The Impact Of Digital Financial Inclusion On The Upgrading Of Residents’ Consumption Structure

Under the background of China’s economic growth slowing down year by year and the external impact of the epidemic,combined with the current situation of China’s reform and development,the transformation of economic model is imminent,and high-quality development has become the general requirement of the times.Optimizing the upgrading of residents’ consumption structure is of great significance to promote China’s economic recovery,economic model transformation,high-quality economic development and sustainable development through industrial structure upgrading.The upgrading of residents’ consumption structure is an important support and driving force to promote the new development pattern.At present,digital technology is profoundly affecting human social development.Digital inclusive finance uses digital technologies such as big data,cloud computing,blockchain,and artificial intelligence to significantly lower the threshold of financial services,expand the scope of financial services,and improve the efficiency of financial services.It is necessary to study the impact of digital inclusive finance on the consumption structure of Chinese residents.By reading a lot of domestic and foreign literature,this study summarizes the existing research results and finds that the research conclusions are not the same,and a large number of domestic literature research time is from 2011 to 2018,but the available data has been updated to 2021.In addition,there is also a lack of research on the specific coverage of digital inclusive finance.In order to solve the dispute and make the research more timely,this study has carried out a deeper exploration.Firstly,this study timely follows up and sorts out the proposal,development and current situation of digital inclusive finance,analyzes different criteria for judging the upgrading of consumption structure,and analyzes the upgrading of consumption structure based on different criteria.Then,combined with relevant theories,it analyzes the impact of digital inclusive finance specific business,payment,credit,investment and insurance business on the upgrading of consumption structure.After that,based on the provincial panel data from 2011 to 2021 and the Peking University Digital Finance Index,an empirical modeling analysis was conducted to explore the impact of digital inclusive finance on the upgrading of China’s residents’ consumption structure.After the benchmark regression of the two-way fixed effect model,considering the lag of the explanatory variables,the SYS-GMM model was selected for endogenous test.After the results were obtained,the robustness test and heterogeneity analysis were carried out.The robustness test used the specific business index of digital inclusive finance to replace the total index for regression,indicating the impact of different businesses on the upgrading of residents’ consumption structure.Heterogeneity analysis explores the impact of digital inclusive finance on the upgrading of residents’ consumption structure in different regions and different expected incomes.The research shows that: Firstly,digital inclusive finance can significantly optimize the upgrading of rural residents’ consumption structure,but has no significant impact on the upgrading of urban residents’ consumption structure.Secondly,in the specific business of digital inclusive finance,payment,credit,investment and insurance all significantly promote the upgrading of the consumption structure of rural residents,but for urban residents,only credit and investment have a significant impact on the upgrading of the consumption structure of urban residents.Digital inclusive finance has a significant effect on the upgrading of rural residents’ consumption structure in central,western and northeastern regions,but not in the eastern region.It is more significant to the central and western regions than to the northeast region;according to the median of expected disposable income,it is divided into high expected income and low expected income.It is found that digital inclusive finance has a more significant impact on the upgrading of the consumption structure of rural residents with low expected income,and the promotion effect is stronger,highlighting its inclusive value.Finally,based on the conclusions drawn from this study,targeted policy recommendations are proposed.Finally,put forward three targeted policies according to the conclusions came from this study.(1)Focus on strengthening the construction of rural digital inclusive finance;(2)Using digital technology to continuously innovate and optimize specific business related to digital inclusive finance;(3)Provide policy support and establish a digital financial education system for underdeveloped regions.