Research On The Impact Of Digital Inclusive Finance On Inclusive Growth

Since the reform and opening up,China’s economy has made steady progress and achieved new breakthroughs,but the problem of unbalanced and insufficient development has posed a serious challenge to sustainable and high-quality economic development.In recent years,China has been actively practicing the concept of inclusive development,proposing major strategies such as "rural revitalization","digital power" and "common prosperity",aiming to promote economic construction and sharing.General Secretary Xi Jinping pointed out in the report of the 20 th Party Congress that "Chinese modernization is the modernization of common prosperity for all people".At this stage,how to effectively narrow the regional development gap and address inequality and relative poverty in people’s lives has become a key breakthrough in promoting inclusive growth.At the same time,with the deepening of digital services,digital inclusive finance has injected new vitality to bring into play financial services to help the real economy and improve people’s livelihood,and has gradually become an important path to achieve the goal of common prosperity.2022 State Council issued the "Package of Policy Measures for Solidly Stabilizing the Economy",which also emphasizes the need to increase the support of digital inclusive finance.Therefore,studying the impact of digital inclusive finance on inclusive growth can help provide rich theoretical support and realistic references for policymaking departments to formulate favorable financial policies and improve the "unbalanced and insufficient" problems in the new era.Based on this,the thesis firstly,by combing relevant research results,based on the relevant theoretical foundation,deeply analyzed the impact mechanism of digital inclusive finance on inclusive growth;then,using the panel data of 283prefecture-level cities and above from 2011 to 2020,the level of inclusive growth in China was measured by the entropy method of objective empowerment,and the results were analyzed by Origin and Arc GIS10.2 software for spatio-temporal visualization of the results in 2011,2015 and 2020,respectively;secondly,based on the benchmark regression analysis,we empirically tested the promotion effect of digital inclusive finance on inclusive growth and its regional heterogeneity,and examined the moderating effect of digital infrastructure and government education expenditure in the relationship between the two effects;finally,by constructing a panel threshold model and a spatial Durbin model for Finally,the possible threshold and spatial spillover effects are further explored by constructing a panel threshold model and a spatial Durbin model for extended analysis.Through theoretical and empirical exploration,the following conclusions were reached:(1)in terms of the evolution of the spatial and temporal patterns of variables,in terms of temporal characteristics,both digital inclusive finance and inclusive growth levels in China show a stable upward trend from 2011 to 2020,with a good development trend.In terms of spatial characteristics,both show an unbalanced distribution of high-value agglomeration and low-value agglomeration.(2)From the results of the benchmark regression,digital inclusive finance and its three dimensions both have a facilitating effect on inclusive growth.By region,the "dividend" of digital inclusive finance development is larger in the eastern region,and its contribution to inclusive growth is stronger than that of the central and western regions.The moderating effect shows that digital infrastructure construction and government education spending can play a positive moderating role in the impact of digital inclusive finance on inclusive growth.(3)In the extended analysis,from the regression results of the threshold model,whether it is digital inclusive finance itself or its three dimensions as threshold variables,the promotion effect of digital inclusive finance on inclusive growth shows the characteristics of increasing marginal efficiency.From the regression results of the spatial Durbin model,digital inclusive finance has a facilitating effect on inclusive growth in the region,but has a negative spillover effect on inclusive growth in neighboring regions.In terms of different dimensions,the spillover effects of breadth of coverage and depth of use are consistent with those of the total digital inclusive finance index,but the spillover effect of the degree of digitization is positive.Accordingly,suggestions and outlooks are put forward for continuously expanding the breadth of digital financial inclusion coverage and depth of benefit,accelerating the construction of digital infrastructure,improving education level and financial literacy,and giving full play to the radiating effect of digital financial inclusion.