the inclusive development of finance.In addition,to explore in the process of promoting China pratt &whitney financial formal finance and informal financial sector development,establish a Heckman twophase model,selection of personal characteristics,economic features,the borrowing costs and use four angles,the formal financial and the influence factors of the informal financial savings borrowing and lending requirements model for empirical analysis.The conclusions are as follows: the education level,income level and financial service environment of a family have a positive influence on users' choice of formal finance,but a negative influence on the choice of informal finance.Both the choice of formal financial services and the selection of the informal financial services,the user's age has significant positive influence on demand for borrowing,and whether for Labour is a negative impact,source of income is to formal financial and to choice the influence factors of the informal financial demand,for the purpose of life,borrowing less demand for formal financial borrowing.Based on the analysis of the development status and influencing factors of inclusive finance in China,the following rationalization suggestions are put forward for the further development of inclusive finance in China :(1)To develop the savings and credit levels of formal financial institutions in a balanced way,advocate citizens to actively participate in formal savings and credit,and change the traditional concepts of finance and consumption.(2)Chinese authorities can still enhance the ownership and use of official accounts by removing barriers related to gender,income,age and education,all of which constitute longer-term issues that cannot be ignored.(3)Pay attention to the inclusiveness of financial services for the young and the elderly,improve the financial exclusion phenomenon suffered by women in financial development,improve the education level,ensure employment and increase income level are direct ways to promote financial development.(4)The country should lower the threshold of access to formal financial institutions and relatively lower the loan rate.Promoting inclusive policies can increase the possibility that individuals think financial services are within their scope and make it easier for users to get assistance from financial institutions.