| Since United Nations puts forward the concept of inclusive finance in the promotion of “International Year of Microcredit 2005”,inclusive finance attracts the attention of more and more countries.In China,the CPC Central Committee and the State Council have always attached great importance to inclusive financial development,and have introduced some policies to support inclusive financial development.The Third Plenary Session of the 18 th Central Committee of the CPC mentioned that “developing inclusive finance,encouraging financial innovation and enriching financial market level and products”.What's more,Inclusive finance has been written into “Government Work Report” four years in succession from 2014 to 2017.By the end of 2015,the State Council issued “Inclusive Financial Development Plan(2016-2020)”,which established inclusive financial implementation strategy from the national level for the first time.With the support of a series of policies,inclusive financial development has made outstanding achievements in China.With the rise of inclusive financial development,the poverty alleviation,characterized by the decline of poor people and head count ration,has also made outstanding achievements.There are significant differences in regional inclusive financial development in China.The inclusive financial development of eastern region is higher than those of other regions significantly.What's more,SMEs also agglomerate in the eastern region,where inclusive financial development is higher.So,is there inner logic between inclusive finance and poverty alleviation and SMEs agglomeration? If so,what kind of inner logic is there? Can inclusive financial development promote poor households' spatial evolution and enterprises' regional spatial structure adjustment? Will the structure effect of poverty alleviation and enterprises' spatial agglomeration have? How is the practice of inclusive finance in China at this stage? What's the problem? How should the policy be optimized? These are important strategic issues in China's economic development.This paper follows the research idea from theoretical research to empirical research to practical research and to policy optimization design finally.Based on this research idea,firstly,we make theoretical research.We abstract the distance between the wealth of all the poor households and the poverty line into poor households' spatial structure.We build a coherent theoretical framework,by which we explore the theoretical mechanism of the poor households' spatial evolution effect of inclusive financial development,and reveal the inner logic of inclusive finance alleviating poverty.And then,we introduce inclusive finance into the footloose capital model of New Economic Geography and build an extended new economic geography model,by which we explore the theoretical mechanism of enterprises' regional spatial effect of inclusive financial development,and reveal the inner logic of inclusive finance promoting enterprises' spatial agglomeration.Secondly,we make empirical research.We construct inclusive financial index.And then,we measure the inclusive financial index by means of the panel data of Chinese mainland provinces.After that,we make empirical tests for the poverty alleviation effect and SMEs agglomeration effect using system GMM estimation method.Thirdly,we make practical research.We explore inclusive financial development and policy support for it in China.Then,we explore the practical form of inclusive finance in China.After that,we analyze the problems faced by inclusive finance at present in China.Finally,we make policy optimization design.We draw the international practical experience in inclusive financial development and its inspiration on China.What's more,we follow the connotation of inclusive finance concept closely.On this basis,we design the three-dimension mechanism of building China's inclusive financial system,and put forward corresponding countermeasures.Through the theoretical research,we can see that: first,inclusive finance has its own characteristics,which are the premise and foundation of inclusive financial development resulting in spatial structure effect.Inclusive finance has the characteristics of fairness,business sustainability and inclusion,which allow poor households to obtain financing services from financial institutions,and a wide range of enterprises including SMEs to obtain financing services,payment and settlement services,insurance services and other services.And these are the premise and foundation of inclusive financial development resulting in spatial structure effect.Second,inclusive financial development can result in two types of spatial structure effect,which are poor households' spatial evolution effect and enterprises' spatial agglomeration effect.In terms of poor households' spatial structure,the development of inclusive finance will help to improve poor households' spatial structure and achieve poverty alleviation.In terms of regional spatial structure,the development of inclusive finance will help to attract industrial enterprises agglomerating.Through the empirical research,we can see that: first,inclusive financial development of Chinese mainland provinces shows an upward trend.What's more,the differences between provinces show a narrowing trend.Inclusive finance shows incremental improvements in China.Second,inclusive financial development has poverty alleviation effect in China.On the whole,inclusive financial development has significant poverty alleviation effect in China.In terms of sub-dimension,the poverty alleviation effect of loan density is greater than that of bank branch density and bank employee density.So,we should constantly improve the inclusion of financial services for the poor.What's more,we also should focus on giving full play to the poverty alleviation effect of loan services inclusion.Third,inclusive financial development has SMEs agglomeration effect in China.On the whole,inclusive financial development can improve SMEs agglomeration significantly.In terms of sub-dimension,the SMEs agglomeration effect of insurance density is greater than that of bank employee density and loan density.So,we should constantly improve the inclusion of financial services for SMEs.What's more,we also should focus on giving full play to improving insurance services inclusion.Through the practical research,we can see that: first,inclusive financial development has experienced three stages in China,which are non-profit micro-credit stage in 1990 s,developmental micro-finance stage from 2000 to 2005,and comprehensive inclusive finance stage after 2005.In the comprehensive inclusive finance stage,innovative internet finance is its important content.The three stages are not a replacement evolution,but an inclusive evolution.What's more,there is corresponding policy support in each stage.Second,the practical forms of inclusive finance are not limited to micro-credit in China,which also include various types of mortgages and guarantees,industrial chain financing,OTC market,SMEs private debt,agricultural industry investment funds,policy agricultural insurance and internet finance and so on.Third,inclusive financial development faces some problems in China,which are financial resources allociation still unbalanced,financial infrastructure weak relatively,creadit risk expanding,regulatory system not perfect,and consumers' financial knowledge needing to be improved and so on.On the basis of theoretical research,empirical research and practical research,we follow the connotation of inclusive finance concept closely,and introduce three dimensions to design the three-dimension mechanism of building China's inclusive financial system,which are residents' income level,enterprises' scale and regional feature.In order to continually expand financial system's service boundary in the three dimensions,and ultimately cover the low-income people,SMEs and backward and remote rural areas at the end of the three dimensions,we should do the following at least.First,rationalize the mechanism of financial resources allociation.Second,build inclusive financial infrastructure.Third,strengthen the credit risk control for Micro-finance.Fourth,improve supervision.Fifth,strengthen the protection of financial consumer rights.This paper contains seven chapters.The details are as follows.Chapter 1: Introduction.Firstly,this chapter elaborates the background and research significance.Secondly,this chapter defines relevant terms.Thirdly,the research idea,research content and research method are given.Finally,the innovation and deficiency are pointed out.Chapter 2: Theoretical foundation and literature review.Firstly,this chapter elaborates the theoretical foundation,which contains financial function theory and New Economic Geography theory.Then,this chapter summarizes the domestic and foreign literatures about inclusive financial measurement,poverty measurement,enterprises agglomeration measurement,the impact of inclusive finance on poverty alleviation,and the impact of inclusive finance on enterprises agglomeration.Chapter 3: The theoretical analysis on the spatial structure effect of inclusive financial development.Firstly,this chapter summarizes the characteristics of inclusive finance.And then,from two dimensions,namely,poor households' spatial structure and regional spatial structure,we explore the effect of inclusive financial development on households in poor households' space and enterprises,which locate in regional space.And further,we reveal the effect of the poor households' spatial evolution and enterprises' spatial agglomeration,resulting from inclusive financial development.Chapter 4: The empirical analysis on the spatial structure effect of inclusive financial development.Firstly,this chapter constructs inclusive financial index system based on the availability and usage of financial services,in order to construct inclusive financial index.Then,we measure inclusive financial index by means of the panel data of Chinese mainland provinces.And further,we test the poverty alleviation effect and SMEs agglomeration effect resulting from inclusive financial development by means of system GMM estimation method.Chapter 5: Inclusive financial development in China: Policy,practice and the problem.Firstly,this chapter explores inclusive financial development and policy support for it in China.Secondly,we explore the practical form of inclusive finance in China.Finally,we analyze the problems faced by inclusive finance in China.Chapter 6: International experience in inclusive financial practice and its inspiration on China,and the construction of inclusive financial system in China.Firstly,this chapter explores the inclusive financial practice of developing countries and developed countries.Furthermore,we summarize their experience in inclusive financial development and analyze its inspiration on China.Aiming at the problems faced by inclusive finance in China at present,we draw on the international experience and follow the connotation of inclusive finance concept closely.And further,we design the three-dimension mechanism of building China's inclusive financial system,and give corresponding countermeasures.Chapter 7: Research conclusions,research inspiration and future research direction.This chapter summarizes the main research conclusions and inspiration.And the future research direction is pointed out.There are three main innovations in this paper.The details are as follows.Firstly,it is the innovation of research perspective.We first put forward the concept,which is the spatial structure effect of inclusive financial development.From the perspective of spatial structure,we explore the problem of inclusive financial development.Secondly,it is the innovation of theoretical framework.In this paper,surrounding the research theme of “the spatial structure effect of inclusive financial development”,we attempt to construct the theoretical analysis framework with “space” feature,by which we explore the two kinds of spatial structure effect of inclusive financial development,namely,poor households' spatial evolution effect and enterprises' spatial agglomeration effect.We abstract the distance between the wealth of all the poor households and the poverty line into poor households' spatial structure.Furthermore,we build a coherent theoretical framework,by which we explore the theoretical mechanism of the poor households' spatial evolution effect of inclusive financial development.And then,we introduce inclusive finance into the footloose capital model of New Economic Geography and build an extended new economic geography model,by which we explore the theoretical mechanism of enterprises' regional spatial effect of inclusive financial development,Thirdly,it is the innovation of service design.We follow the connotation of inclusive finance concept closely,and introduce three dimensions to design the three-dimension mechanism of building China's inclusive financial system,which are residents' income level,enterprises' scale and regional feature.This service design is a beneficial attempt without precedent. |
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