Research On The Impact Of Digital Inclusive Finance On High Quality Economic Development

Currently,China’s economy is transitioning from a phase of high-speed development to one of high-quality development.As economic high-quality development gradually rises to the level of national strategy,how to sustainably promote China’s economic transformation towards high-quality development has become a major challenge facing economic and social development,especially in the context of continued regional turbulence in the global backdrop.The goal of inclusive finance is to provide fair,comprehensive,and effective financial services to all classes and groups of society.However,because inclusive finance still uses traditional financial service models for development,it greatly limits its role in promoting economic growth.With technological progress,digital inclusive finance has emerged,which combines inclusive finance with internet platforms and digital technology,greatly promoting the development of inclusive finance.Digital inclusive finance relies on advanced information technology and product innovation,which can overcome the limitations of traditional financial institutions in terms of geography,industry,scale,etc.,and provide more comprehensive,diversified,and low-cost financial products and services for small and micro enterprises and vulnerable groups.By providing more efficient and fair financial services to small and micro enterprises,digital inclusive finance can help them better obtain financing,expand production scale,improve efficiency,and reduce costs.After receiving better financial support,these small and micro enterprises are more likely to upgrade their industrial structure,improve product quality and technological content,and achieve higher quality development.As one of the most active economic regions in China,exploring whether digital inclusive finance in the Yangtze River Delta region can promote high-quality economic development and the realization path of its promotion effect is of great significance.Starting from theoretical foundations and assumptions,this article explores the mechanism between digital inclusive finance and high-quality economic development and enriches relevant research results.Then,based on new development theory,an evaluation system for high-quality economic development is constructed from five dimensions: innovation,coordination,greenness,openness,and sharing.The entropy method is used to calculate the high-quality economic development index of the Yangtze River Delta region.The measurement of the development level of digital inclusive finance in the region uses the China Digital Inclusive Finance Index compiled by Peking University.Then,using the industrial structure upgrading index as a mediator variable and selecting economic growth rate,fiscal dependence,education level,financial development,and population scale as control variables,this article tests relevant hypotheses using a two-way fixed effect model and a mediating effect model based on data from 41 prefecture-level cities in the Yangtze River Delta region from 2011 to 2020.The research results show that: firstly,digital inclusive finance in the Yangtze River Delta region can significantly promote high-quality economic development,and the higher its coverage breadth and usage depth,the more significant the promotion effect,while the degree of digitization has a significant inhibitory effect on high-quality economic development;secondly,when the regional economic foundation is low,digital inclusive finance can significantly promote high-quality economic development,but not significantly when it is high;when the regional innovation ability is high,digital inclusive finance can significantly promote high-quality economic development,but not significantly when it is low;thirdly,industrial structure upgrading plays a partial mediating role in the relationship between digital inclusive finance and high-quality economic development,with a mediating effect ratio of 22.67%.In summary,this article suggests actively promoting the construction of the digital inclusive finance system in the Yangtze River Delta region,especially the digitization of digital inclusive finance,and using various channels such as digital technology and internet platforms to build a low-cost,multi-level,and high-efficiency investment and financing market system,while optimizing investment and financing platforms to provide convenient,fast,efficient,and safe investment and financing environment for investors.By promoting the development of digital inclusive finance,the "financial exclusion problem" can be solved,the efficiency of factor capital flow can be improved,industrial optimization and upgrading can be realized,providing new driving force for high-quality economic development.