Research On The Impact Of Digital Inclusive Finance On The Consumption Of Chinese Rural Residents

In recent years,China’s economic structure has been continuously reformed,the global epidemic situation is unclear,and the international environment is complicated.Consumption has become the first driving force of China’s economic growth.At the same time,China is a country of urban and rural dual,with a large gap between urban and rural consumption.However,the consumption growth rate of rural residents is fast,and there is still unreleased consumption potential,which can promote China’s economic growth by promoting rural residents’ consumption.Finance plays an irreplaceable role in the process of economic development,and its relationship with consumption is becoming increasingly close.Attention should be paid to the utility of finance in promoting consumption growth.As an emerging field,digital inclusive finance provides financial products and services such as payment and consumer credit through digital means,enabling long-tail people to meet their own financial needs,alleviating the problem of financial exclusion,and providing new channels for consumption.Therefore,it is of great significance to study the impact of digital inclusive finance on the consumption of rural residents,to explore relevant measures to promote the consumption of rural residents in China,and to achieve sustained and high-quality economic growth.On the basis of reading domestic and foreign literature,this paper summarizes the existing research results,and studies the impact of digital inclusive finance on the consumption of rural residents in China from three parts: theory,status quo and empirical analysis.Firstly,define the concepts of digital inclusive finance and rural residents’ consumption in this paper,and expound their related theories;then focus on analyzing the impact mechanism of digital inclusive finance on rural residents’ consumption.Secondly,using bar charts and line charts,it intuitively analyzes the development status of digital inclusive finance in China,the consumption status of rural residents and the possible correlation between the two,and puts forward the hypothesis of this paper.Finally,the empirical analysis is carried out.Using stata15.1,the digital financial inclusion index and panel data of 31 provinces and regions from 2011 to 2019 were selected,and the fixed effect model was used to analyze the impact of digital financial inclusion on rural residents’ consumption.Discuss the regional heterogeneity and the heterogeneity of different types of consumption expenditure,and verify it through instrumental variables and robustness tests.Based on the above comprehensive analysis,this paper draws the following conclusions:(1)Digital inclusive finance has a positive effect on rural residents’ consumption.Digital payment and insurance services can positively promote the consumption of rural residents,while the impact of credit services is negative and significant.(2)From a regional perspective,it is found that digital inclusive finance has a positive impact on the consumption of rural residents in the eastern,central and western regions,but the positive effect on the central region is not significant,and there is a significant impact on the eastern and western regions.(3)From the perspective of different types of consumption,it is found that digital inclusive finance has no significant effect on food,clothing and other categories of rural residents,and has a significant effect on the consumption of housing,family equipment,and medical care.The most significant categories are traffic communication and cultural and educational entertainment.Finally,from the perspective of developing digital inclusive finance to promote rural residents’ consumption,combined with the research conclusions,it is proposed to strengthen the construction of rural digital inclusive financial infrastructure,improve digital inclusive financial products and services,improve the digital inclusive financial supervision system,improve the financial literacy of rural residents,etc.