Research On The Impact,Path And Countermeasures Of Digital Financial Inclusion On Household Consumption

In order to promote high-quality economic development,China needs to establish a new development pattern with domestic circulation as the mainstay and domestic and international circulation promoting each other.Within the domestic circulation,household consumption is an important component,and therefore its important role in promoting high-quality economic development must be emphasized.Currently,it is necessary not only to promote the growth of domestic household consumption expenditure but also to continuously upgrade household consumption.There is a close relationship between finance and household consumption.With the progress of technology and the internet,the rapid development of digital inclusive finance has provided lower-cost and more accessible financial products and services for various social groups,such as digital payments,consumer credit,investment and wealth management,etc.Digital inclusive finance has become an important driving force for promoting consumption.As the integration of technology and finance deepens,its impact on consumption is constantly increasing.Therefore,it is necessary to explore the relationship and influence path between the development of digital inclusive finance and household consumption expenditure and consumption structure in China,in order to establish an effective mechanism to promote Chinese households to increase consumption expenditure and optimize consumption structure.This has important theoretical and practical significance for China to achieve high-quality economic development in the new development stage.After conducting extensive research on relevant literature both domestically and internationally,this article analyzes the impact of digital inclusive finance on household consumption based on financial and consumption-related theories,and outlines the current situation of digital inclusive finance and household consumption.Using data from the 2013,2015,2017,and 2019 China Household Finance Survey and the Provincial Digital Inclusive Finance Index,a fixed-effect model is employed to examine the impact of digital inclusive finance on household consumption expenditures and consumption structure,and robustness and heterogeneity analyses are conducted.Furthermore,the specific pathways through which digital inclusive finance influences household consumption expenditures and consumption structure are explored using data from the 2017 China Household Finance Survey and the Provincial Digital Inclusive Finance Index,with mediating effects tested for different pathways using a mediation model.The empirical results suggest that:(1)the development of digital inclusive finance significantly promotes household consumption expenditures and the proportion of development-oriented consumption,optimizing consumption structure;(2)the heterogeneity analysis indicates that the development of digital inclusive finance has a more significant impact on the consumption expenditures of residents in rural areas and the central and western regions,while it has a greater effect on improving the consumption structure of residents in urban areas,the eastern region,and the central region;and(3)the pathway test reveals that investment and financial management,digital payment,and consumer credit are the mediating variables through which digital inclusive finance influences household consumption expenditures and consumption structure,meaning that the development of digital inclusive finance can promote household consumption expenditures and improve consumption structure through these three channels of investment and financial management,digital payment,and consumer credit.Finally,based on the empirical research findings,this article proposes measures to promote the development of digital inclusive finance and enhance consumer spending,including promoting the integration of digital inclusive finance and new technologies,expanding the coverage of digital inclusive finance,improving digital inclusive finance products and service systems,optimizing digital payment and other digital financial services,strengthening the legal supervision of digital inclusive finance,and optimizing the development environment.