Research On The Impact Of Digital Inclusive Finance On The Consumption Potential Of Rural Residents

In response to changes in the international environment and domestic problems,the Report to the 20 th CPC National Congress and the Central Economic Work Conference in 2022 both called for vigorously implementing the strategy of expanding domestic demand.The underlying implication is that we will take measures to unleash the potential of domestic consumption and bring into play the fundamental role of consumption in economic development.Compared with fully developed cities and towns,rural residents become the group with the greatest consumption potential due to low income level and high threshold of financial services.By virtue of its advantages such as low cost and easy access,digital inclusive finance will bring rural residents who have long been excluded from traditional financial markets into the service group,effectively improve the level of financial services available to rural residents,improve their consumption willingness and ability,and finally realize the release of consumption potential and the development of the financial industry.Therefore,whether or not digital inclusive finance has an impact on the release of rural residents’ consumption potential is the focus of this paper.By combing the relevant literature and analyzing the current situation,this paper studies the relationship between the release of rural residents’ consumption potential and the development level of digital inclusive finance by combining theoretical analysis and empirical research.In terms of theoretical analysis,it focuses on the direct and indirect impact of the development of digital inclusive finance on the release of rural residents’ consumption potential,and puts forward research hypotheses.In terms of empirical research,based on the sample data of 31 provincial administrative units from 2011 to 2020,the research hypothesis is tested respectively.Through the empirical analysis,it is found that the development of digital inclusive finance has a significant promoting effect on the release of rural residents’ consumption potential,and the control variable support for agriculture,urban per capita consumption expenditure,rationalization and upgrading of industrial structure also have a promoting effect.The income gap between urban and rural areas has a mediating effect on the development of digital inclusive finance and the release of rural residents’ consumption potential,but the mediating effect of rural residents’ per capita savings is not significant.Digital inclusive finance has a spatial spillover effect on the consumption potential of rural residents,and the promotion effect on the release of local consumption potential is greater than that of surrounding areas.The regression of the consumption potential of rural residents by the coverage breadth,use depth and digitalization degree contained in the development of digital inclusive finance all promoted the release of consumption potential,and the use depth had the greatest effect.The country was divided into east,central and west regions for heterogeneity analysis.The development of digital inclusive finance in eastern region significantly promoted the release of consumption potential,while the development of digital inclusive finance in central and western regions was not significant.According to the research conclusion,this paper holds that to strengthen the endogenous driving force of large domestic cycle and fully stimulate the release of the consumption potential of rural residents,we should: accelerate the development of digital inclusive finance in the region and promote the development of high-quality financial industry;Improve farmers’ financial literacy and give full play to the advantages of digital inclusive finance;Promote urbanization in an orderly manner and narrow the income gap between urban and rural areas;Increase investment in rural construction and promote the integrated development of rural industries;We will accelerate the transformation and upgrading of regional industries and expand the channels for farmers to increase their incomes.