The Promotion Of Digital Inclusive Finance To Common Prosperity

Common prosperity is the essential requirement of socialism and the common expectation of the Chinese people.The State Council of the CPC Central Committee issued the 《Opinions of the State Council on Supporting Zhejiang’s High-Quality Development and Building a Common Wealth Demonstration Zone》in 2021,which put forward the general requirements and gave instructions on specific ways to promote common prosperity.Relying on the popularity of the Internet and mobile devices,digital inclusive finance uses digital technologies such as big data cloud and cloud computing to greatly reduce the cost of financial services,break the limitations of time and space,alleviate the problem of credit constraints under the traditional financial system,and promote inclusive growth,which is of great significance to China in promoting the realization of common prosperity.Based on finance theory,this paper analyzes the utility of digital inclusive financial development in promoting common wealth in three aspects,and analyzes the mediating utility played by credit constraints in the mechanism of digital inclusive finance affecting common wealth.In the empirical part,this paper mainly relies on the instructions on the specific promotion of common affluence in the Opinions of the State Council on Supporting 《Opinion》,and summarizes the "developmental" and "sharing"characteristics of common affluence by combining the existing literature results."The evaluation system of the development level of common affluence is constructed,and the common affluence index of 31 provinces and cities from 2011 to 2020 is measured based on provincial panel data;then the digital inclusive finance index released by Peking University is adopted as the core explanatory variable to empirically test the effect of digital inclusive finance on common affluence and the mediating effect of credit constraints in this process.We then use the digital inclusive finance index published by Peking University as the core explanatory variable to empirically test the effect of digital inclusive finance on common wealth and the mediating effect of credit constraints in this process,and analyze the regional heterogeneity of the effect of digital inclusive finance on common wealth.To ensure the accuracy and reliability of the empirical results,five types of robustness tests are used: instrumental variables,lagged one-period treatment,exclusion of epidemic years,exclusion of municipalities,and replacement of explanatory variables.The findings of this paper show that: the development of digital inclusive finance has a significant positive contribution to the promotion of common wealth,the breadth of coverage,depth of use and digitization of digital inclusive finance can significantly contribute to the construction of common wealth,digital inclusive finance indirectly promotes common wealth by promoting financing credit constraints,and the mediating effect played by credit constraints is 27%,indicating that digital inclusive finance can alleviate the credit constraint of residents and enterprises,and play a supportive role in promoting the "co-creation and co-construction" of common wealth in China.The analysis of regional heterogeneity shows that digital inclusive finance has a stronger effect on the development of common wealth in the western region than in the eastern region,and the regional heterogeneity of the impact of digital inclusive finance subdimensions on common wealth is examined separately.There are two innovations in this paper’s research.First,this paper takes the interpretation of the connotation of common affluence and the instructions for its promotion in the Opinions of the State Council on Supporting《Opinion》as the outline,combines the theoretical research results of common affluence measurement by scholars,focuses on grasping the connotation characteristics of common affluence,constructs an evaluation system of the development level of common affluence based on the principle of precision and non-redundancy,and strictly selects representative indicators of common affluence,and The common affluence index of 31 provinces and cities in China from 2011 to 2020 was measured,which enriched the literature for the study of common affluence measurement.Second,the existing literature has studied the mediating role of promoting innovation and entrepreneurship and narrowing the income gap in the impact of digital inclusive finance on common affluence,but this paper argues that the promotion effect of digital inclusive finance on innovation and entrepreneurship and narrowing the income gap is mainly realized by alleviating credit constraints.Therefore,we examine the mediating effect of credit constraint alleviation in the impact of digital inclusive finance on common wealth,and enrich the empirical study of the mechanism of digital inclusive finance for common wealth.