Research On The Impact Of Digital Inclusive Finance On High-Quality Economic Development

With China’s economic development entering the new normal,the problem of economic growth slowdown caused by the diminishing marginal effect of factor input has become increasingly prominent.In response to this situation,the report of the 19 th national congress pointed out that China’s economy has changed from the stage of high-speed growth to the mode of high-quality development,and put forward five new development concepts: innovation,green,coordination,sharing and openness.High quality economic development pays more attention to balance and efficiency,that is,to optimize the allocation of existing resources driven by innovation,promote the formation of resource-saving and environment-friendly industrial structure,and improve the universality of public services.As the main force of financial development in the new era,digital inclusive finance can bring traditional financial excluded groups such as small and micro enterprises,farmers and urban low-income people into the financial service system,maximize the efficiency of capital utilization,promote the inclusive development of financial services,and empower high-quality economic development.Therefore,it is of great and practical significance to study the relationship between digital Inclusive Finance and high-quality economic development,and to explore the driving role of digital Inclusive Finance in high-quality economic innovation,green,coordinated,shared and open development.Firstly,this paper looks for proxy variables for high-quality economic development and digital Inclusive Finance.The proxy variable of high-quality economic development is based on16 basic indicators in the six aspects of economic growth quality,innovation,green,coordination,sharing and openness of 274 prefecture level cities in China from 2011 to 2019.Entropy method is used as the basic indicator for weighting,and then addition is used to synthesize the aspect index.The last six aspect indexes form the high-quality economic development index through multiplication synthesis;The proxy variable of digital Inclusive Finance adopts the digital inclusive finance index of Peking University.Then,the two are regressed with panel data to investigate the impact and impact mechanism of digital Inclusive Finance on high-quality economic development at the prefecture level.In addition,it also analyzes the robustness test of regression results,heterogeneity analysis,the impact of three sub dimensions of digital Inclusive Finance on high-quality economic development,and the driving effect of digital Inclusive Finance on high-quality economic development.The empirical results show that digital inclusive finance can indeed play a role in promoting high-quality economy,innovation,green,coordinated and shared development at the prefecture level city level,and the promotion role in the western,central and eastern regions decreases in turn.The coverage and use depth of digital Inclusive Finance and the digitization degree of Inclusive Finance can promote the high-quality development of economy.Accordingly,this paper puts forward the following four policy suggestions: first,strengthen the deep integration of financial services and the Internet;Second,balance the relationship between traditional finance and digital finance;Third,the development strategy of digital Inclusive Finance in various regions should be adapted to local conditions;Fourth,we should strengthen the supervision of the emerging format of digital Inclusive Finance to make it operate under transparent and standardized conditions.