| In recent years,the first engine of China’s economic growth has gradually changed from investment and export oriented to "consumption-driven".However,the growth of consumption-related indicators is weak.Therefore,how to stimulate the market vitality,stimulate the consumption growth,and promote the transformation and upgrading of China’s economy is the key direction of China’s development strategy.With the deep integration of digital economy and information technology,promoting the development of digital inclusive finance in an all-round way and building an open and shared financial service system is the top priority in the strategic development work,as well as the inevitable choice to achieve the goal of common prosperity.Digital inclusive finance is the focus of China’s supply-side reform.It can break the access threshold set by the financial market,simplify the financial service process,reduce transaction costs,improve more high-quality multi-level financial products,and attract more capital into the market.While meeting the capital demand of consumers,their consumption potential can be stimulated,thus expanding domestic demand and driving economic growth.This will not only improve the structure of consumption and supply and demand,but also improve the real economy,so that the financial and economic sectors will be deeply integrated and develop together.The application of digital technology in the field of inclusive finance overcomes the disadvantages of traditional inclusive finance such as high transaction costs and asymmetric information,improves the accuracy,convenience and security of financial services,accelerates the pace of digital transformation of the financial industry,and provides strong support for the development of financial information during the "14th Five-Year Plan period".At present,the universality of Chinese financial services has been further strengthened,and the financial service system is constantly improving.In addition,China has made great achievements in poverty alleviation,more financial resources have flowed into the weak links and key areas of economic development.By using big data,blockchain,Internet of things and other technologies,digital inclusive finance has enhanced the ability of enterprises to use data,strengthened their comprehensive analysis ability,improved their operation efficiency,formed a digital industry ecology,improved the coverage of financial services,attracted a large number of high-quality user groups,guaranteed the legal rights of financial consumers,and increased the scale of credit issuance.Solve the "digital divide" dilemma faced by vulnerable groups,improve financial ability,break through the restrictions of consumers’ access to financial services,so as to promote the increase of residents’ consumption,and provide a constant source of power for economic growth.Therefore,it has important theoretical basis and practical significance to study the relationship between digital inclusive finance and Chinese residents’ consumption structure and its influence mechanism to stimulate residents’ consumption desire and expand consumption demand.Based on the domestic and foreign research results related to digital inclusive finance and residents’ consumption structure,this paper studies the impact of digital inclusive finance on residents’ consumption structure from 2011 to 2020 from the two directions of influence mechanism and empirical analysis.Firstly,the mechanism and path of the impact of digital inclusive finance on residents’ consumption structure are studied.Then it analyzes the current situation of digital inclusive finance and the residents’ consumption structure,and puts forward the hypothesis of this paper.Furthermore,the panel data of 31 provinces of China is used to build a fixed effect model for empirical research,and the influence of digital inclusion finance on the consumption level and consumption structure of Chinese residents is discussed.The digital inclusive finance index is divided into three dimensions:coverage breadth,use depth and digitization degree,and the overall resident consumption,basic consumption,development consumption and enjoyment consumption are tested and analyzed respectively.Finally,the paper discusses whether there are differences in the impact of digital inclusive finance on residents’ consumption level and consumption structure in different regions.After research,we draw the following conclusions:(1)In terms of residents’ consumption at the national level,digital inclusive finance can promote the growth of residents’ consumption and play a significant role in optimizing the structure of residents’ consumption.Robustness test by instrumental variable method and the operation of removing part of samples shows that the conclusion is still valid.(2)In the development of digital inclusive finance,coverage breadth,depth of use and degree of digitalization can promote the growth of residents’ consumption level and improve residents’ consumption structure,and the three dimensions have different influence degrees,among which coverage breadth has the most significant influence on residents’ consumption level.(3)The impact of digital inclusive finance on residents’ consumption structure is different in different regions.Moreover,digital inclusive finance has a significant promoting effect on the level of residents in the eastern and western regions,but there is a certain difference.The central region is the most affected,followed by the eastern region,and the western region is the least affected,indicating that the effect is still affected by various factors such as geographical location and economic strength.Finally,through the empirical analysis and conclusion,the paper puts forward some suggestions,such as speeding up the digital construction,increasing the innovation of digital inclusive financial products,promoting the western development,and promoting the development of new service consumer market. |
