Research On The Impact Of Digital Inclusive Finance On Rural Economic Development

On January 2,2023,the No.1 central document of the Central Committee pointed out that the most arduous and arduous task of comprehensively building a socialist modern country is still in the countryside.We must persistently make solving the "three rural" issues a top priority in the work of the entire Party,comprehensively promote rural revitalization,promote high-quality development of rural industries,and achieve increased income and prosperity for farmers.As an important resource to promote the work of "agriculture,rural areas,and farmers",digital inclusive finance can break the supply and demand barriers and improve the effectiveness of supply and demand information,which is the key to affecting the development of rural economy.In order to continue to promote the work of "agriculture,rural areas,and farmers" and stabilize the basic situation of agriculture,this article proposes the following questions: First,does digital inclusive finance have a causal effect on rural economic development? If so,will digital inclusive finance have different causal effects on rural areas at different economic levels? Secondly,through what mechanism does digital inclusive finance play a causal intermediary role in rural economic development? What is the impact of this action? Thirdly,will there be heterogeneity in the impact of the level of digital inclusive financial infrastructure construction in different regions on rural economic development? Is there any heterogeneity in the role of digital inclusive financial services with different functions in rural economic development?To address the above issues,this article first combs relevant literature,combining digital tool theory,financial development theory,and rural industry integration theory,and proposes research hypotheses;Secondly,based on causal inference,using a fixed effect model,using individual difference method to estimate,and using instrumental variable method to verify,to eliminate endogenous and reverse causal problems caused by unknown confounding variables;Thirdly,in order to explore the mechanism of digital inclusive finance affecting rural economic development,a causal intermediary model is used to analyze the intermediary role of rural industrial integration as an impact path;Finally,the article analyzes the heterogeneity of the role of digital inclusive finance infrastructure construction and different functional financial services in rural economic development,with a view to providing targeted suggestions for the improvement of digital inclusive finance.The research results show that:(1)Digital inclusive finance has a significant promoting effect on rural economic development,and it has a greater impact on developed and underdeveloped rural areas,while it has a smaller impact on less developed,moderately developed,and underdeveloped areas.(2)Rural industrial integration plays a mediating effect between digital inclusive finance and rural economic development,and the mediating effect of rural industrial integration accounts for 6.7715%,which means that digital inclusive finance promotes rural economic development by promoting rural industrial integration.(3)By analyzing the different functions of digital inclusive financial services,it is found that payment business,credit business,and insurance business all have a promoting effect on rural economic development,while insurance business has the smallest effect compared to the other two businesses;By analyzing the level of digital inclusive finance infrastructure construction,it is found that the coverage,depth of use,and degree of digitalization of digital finance all have a promoting effect on rural economic development,while the degree of digitalization of inclusive finance has the lowest promoting effect,indicating that there is still room for improvement in the degree of digitalization in promoting rural economic development.