| China’s economy has developed rapidly in the past few decades,the total volume has been expanding,and its proportion in the world economy has continued to rise.However,while the scale of the economy has grown,problems such as income inequality and opportunity unfairness have gradually been exposed.The problem is widespread in countries around the world.Therefore,the concept of "inclusive growth" on this issue has received active attention and wide recognition from various countries and international organizations.At many international conferences,China has stressed the importance of inclusive growth and advocated a more equitable and sustainable growth pattern.In the context of the continuous development of Internet technology,the digital inclusive finance resulted by the combination of digital technology and inclusive finance has provided support for the construction of inclusive growth.At the2018 Asia-Pacific Economic Cooperation CEO Summit,it was proposed to use digital technology to serve financial inclusion and achieve inclusive economic growth.When it comes to academic research,there is a lot of literature on inclusive growth and digital financial inclusion alone,but relatively scarce studies on the relationship between the two.Based on this background,this paper attempts to explore the impact and conduction channel of digital financial inclusion on inclusive growth in China from two aspects: theoretical analysis and empirical analysis.In terms of theoretical analysis,this paper first sorts out the literature related to digital inclusive finance and inclusive growth,then summarize the connotation and index measurement methods of the two research subjects and concludes from the literature that digital inclusive finance has a promoting effect on poverty reduction,income gap shrinking,innovation and entrepreneurship.Secondly,through the analysis of existing theories and the background of digital financial inclusion,this paper hypothesizes that digital inclusive finance can make use of digital advantages to overcome the problem of financial exclusion,provide financial support to long-tail user groups in financial markets,thereby promoting inclusive growth,and have the impact effect of economic growth,opportunity equity and development results sharing.Digital financial inclusion has a positive impact on inclusive growth through technological innovation and rural entrepreneurship conduction channels.In terms of empirical analysis,this paper first selects 16 indicators to construct the inclusive growth index and its sub-indexes,and uses the Peking University Digital Inclusive Finance Index to measure the development level of digital inclusive finance in 31 provinces in China.Then,using the panel data from 2011 to 2020,the promotion effect of digital financial inclusion on inclusive growth was verified by a two-way fixed-effect model,and the Digital Inclusive Finance Index and its sub-index was used to test the performance of economic growth,opportunity equity and development results sharing effects.Then,the mediation effect model is selected to test the conduction channel of digital financial inclusion to inclusive growth,and its moderate mechanism is further analyzed.The results show that the level of human capital and rural infrastructure can have a positive moderating effect.Finally,this paper examines the impact of digital financial inclusion on inclusive growth in different regions through the heterogeneity test of the eastern,central and western regions in China.Based on the results of theoretical analysis and empirical analysis,this paper proposes the following suggestions to promote the development of digital inclusive finance and improve the level of inclusive growth: enhance digital inclusive financial market system,optimize the environment for innovation and entrepreneurship,increase input in education activities and infrastructure construction,improve the assistance systems for rural areas and micro enterprises in the central and western regions. |
PDF Full Text Request