| Investment,export and consumption are the three driving forces of national economic growth.However,in recent years,China’s economy has faced increasing risks of external uncertainties,which have a serious impact on China’s investment and exports.Under the circumstance,the General Secretary Xi Jinping put forward a new development model of "taking domestic circulation as the main body and domestic and international circulation promoting each other",and took stimulating resident consumption demand and improving resident consumption level as an important strategy to develop the national economy.At the same time,digital financial inclusion has developed rapidly with its advantages of low cost,high efficiency,low barriers to entry,etc.It brings convenient financial services to all kinds of consumer groups and plays a positive role in improving the resident consumption level.Therefore,it is of great significance to study the impact of digital inclusive finance on resident consumption for stimulating domestic demand and improving resident consumption level.In this paper,the digital inclusive finance index published by the Institute of Digital Finance Peking University for 2011-2020 was used together with relevant economic data for 30 Chinese regions(excluding Tibet).The fixed effect model was selected to analyze the regional heterogeneity of the impact of digital inclusive finance on resident consumption level.In addition,panel quantile regression was used to analyze the impact of digital inclusive finance on resident consumption at different consumption levels.Finally,whether digital inclusive finance had indirect impact on resident consumption level through influencing consumer credit was analyzed through the mediation effect test.Then,through the establishment of threshold regression model,the change of its impact on resident consumption level was analyzed as digital inclusive finance develops continuously.The research shows the following.(1)At national level,digital inclusive finance can significantly improve resident consumption level in China.(2)According to the results of panel quantile regression,the estimated coefficient of digital inclusive finance increases with the increase of quantile.This indicates that the promotion effect of digital inclusive finance on resident consumption is stronger in areas with higher resident consumption level.(3)At the regional level,digital inclusive finance plays a significant role in promoting resident consumption level in the eastern and western regions.However,the impact on resident consumption level in the central region is not significant.(4)According to the results of mediation effect test,digital inclusive finance can indirectly improve resident consumption level by increasing resident consumption credit.(5)According to the threshold regression results of digital inclusive finance and resident consumption level,the impact of digital inclusive finance on resident consumption level has increased with the continuous development of digital inclusive finance since 2011.Finally,relevant suggestions were put forward from the perspectives of implementing differentiated development strategies,increasing residents’ understanding of digital inclusive finance,strengthening the government investment and policy support,and improving the digital inclusive finance product and service system. |
