Study On The Impact Of Digital Inclusive Finance On Inclusive Growth

Since the reform and opening up,China’s economy has grown rapidly,but the issues of fairness and efficiency have become increasingly prominent.In the new stage of development,in order to make the fruits of economic growth benefit more people and achieve the unity of efficiency and fairness,the concept of inclusive growth has been proposed,which aims to achieve coordinated and sustainable economic development and equal sharing of growth benefits.The 29 th APEC Leaders’ Summit in 2022 pointed out that "digital technology and innovation can play a greater role in promoting inclusive and sustainable growth." Digital inclusive finance has the dual advantages of digital technology and inclusive finance,and is widely regarded as an effective way to solve the problem of inequality and unsustainability in inclusive growth by effectively mitigating financial exclusion,improving the availability of credit for disadvantaged groups,and balancing the urban-rural income gap.Based on this background,this paper uses a method that combines theory and empirical evidence to explore the impact of digital inclusive finance on inclusive growth.First,by combing through relevant literature and theories,it explores the mechanism of digital inclusive finance in promoting inclusive growth.Then,starting from the two dimensions of efficiency and fairness,it constructs an inclusive growth index,measures the inclusive growth level of 30 provinces,and based on this,constructs a panel two-way fixed effects model,threshold model,and spatial econometric model to test the total effect,structural effect,threshold characteristics,and spatial effect of digital inclusive finance on inclusive growth.The following conclusions were drawn from the analysis:(1)Over time,the level of inclusive growth in each province of China has steadily increased,but there is still regional imbalance,with the eastern region outperforming the central and western regions.(2)Digital inclusive finance has a significant positive impact on inclusive growth,mainly through the use of depth and digitization.Digital inclusive finance can significantly improve economic growth efficiency and promote social fairness.(3)Digital inclusive finance has a significant spatial spillover effect on inclusive growth,which will reduce the level of inclusive growth in neighboring areas.(4)Digital inclusive finance on inclusive growth has significant non-linear threshold characteristics.The promotion of inclusive growth is greatest when the level of digital inclusive finance development is between the first and second threshold values,and this promotion effect follows a marginal increasing rule with the improvement of regional economic development level.Finally,based on the research conclusions,corresponding policy recommendations are proposed for promoting inclusive growth through digital inclusive finance: improving the depth and digitization of digital inclusive finance usage;balancing the development of digital inclusive finance innovation and risk prevention;and strengthening inter-regional cooperation and communication on digital inclusive finance.