The Regional Economic Development Effect Of Digital Inclusive Financ

Since the reform and opening up,China’s urban economy has been booming,forming major city clusters,mainly in the Yangtze River Delta,the Beijing-Tianjin-Hebei city cluster and the Pearl River Delta city cluster.The emergence of urban agglomeration breaks through the restrictions of geographical units and administrative divisions and brings the advantages of resource elements agglomeration.With its own advantages,urban agglomeration has become the most dynamic region in China’s economic development and an important driving force for China’s economic development.Urban agglomeration policy is an important policy tool to promote economic development.It is particularly important to study whether it enhances the influence of digital financial inclusion on regional economic development and how urban agglomeration policy and digital financial inclusion affect economic development.To reasonably evaluate the policy effect of urban agglomeration policies and further clarify the relationship among urban agglomeration policies,digital financial inclusion and regional economic development has become a hot topic in the current academic circle and the general society.However,further empirical tests are needed to explore this research topic,so this paper puts forward this research topic.By constructing differential model,triple difference model,intermediary effect model and spatial differential model,this paper studies the influence of urban agglomeration policies and digital financial inclusion on regional economic development,urban heterogeneity,the intermediary mechanism and spatial spillover effect of both on regional economic development in 284 prefecture-level cities.According to the requirements of the selected model,parallel trend test carried out in this paper in order to satisfy the requirement model assumptions,followed by the city in study area is divided into “core” “edge” city and the eastern city of heterogeneity,the Midwest urban agglomeration analysis and selection of the regional innovation ability as intermediary variable intermediary effect analysis,finally joined the geography spatial spillover effect are analyzed.In addition,the PSM-DID model was constructed to reduce the influence of the selectivity bias,and the placebo test,the elimination of municipalities and the instrumental variable method were tested to ensure the robustness of the estimated results in the paper.Through the above research,it is found that urban agglomeration policies and digital financial inclusion have a significant impact on regional economic development,and the interaction terms of the two have a more significant impact on regional economic development,that is,urban agglomeration policies have enhanced the promoting role of digital financial inclusion on regional economy.Urban agglomeration policies and digital financial inclusion in "core" cities have more significant effects on economic development,followed by those in "fringe" cities.The interaction terms of urban agglomeration policies and digital financial inclusion on the economic development of eastern urban agglomeration are significantly better than that of central and western urban agglomeration.From the perspective of influence mechanism,the interaction term of urban agglomeration policy and digital financial inclusion affects regional economic development by taking regional innovation ability as the intermediary variable.The results of placebo test,PSM-DID test,elimination test and instrumental variable method all show that the results of this paper are robust.When geographic factors are added,urban agglomeration policies and digital financial inclusion have strong spatial spillover effects on regional economic development.Based on the above research conclusions,this paper puts forward relevant suggestions to optimize the spatial layout of urban agglomeration,enhance regional innovation ability and optimize urban industrial structure,so as to create a good theoretical basis for the subsequent urban agglomeration planning,digital financial inclusion and regional economic development,and provide favorable conditions for the common development of the three.The innovation of this study is mainly as follows: Firstly,a differential model is built from the perspective of urban agglomeration policies to study whether urban agglomeration policies can effectively improve the impact of digital financial inclusion on regional economic development.Secondly,the regional heterogeneity of the development of Chinese urban agglomerations is analyzed.Furthermore,the paper analyzes the effect mechanism of urban agglomeration policy and digital inclusive finance on regional economic development.Finally,the paper further analyzes the spatial spillover effects of urban agglomeration policies and digital financial inclusion on the economic development of neighboring cities from the consideration of single economic factor to the consideration of both economic and geographical factors.