A Study On The Impact Of Digital Inclusive Finance On The Regional Consumption Upgrading

Digital inclusive finance refers to the digital financial services provided for individuals and small and micro enterprises.It provides a solution to the problem of inclusive finance by reducing the use cost and expanding the range of users.At present,China has entered the new normal of economic development,and consumption,as one of the three carriages,is of great significance for expanding domestic demand,achieving a new pattern of double cycle development and driving economic growth.Digital inclusive finance brings a series of new financial services to residents,which has an impact on the upgrading of residents’ consumption structure.In this context,I explore the impact of digital inclusive finance on the upgrading of consumption structure.First,I theoretically analyze the channels through which digital inclusive finance affects the consumption structure of residents.Then,I describe the development process and current situation of China’s digital inclusive finance and domestic consumption.Then,I use panel data of 240 cities from 2011 to 2020 to establish a spatial econometric model for empirical analysis:(1)Conduct the global and local spatial correlation tests on digital inclusive finance and consumption structure,and the results show that China’s digital inclusive finance and consumption structure radiated from east to west,with high-level cities gathering in the east and low-level cities in the west.(2)With the Beijing University Digital Inclusive Finance Index as the core explanatory variable and the consumption structure upgrading index as the explanatory variable,I establish the SAR model and decompose the spatial effect.The results show that digital inclusive finance promotes the upgrading of residents’ consumption structure,and this role has spatial spillover.The spatial weight matrix is further replaced to verify the robustness of the model.(3)The results of sub sample heterogeneity test show that digital inclusive finance has a greater impact on consumption structure in developed regions.The explained variable is replaced by the heterogeneity test of the proportion of each category of consumption.The results show that the consumption of daily necessities,transportation and communication,education,culture and entertainment are promoted,but the proportion of food,tobacco,alcohol and clothing consumption are reduced.(4)The income mechanism is tested by the intermediary effect model.The results show that income is the impact mechanism of digital inclusive finance on residents’ consumption structure.Replace the core explanatory variables with the secondary indicators of the digital inclusive financial index.The results show that payment,income and insurance are the impact mechanisms.Finally,according to the conclusions obtained in this paper,the relevant policy recommendations are put forward.