Fintech Promotes High-quality Economic Development

The fruitful results of the four decades of reform and opening up have enabled China’s economy to develop rapidly.However,over the past few decades,extensive development has also caused problems like uneven development,ecological environment damage and the wide gap between the rich and the poor.This development model cannot meet the needs of development under the current new economic form.The 20 th National Congress of the Party pointed out exactly that the first task of constructing a socialist modern country in an all-round way is high-quality development.Finance is not only the foundation of the national and regional economic system,but also the core link.It is an essential part of promoting high-quality economic development.Fintech is promoting the formation of new business forms in the financial sector with the momentum of reform and innovation.Can this promote high-quality economic development? At the same time,the organic combination of Fintech and digital inclusive finance,to a certain extent,can further improve the service quality and efficiency of commercial banks,meet the financial needs of "long tail" customers,and promote the expansion of the coverage of financial services.Therefore,it is important to take digital inclusive finance as the path mechanism to analyze how Fintech plays a role in promoting high-quality economic development.Through literature review,the text constructs a high-quality economic development index system with six sub-dimensions of "economy,innovation,coordination,green,open and sharing",substitute the panel data of 31 provinces(municipalities directly under the central government and autonomous regions,referred to as "provinces")in China from2011 to 2020,,and uses the improved entropy method to synthesize a comprehensive index to measure the high-quality economic development level.At the same time,from the perspective of basic technology,capital payment,direct address of Fintech and intermediary service model of Fintech,the development index system of Fintech is constructed,and the key word search index related to Fintech is sorted out.Then the research ideas of this paper are determined through theoretical analysis:Firstly,the impact of Fintech on high-quality economic development is studied.This article mainly constructs benchmark models,nonlinear models,and dynamic panel threshold models to determine the inflection point values of Fintech promoting highquality economic development and analyze the causes of this phenomenon.Secondly,take digital inclusive finance as the path mechanism to study the impact of Fintech on high-quality economic development,and introduce the model as an intermediary and regulatory variable in order to build a mediation effect model followed by a regulatory effect model.At the same time,in order to further test the robustness of the model,this paper uses the elimination of variables and Bootstrapping methods to retest,and the results show that the model is robust.The study found that: first,in recent years of high-quality economic development in China’s provinces has been on the rise in recent years,and the difference in the development level of each region is still large,but the gap is narrowing with each passing year.The high-quality development level of the national regional economy has decreased along the east,west and east in turn;Second,the development of Fintech to a certain level can remarkably promote high-quality economic development;Third,digital inclusive finance has great signification in solving financial difficulties,improving people’s income and reducing the gap between the rich and the poor.Digital inclusive finance plays a medium role in the process of Fintech pushing forward high-quality economic development,and is an important behave to promote high-quality economic development;Fourth,Fintech can positively adjust the role of digital inclusive finance in pushing forward high-quality economic development.To sum up,strengthening the deep integration of finance and technology,deepening the structural reform of the financial supply side,complying with the new laws of the digital era,and consolidating the effect mechanism of Fintech to promote high-quality economic development will help to promote the conversion of China’s economic mode.