Research On The Impact Of The Digital Inclusive Finance Development On The Consumption Expenditure Of Chinese Residents

In recent years,the downward pressure on China’s economic development has continued to increase,the domestic and international situation is complicated,and the global economy has entered a cold period due to the influence of the international environment.In this context,investment and exports are also weak.At present our country is in the "new normal" background,national emphasis on high quality development.Consumption as a "head carriage",its importance is self-evident.Therefore,based on domestic demand,determined to expand domestic demand and give full play to the important pull effect of consumption on economy,it is of great significance for our country to alleviate the external pressure,strengthen the endogenous impetus of economy and maintain economic stability.On the one hand,Chinese consumption presents a new development model,and the consumption reform is accelerated.Great changes have taken place in consumption mode,consumption concepts,and consumption capacity.On the other hand,digital technology is developing rapidly,and significant achievements have been made in big data,cloud computing and other aspects.Thanks to the in-depth development of China’s digital economy,digital inclusive finance can provide residents with more appropriate and accessible financial products and services.Therefore,the study on the impact of digital inclusive finance on residents’ consumption is of practical significance for the recovery of domestic demand and economic recovery under the impact of the epidemic.On the basis of sorting out the existing research results,this paper discusses and researches the digital inclusive finance on the consumption of Chinese residents from the theoretical and empirical aspects.Firstly,this paper defines the concept of digital inclusive finance and resident consumption.Secondly,the relevant theories of digital inclusive finance and residents’ consumption are sorted out,and the influence mechanism of digital inclusive finance on residents’ consumption is elaborated,and the development of digital inclusive finance and the current situation of consumption expenditure of residents are analyzed.Finally,on the basis of the above theoretical analysis,this paper puts forward the research hypothesis,selects the panel data of 31 provincial administrative regions in China from 2013 to 2020,and uses the double-fixed effect model,interaction effect,heterogeneity analysis and other methods to empirically test the impact of digital financial inclusion on Chinese residents’ consumption.This paper draws the following conclusions through empirical research:(1)digital financial inclusion has a positive role in promoting residents’spending,and digital financial inclusion can promote consumption expenditure in three dimensions:coverage breadth,use depth and degree of digitalization.(2)The impact of digital inclusive finance on residents’ consumption is different between urban and rural areas and different regions.The promotion effect of digital financial inclusion on rural residents’ consumption expenditure is stronger than that of urban areas.The development of digital financial inclusion significantly promoted the consumption expenditure in the eastern and western regions,but had no significant impact on the central and northeastern regions.(3)Digital inclusive finance has a structural difference in consumption expenditure of residents,and has a positive role in promoting subsistence consumption,but has no significant impact on development and enjoyment consumption.(4)Digital financial inclusion promotes consumption expenditure mainly by easing liquidity constraints,reducing uncertainty,improving the convenience of payment and increasing residents’ income.(5)The effect of income on the development of digital inclusive finance on consumption expenditure of residents is marginal decreasing,that is,when the per capita disposable income of residents is low.the promotion effect of digital inclusive finance development on consumption expenditure is stronger.With the increase of income,the effect of resident income on the development of digital inclusive finance on consumption expenditure is decreasing at the margin.