The Empirical Study On The Impact Of Digital Inclusive Finance On Common Prosperity

Since the 18th National Congress of the Communist Party of China,the Party Central Committee has adhered to the people-centered development thinking,built a moderately prosperous society in an all-round way,and steadily promoted the process of common prosperity.The Fifth Plenary Session of the 19th CPC Central Committee further pointed out that by 2035,China will basically realize socialist modernization and achieve more obvious and substantial progress in the common prosperity of the whole people.The report of the 20th National Congress of the Communist Party of China once again emphasized the importance of common prosperity:"Achieving common prosperity is the essential requirement of socialism with Chinese characteristics.Therefore,common prosperity plays a very important role in the process of China’s socialist modernization,and it is necessary to promote common prosperity to continue to make new progress.Finance plays an important role in economic development,poverty alleviation,income growth,and social equity,and in recent years,inclusive finance has developed steadily,the "last mile" of financial services has been realized,and the financing needs of long-tail groups have been met.With the vigorous development of digital technology,digital elements have gradually penetrated into inclusive finance,and digital inclusive finance has emerged.It further enhances the "inclusiveness" of finance and makes the use of financial resources more reasonable and effective.Relevant theoretical analysis shows that digital inclusive finance plays a good role in promoting poverty reduction and income increase and promoting economic growth,but in practical application,the role of digital inclusive finance in common prosperity needs more empirical analysis.Common prosperity is a beautiful vision for all people,and the major problem facing China at present is how to promote common prosperity.Based on the provincial panel data from 2011 to 2021,this paper uses factor analysis to construct the common prosperity index based on reference to relevant literature,and uses the constructed common prosperity index to empirically study the impact,specific mechanism,regulatory effect and quantile difference of digital inclusive finance on common prosperity.The results of this paper show that:First,digital inclusive finance can significantly promote common prosperity,and the promotion and popularization of digital inclusive finance is an important driving force for China’s overall improvement of common prosperity.The regression of sub-indicators shows that the depth of use and the degree of digitalization can effectively promote the realization of common prosperity,while the coverage breadth has a more significant impact on the development and sharing of common prosperity.The improvement of digitalization has a greater impact on the sustainability of common prosperity;Second,digital inclusive finance indirectly promotes the realization of common prosperity by increasing regional entrepreneurial activity and improving innovation capabilities;Third,in areas with a high level of marketization and relatively complete transportation infrastructure,digital inclusive finance can release greater technological dividends and promote the realization of common prosperity.Fourth,quantile regression finds that digital inclusive finance has a more significant empowerment effect on regions with low levels of common prosperity,which also shows that digital inclusive finance can greatly eliminate the "Matthew effect" of wealth and promote social equitable development.This paper aims to explore the role and specific mechanism of digital financial inclusion in promoting the realization of common prosperity,in order to provide empirical experience for promoting social sharing,co-governance and co-construction,and promoting the realization of common prosperity.