Research On The Impact Of The Development Of Digital Inclusive Finance On The Consumption Of Chinese Residents

At present,China’s economy has shifted from a stage of high-speed growth to a new stage of highquality development,and the continued growth in consumption is an important source of strength for maintaining national economic stability and high-quality development.Especially in the current trade friction between the world’s major economies and the impact and impact of the global new crown pneumonia epidemic,the international situation is turbulent,and in the situation of declining investment and blocked exports,consumption as one of the "three driving forces",it plays an increasingly important role in maintaining China’s economy stability and high-quality development.Since the reform and opening up,China’s economic development has made rapid progress,and people’s living standards have also undergone earth-shaking changes.However,the consumption rate of Chinese residents is low,and the problem of relatively insufficient residents’ demand is still prominent.In order to stimulate the growth of residents’ consumption,increase the rate of residents’ consumption,and release the consumption potential,it is necessary to analyze the factors that affect residents’ consumption.According to the theory of consumer finance,the development level of the financial industry is an important factor affecting the consumption of residents.Influenced by the traditional financial institutions’ "dislike the poor and love the rich" and the business philosophy of the risk-return matching mechanism,China’s financial service threshold is relatively high,and a large number of vulnerable groups are obviously excluded from finance.However,in recent years,driven by big data,cloud computing,artificial intelligence and mobile Internet,the digital inclusive finance industry has emerged as the times require,bringing new opportunities to promote the growth of household consumption,this enables residents who were originally financially excluded to enjoy the benefits of new digital finance.Therefore,in the context of my country’s high-quality economic development,this paper explores the impact that developing digital inclusive finance on the growth of residents’ consumption and its mechanism of action,it is of great importance to release the potential of residents’ consumption,expand domestic demand,and promote the stable and high-quality development of China’s economy.This paper firstly summarizes the existing research literature and research results on the development of digital financial inclusion and residents’ consumption,and analyzes how the development of digital financial inclusion will affect the growth of residents’ consumption from the perspective of economic theory,combined with consumption theory,financial exclusion theory,financial function theory and spatial economics theory,and puts forward research hypotheses.Then,on this basis,the provincial panel data of 30 provinces in China from 2011 to 2020 was selected as the research sample,and the impact that developing digital inclusive finance on the growth of residents’ consumption was examined by building a spatial econometric model and exploring the spatial correlation.The research samples are divided according to different regions,areas and types of consumer goods to further analyze the heterogeneous impact of the development of digital inclusive finance on the growth of residents’ consumption.Finally,combined with the theoretical basis and empirical evidence,the mechanism of the development of digital inclusive finance affecting the growth of household consumption is tested.The results of this study show that:(1)The development of digital inclusive finance has significantly promoted the growth of residents’ consumption.After a series of robustness tests,the conclusion is still valid.(2)The development of digital inclusive finance and the growth of household consumption in China both show a significant positive spatial autocorrelation,and the growth of residents’ consumption in neighboring provinces will have a positive spillover effect on the growth of residents’ consumption in the province.(3)In terms of heterogeneity analysis,firstly,the development of digital inclusive finance has a significant role in promoting the growth of residents’ consumption in both rural and urban areas,but it has a greater role in promoting rural areas;Secondly,compared with the eastern region,the development of digital inclusive finance has a greater role in promoting the growth of residents’ consumption in the central and western regions;Finally,the development of digital financial inclusion has a significant role in promoting the growth of development-oriented and enjoymentoriented consumption,which is consistent with Maslow’s theory of demand.(4)In terms of the impact mechanism,digital inclusive finance mainly promotes the growth of residents’ consumption by improving the convenience of residents’ payment,alleviating the impact of residents’ liquidity constraints,reducing residents’ precautionary saving motives,and increasing residents’ income levels.Finally,according to the research conclusion of this dissertation,the following policy suggestions are put forward from four aspects:(1)The Chinese government should increase investment in digital inclusive finance infrastructure,improve the level of informatization development,and accelerate the pace of promoting the digital construction of inclusive finance.(2)Continuously improve the financial service system,optimize financial products,lower the threshold and transaction cost of financial services,improve the availability of financial services,and strive to achieve digital transformation.(3)The Chinese government should make overall plans to expand the sinking of digital inclusive finance in the central and western regions and rural areas,and encourage all regions and areas to share the development dividends of digital inclusive finance.(4)Financial regulatory authorities must keep pace with the times,focus on regulatory innovation,improve the digital inclusive financial regulatory system,and reduce the probability of financial risks.