Research On The Impact Of Digital Inclusive Finance On The Consumption Structure Of Residents

In recent years,with the continuous development of China’s economy,information technology has also made great progress,and with the integration and assistance of both,digital inclusive finance has emerged.The birth of digital inclusive finance has greatly improved and enhanced traditional finance,which originally had small target groups and low financial accessibility,and has largely improved today’s financial market,especially for some long-tail groups with special needs(i.e.,those who cannot enjoy mainstream financial products and services),some small and micro enterprises and disadvantaged groups in rural and relatively remote areas,who had difficulties in obtaining the desired financial products and services in the past.The diversity and universality of digital inclusive finance not only provide them with suitable financial products and services,but also solve their financing difficulties,alleviate liquidity constraints,and ultimately release their consumption potential to a certain extent.This paper first combed through the relevant literature and related theories to explain the possibility that digital inclusive finance can influence the consumption structure of residents and the specific impact mechanism at the theoretical level.Subsequently,panel data from the National Bureau of Statistics,the Peking University Digital Inclusive Finance Index(2011-2018)and the China Household Tracking Survey(CFPS)are used to select a total of eight variables and construct a panel regression model to empirically explore the role of digital inclusive finance on residents’ consumption,the impact mechanism and the variability of the impact using realistic data,so as to provide some basis and suggestions for the consumption-driven transformation of China’s economic development The panel regression model was constructed to investigate the impact of digital inclusive finance on residents’ consumption,the impact mechanism and the difference in impact using realistic data,and to provide some basis and suggestions for the consumption-driven transformation of China’s economic development and the realization of common wealth.Through the study,this paper finds that the development of digital inclusive finance can significantly contribute to the optimization and upgrading of residents’ consumption structure,and this effect is achieved by digital inclusive finance through increasing residents’ income and changing their consumption habits.Among them,the change of residents’ consumption habits is largely influenced by the payment services and insurance services brought by digital inclusive finance,while the credit services brought by it do not achieve this effect.In addition,there is a significant difference in the impact of digital inclusive finance on the consumption structure of different groups of people.Classifying different groups of people according to their income levels,the effect of digital inclusive finance on the consumption structure of low-income people is stronger,and this conclusion provides some help for the future path of common prosperity in China.Finally,based on the findings of this paper,the following reasonable suggestions are made:(1)Increase the income of residents,optimize the income distribution pattern,especially for low-income earners,and give more preferential policies to achieve firstly the growth of total consumption of residents,and secondly to work for common prosperity and promote the upgrading of consumption structure of residents.(2)Strengthen the construction of digital inclusive financial infrastructure,continue to promote the development and innovation of digital information technology and the digital transformation of the financial industry in China,further deepen the breadth of coverage,depth of use and digitalization,and realize "network coverage" and "broadband China" as early as possible."To lay the foundation for digital inclusive finance to reach all citizens.(3)Improve the financial market and product service system,realize the digital transformation of traditional finance on the one hand,and launch more diverse digital inclusive financial products and services on the other.