Research On The Level Of Coordinated Development Of Digital Inclusive Finance And Real Economy And Its Impact On Economic Growth

All the capital needed for financial development originally comes from the real economy,and the development and growth of the real economy can not be separated from the guarantee of finance.Digital inclusive finance emphasizes the use of digital technology and Internet thinking to promote the digital transformation of finance,improve the coverage and penetration of financial services,so as to more effectively serve the real economy and help enterprises to rescue and solve difficulties.To promote the construction of Chengdu-Chongqing twin city economic circle is a major strategic support to promote regional coordinated development and create important growth poles and new power sources under the new situation.Therefore,it is of great significance to study the coordinated development level of digital inclusive finance and real economy and its influence on regional economic growth of Chengdu-Chongqing Twin city economic Circle construction mechanism.Based on the panel data of 18 research units of Chengdu-Chongqing twin city economic circle from 2016 to 2021,this paper uses coupling coordination degree model,kernel density estimation method,Dagum Gini coefficient,panel fixed effect model and spatial Dubin model to measure the coupling coordination degree of digital inclusive finance and real economy in the Chengdu-Chongqing twin city economic circle.Then,it explores the level and evolution of their collaborative development,regional differences and sources of differences,and finally analyzes the direct effect and spatial spillover effect of the level of their collaborative development on the economic growth of Chengdu-Chongqing twin city economic circle.The results show that:(1)the level of coordinated development between digital inclusive finance and real economy in Chengdu-Chongqing twin city economic circle is low,at the level of mild imbalance,and the regional development is obviously unbalanced.Except for Chongqing metropolitan area and Chengdu Dual Core,the level of coordinated development in other regions is low and has not reached the benign resonance stage.(2)The kernel density estimation method was used to analyze the evolution trend of coupling coordination degree,and it was found that the coupling coordination degree was on the rise year by year,that is,the coupling coordination between digital inclusive finance and real economy was gradually enhanced,but the coupling coordination degree was not high in many regions.(3)Measuring Dagum Gini coefficient and contribution rate to analyze regional differences and sources of differences,it is found that the regional gap of coupling coordination degree has a narrowing trend during the sample study period,but the narrowing range is not obvious;From the perspective of the sources of differences,the regional differences were dominated by the inter-group differences of Chongqing and Sichuan,while the differences of the coupling coordination degree within each whole contributed little.(4)The panel regression model was established to analyze the direct effects of the level of coordinated development on economic growth,and it was found that improving the level of coordinated development of the two can have a significant positive promoting effect on regional economic growth.(5)Based on the spatial econometric model,it is found that the synergistic development level of superimposed spatial factors has a positive spatial spillover effect on economic growth,that is,the improvement of the synergistic development level of adjacent regions can significantly promote the local economic growth;At the same time,the spatial lag term of the economic growth dependent variable of superimposed spatial factors is negative,which reflects that for the economic growth of various regions of Chengdu-Chongqing twin city economic circle,the economic growth of adjacent regions has a negative spatial spillover effect on the economic growth of this region.The reason may be that the research objects of this paper are 18 research units of Chengdu-Chongqing twin city economic circle,while the 3 research units of Chongqing and the 15 research units of Sichuan province belong to the same province and city,so there is a strong resource competition or even resource competition.Therefore,the economic growth of neighboring areas will limit the economic growth of the local area to some extent.Possible innovations in this paper include:(1)research framework innovation.This is reflected in the establishment of an analytical framework dealing with the relationship between digital financial inclusion,real economy and economic growth,which not only focuses on the study of the synergy between digital financial inclusion and real economy,but also gives consideration to the study of the impact of their synergy level on economic growth.(2)Research perspective innovation.It is reflected in the analysis of the level of coordinated development,regional differences and sources of differences among the Chengdu-Chongqing twin City economic Circle from the perspective of coordinated development,which is conducive to the precise policies of each region and the optimization of the current development mechanism and path of the real economy.(3)Research content innovation.Embodied in the use of different research methods to achieve the combination of innovation.The coupling coordination degree model,kernel density estimation method,Dagum Gini coefficient,panel regression and spatial econometric model are introduced to get corresponding conclusions,so as to provide specific suggestions.The research of this paper can enrich the theory of industry and finance combination,and also help to broaden the research field of industrial structure optimization theory and regional coordinated development theory.At the same time,it has reference value to promote the development of financial industry from virtual to real,regional coordinated development and high quality economic development in Chengdu-Chongqing area.