The Impact Of Inclusive Finance On Economic Growth And Urban-Rural Income Gap

High-quality economic development should pay attention to efficiency and fairness,and economic growth that reflects efficiency and fair income distribution have always been the focus of attention at home and abroad.Based on this,inclusive finance has been incorporated into the national strategy,and promoting the construction of an inclusive financial system has become an important starting point for the country to adjust the economic structure,optimize the allocation of resources and achieve fair distribution.Under the above policy background,this paper selects the interprovincial panel data of 31 provinces in China from 2013 to 2020,and focuses on the impact of inclusive finance on economic growth and urban-rural income gap on the basis of constructing the inclusive financial index.There are three main research contents in this paper:Firstly,to construct a measurement system to measure the development degree of inclusive finance and synthesize a quantitative and comparable inclusive financial index,which is different from the existing research that focuses on the indirect financing functions provided by banks for inclusive finance,and includes the positive effects of direct financing functions such as bonds and stocks on inclusive finance.Secondly,the feasible generalized least squares method and the generalized moment estimation method were used to estimate the corresponding static panel data model and dynamic panel data model,and the linear and nonlinear effects of inclusive finance on economic growth were empirically tested.Thirdly,the feasible generalized least squares method were used to estimate the corresponding static panel data model,and the linear and nonlinear effects of inclusive finance on urban-rural income gap are empirically tested.Finally,this paper conducts a robustness test of the above research results by replacing the main research variables,changing research samples,and replacing research methods.The main conclusions of this paper are as follows:Firstly,on the whole,the level of inclusive finance in China has steadily improved,but the problem of unbalanced development between regions still exists,the eastern region is much higher than the central and western regions,and the central region is slightly lower than the western region in the same period,showing the characteristics of "central collapse" in the region.Secondly,the study finds the U-shaped relationship between inclusive finance and economic growth,and further verifies the U-shaped relationship between the two in the sub-regional test,that is,most of the central and western regions are located on the left side of the U-shaped apex,showing the negative relationship between inclusive finance and economic growth,while most of the eastern regions are located on the right side of the U-shaped apex,showing the positive relationship between inclusive finance and economic growth.Thirdly,the study found the inverted U-shaped relationship between inclusive finance and urbanrural income gap,and further verified the inverted U-shaped relationship between the two in the sub-regional test,that is,most of the central regions are located on the left side of the inverted U-shaped apex,which shows that the development of inclusive finance will expand the urban-rural income gap,and most of the eastern regions are located on the right side of the inverted U-shaped apex,showing that the development of inclusive finance will narrow the urban-rural income gap.Based on the above research results,this paper puts forward the following policy implications:Firstly,at the national level,we should adhere to the promotion of inclusive finance construction as China’s long-term development strategy,and improve policy determination,strive to promote the overall level of inclusive finance to cross the apex of U-shaped or inverted U-shape,and give play to the positive role of inclusive finance in economic growth and narrowing the income gap between urban and rural areas.Secondly,at the local level,local governments should implement the sense of subjectivity,absorb the advanced experience of highlevel areas with inclusive finance,and combine with local economic characteristics and development status,and formulate and implement differentiated and distinctive local inclusive finance development measures according to local conditions.Continue to promote the integration and interaction of inclusive finance between national and local governance,and promote high-quality economic development that combines efficiency and fairness.