Research On The Impact Of Digital Inclusive Finance On Chinese Economy

In recent years,Chinese economic aggregate has maintained a steady growth trend,transitioning from extensive development to intensive development,from focusing on development speed to emphasizing development quality.Under the new economic development model,traditional finance with commercial banks as the main body has many problems that may hinder economic development,such as difficulty in meeting the financial needs of innovation and entrepreneurship in the economy,and difficulty in supporting the development of small and medium-sized enterprises.In this context,inclusive finance came into being.Its emergence allows the public to obtain financial support through wider channels and lower costs,extending the field of financial services,improving the utilization efficiency of financial resources,alleviating the unbalanced financial development,and making up for the traditional financial problems to a considerable extent.defect.However,in the development process of inclusive finance,there are still deficiencies,such as: banks are not very motivated to lend,it is difficult to balance inclusiveness and profitability,and the supply of effective financial services is insufficient.Digital financial inclusion solves these problems to a certain extent.With the rapid development of modern information technology,Internet finance is booming,and inclusive finance is combined with it to generate digital inclusive finance.Digital inclusive finance has further enhanced the inclusive attribute and has gradually become a new driving force for my country’s economic development.However,its generation time is short,whether the development of digital inclusive finance can affect the level of economic development and its impact mechanism is worth studying.This paper takes 31 provinces in China from 2011 to 2019 as samples,and establishes a regression model and an intermediary effect model respectively to explore the impact and mechanism of digital financial inclusion.The main research conclusions obtained are as follows: First,from the results of the panel data regression model,the development of digital financial inclusion has a significant role in promoting economic growth.Second,from the results of the heterogeneity analysis,the effect of digital financial inclusion in promoting the economy is different under different conditions.For regions with low level of corporate innovation,high rural consumption,low science and education expenditure,low road coverage,high labor force ratio,high urbanization rate,the promotion effect is strong.Third,from the results of the mediation effect test,corporate innovation and rural consumption have a certain transmission effect.That is,digital inclusive finance can promote economic development by stimulating corporate innovation and rural consumption.