Study On The Effect Of Fintech On Common Wealth

The report of the 20 th Party Congress points out that common prosperity is the essential requirement of socialism with Chinese characteristics.Common prosperity is not only an inherent requirement for promoting socialist modernization,but also a distinctive feature of China’s socialist modernization.At present,the main social contradiction in China has been transformed into the contradiction between people’s growing need for a better life and unbalanced and insufficient development,and common prosperity is an important element of people’s need for a better life.China is still in the primary stage of socialism,and the problem of unbalanced and insufficient development still exists,so the goal of common prosperity is proposed,which not only helps to overcome the problem of unbalanced and insufficient development and liberate and develop the productive forces,but also can really overcome the problems that the general public really care about and meet the people’s need for a better life.At present,the development of Fin Tech is changing the development pattern of the whole financial industry in China,which is based on the deep application of many technologies in the financial field,such as big data,artificial intelligence,cloud computing,blockchain,biometrics and Internet of Things,etc.In this way,Fin Tech is essentially a financial innovation accomplished with the help of technology as the core,which has an important impact on financial institutions,financial markets and financial services in various provinces and even the whole country.It has had a significant impact on financial institutions,financial markets and financial services in all provinces and even across the country.In the era of digital economy,we should gradually adapt to and master the law of big data development,deeply explore the value of data,accelerate the integration of big data,artificial intelligence,cloud computing,blockchain and other technologies,gradually improve the service efficiency and innovation ability of financial institutions,innovate from multiple angles through products,services and channels,adhere to the positioning of financial services in the real economy,and promote the development of the real economy with higher quality fintech development.In this paper,we will add bricks to the goal of achieving common prosperity.The whole research idea of this paper is as follows: firstly,the research related to fintech,digital inclusive finance and common wealth at home and abroad is summarized,the research object is clarified,the relevant theories are analyzed and discussed,and a solid foundation is laid for the subsequent empirical analysis chapters;secondly,according to the theoretical analysis,a quantitative analysis is conducted,and the panel data of 31 provinces in China from 2013 to 2020 are selected,and the previous research results are considered comprehensively.scholars’ research results,construct the fintech index and the common wealth index,use the Beihang University Digital Inclusive Finance Index,take the fintech index as the independent variable,the common wealth index as the dependent variable,control other factors affecting the explanatory variables,and analyze the development status of fintech,digital inclusive finance and common wealth in China;once again,establish a panel model,and test through empirical analysis the effect of fintech on common wealth Finally,we draw empirical conclusions and put forward targeted recommendations based on the conclusions to enrich the research on fintech and common affluence.The conclusions of the article are: firstly,the development of financial technology has a significant positive effect on common wealth,after replacing the explanatory variables and conducting robustness tests,this conclusion still holds,indicating that with the continuous improvement of the level of financial technology,it will drive the continuous improvement of the level of common wealth in China.Second,the development of fintech promotes the level of common wealth by improving the level of digital inclusive finance,confirming that along with the improvement of the level of fintech development,along with the continuous expansion of the application scenarios of big data and other technologies,it can promote the development of digital inclusive finance,benefit the fruits of fintech development more to all people,and play a technical support role for the realization of common wealth in China.Thirdly,there is obvious regional heterogeneity in the impact of fintech development on common wealth,that is,with the continuous improvement of fintech level,the role of enhancing the common wealth level in the east of China shows a situation that the east is larger than the central and the central is larger than the west.Fourth,there is a non-linear diminishing marginal effect of fintech on common affluence,the degree of influence of the continuous improvement of fintech level on common affluence is decreasing,and its influence is regulated by digital financial inclusion,with the continuous improvement of digital financial inclusion level,the utility of fintech development level on common affluence shows a marginal increasing trend.