| At the Nineteenth Congress of the Communist Party of China,General Secretary Xi Jinping made an important conclusion about the main contradictions in our society:the main contradictions in our society have changed from "the contradiction between the people's growing material and cultural needs and backward social production" to "the contradiction between the people's growing need for a better life and the unbalanced and inadequate development".People's living standards have improved markedly,their yearning for a better life is stronger,and the demand for more balanced and full development has been put forward.However,at present,there are many imbalances and inconsistencies in financial development.The study of Inclusive Finance is of great practical significance to solve this problem.Inclusive finance is committed to resolving the above-mentioned problems of unbalanced and uncoordinated development.Inclusive Finance aims to promote the popularization of financial services,so that low-income groups,small and micro enterprises and other groups can get more convenient,faster,more affordable and safer financial services.The service target group of Inclusive Finance is those low-income people and small and medium-sized enterprises who enjoy less traditional financial services.In our country,these groups are mainly farmers,urban vulnerable groups and small and medium-sized enterprises.On the one hand,finance acts on the development of Inclusive Finance through the allocation of resources:inclusive finance can be regarded as a kind of financial resources,and its natural function of resource allocation can lead some financial resources into vulnerable industries,backward regions and vulnerable groups,thus achieving a more effective allocation of resources at the national macro level;on the other hand,finance can alleviate the market losses of inclusive finance.Spiritual problems help them develop better.Finance has the function of stable economic development.In the medium and long term,inclusive financial development can also promote inclusive economic growth,promote stable economic development,and ultimately achieve long-term stability of the country.In addition,the inclusive nature of Inclusive Finance is highly consistent with the goal of promoting fair income distribution.Compared with traditional finance,Inclusive Finance emphasizes fairness more(residents can enjoy financial services regardless of income).Financial institutions can provide high-end services such as financial management,insurance and investment for high-income people,and also provide low-income people with the savings,settlement,loans and other income they need to meet the needs of all groups.China advocates fairness,harmony and sustainable development in the development of social economy,which is consistent with the concept advocated by inclusive finance.Focusing on the theme of "Research on the role of Finance in the development of Inclusive Finance in China",this paper analyses the relationship between them from the perspective of theory and practice,straightens out the mechanism of fiscal action on the development of inclusive finance,and finally draws the conclusion that finance can better support the development of Inclusive Finance through its various functions of "quantity","quality" and "structure".Inclusive finance has shifted from scale and quantity to high-quality development.On the one hand,finance promotes the balance of supply and demand of Inclusive Finance in China,and promotes the growth of inclusive financial scale.On the other hand,finance actively creates a development environment to improve the quality of inclusive financial development,and constantly optimizes the structure to promote the development of Inclusive Finance at all levels.The ultimate realistic goal of fiscal role in Inclusive Finance is to redistribute income,promote equalization of public services,help vulnerable groups increase income,give full play to inclusive financial hematopoietic function,realize the productive means of fiscal solution to the distribution problem,promote entrepreneurship and employment,and help out of poverty.The main contents of this paper are as follows:Chapter 1 is "Introduction".This chapter mainly introduces and elaborates the background,purpose and significance,basic research ideas and methods of the paper.At the same time,this chapter also explains the innovation and shortcomings of the article.Chapter 2 is "literature review".The literature review of this chapter is based on "What is inclusive finance?——What is the development level of Inclusive Finance and how to measure it?——How does finance affect inclusive finance?The logical development of inclusive finance,the measurement and influencing factors of inclusive finance,and the relationship between finance and inclusive financial development are elaborated progressively.By summarizing the research results of experts and scholars at home and abroad on inclusive finance,we can find that there are few literatures to analyze the role of Inclusive Finance from the perspective of fiscal policy,and most of them only stay at the level of qualitative analysis,and less from the level of quantitative analysis.Chapter 3 is the theoretical basis of the role of Finance in the development of Inclusive Finance in China.This chapter mainly analyses the theoretical analysis basis of the role of Finance in the development of inclusive finance.From the perspective of welfare economics and market failure in Western economics,this paper analyses the necessity of fiscal action on the development of inclusive finance.Fiscal can alleviate the market failure of Inclusive Finance by generating positive externalities of enterprise subsidies and help it develop better.From the point of view of national distribution theory,this paper analyses the effectiveness of fiscal action on inclusive financial development.Fiscal action on inclusive financial development through resource allocation:inclusive finance can be regarded as a kind of financial resource,the natural resource allocation function of finance can introduce some financial resources into vulnerable industries(small and medium-sized enterprises,etc.),backward areas(rural areas,etc.)and vulnerable groups.In order to achieve a more effective allocation of resources at the national macro level.There are four main functions of finance:resource allocation,income distribution,economic stability and development,social harmony and stability,and long-term stability of the country.Finance has the function of stable economic development.Through institutional arrangements,it can play the role of"automatic stability".The development of Inclusive Finance can also promote inclusive growth,promote stable economic development,and highly coincide with the function of finance,ultimately promote social harmony and stability and achieve long-term stability of the country.Finance plays the role of income distribution,optimizes the efficiency of financial resources allocation,actively achieves the goal of fair distribution through the function of fiscal revenue distribution.The essence of Inclusive Finance is highly consistent with the concept of promoting fair income distribution.In addition,Inclusive Finance also helps to achieve social fair distribution,helps finance to play its role of income distribution,and ultimately promotes the stable development of the economy.To promote social harmony and stability and achieve long-term stability of the country.Chapter four is "the current situation of the development of Inclusive Finance in China under the influence of finance".This chapter mainly analyses the achievements and problems of the fiscal role in the development of Inclusive Finance in China.The service objects of Inclusive Finance in China are low-income groups in rural and remote areas,low-income groups in urban areas and small and medium-sized enterprises.China's Inclusive Finance has undergone several important stages of development:(1)1990s:public welfare micro-credit stage;(2)2000-2005:developmental micro-finance stage;(3)2006-2010:comprehensive Inclusive Finance stage;(4)after 2011,innovative Internet Finance stage,currently in the inclusive financial institution system,payment system construction,financial creation.New and Internet finance have developed to some extent.The institutional arrangements of fiscal effect on Inclusive Finance include tax incentives and exemptions,loan discounts(subsidies and discounts for poverty alleviation loans,micro-guaranteed loan discounts,etc.),special funds(technology innovation funds,special funds for the development of small and medium-sized enterprises,special funds for the development of inclusive finance,etc.)and other relevant fiscal policies,and preliminary results have been achieved.However,there are many problems in financial support for inclusive financial policy,such as limited utilization rate of inclusive financial special funds,high threshold for declaration of financial special funds,and reverse incentive of financial special funds.Generally speaking,the benefits of inclusive financial policy are limited.In the next step of development,it is urgent to solve the problems of imperfect credit system construction,gradual exposure of inclusive financial risks,and sustainable development of inclusive finance.The fifth chapter is "the analysis of the mechanism of fiscal action on the development of Inclusive Finance in China".The role of Finance in the development of Inclusive Finance mainly lies in the growth of quantity,the improvement of quality and the optimization of structure.Finance promotes the balance of supply and demand of Inclusive Finance in China,and promotes the growth of Inclusive Finance scale.Finance acts on the suppliers and demanders of Inclusive Finance in China,thus alleviating the imbalance between supply and demand in China's inclusive financial market.Finance actively creates an inclusive financial development environment.First,we should strengthen the cultivation of competitive markets and promote the healthy development of inclusive financial markets.Second,we should improve the guarantee system to achieve the dual effects of inclusive financial development and risk prevention.Third,we should encourage the development of credit reporting systems and build an environment for inclusive financial audiences to perform in good faith according to law.Fiscal effective promotion of inclusive financial development structure optimization is mainly reflected in fiscal actively promoting the balance of inclusive financial development.First,we should strengthen the balance of regional development of Inclusive Finance and promote the balanced development of Inclusive Finance among regions.Second,we should strengthen the balance between urban and rural development of inclusive finance,strive to eliminate the dual structure of urban and rural areas and financial exclusion,and promote the balanced development of Inclusive Finance in urban and rural areas.Third,we should strengthen the balance between inclusive financial development and social development.There is a natural high degree of consistency between inclusive financial development and social development.The ultimate goal of social development is to promote comprehensive sharing and encourage the concept of "everyone enjoys".Inclusive finance is committed to solving the problems of insufficient and unbalanced development.Fiscal action on Inclusive Finance to narrow the income gap is the ultimate realistic goal.Firstly,finance can help vulnerable groups increase their income by acting on Inclusive Finance and promoting the equalization of public services;secondly,finance can play its hematopoietic function by acting on Inclusive Finance to realize the productive means of fiscal solution to distribution problems and promote entrepreneurship and employment;thirdly,finance can play its role in promoting entrepreneurship and employment.Inclusive finance promotes both subsidy and productive financial services to help fight poverty.Chapter 6 is "Empirical Analysis of the Role of Finance in the Development of Inclusive Finance in China".This chapter mainly demonstrates the role of Finance in the development of Inclusive Finance in China from the perspective of empirical analysis.Firstly,this chapter calculates the scale index of inclusive financial development.The main steps are dimensionless,weight analysis and index synthesis.The basic characteristics of the inclusive financial development scale index calculated in this paper are:(1)the development gap among provinces is narrowed with the passage of time;(2)the index reflects regional differences in varying degrees to a certain extent.Generally speaking,the higher the level of economic development,the higher the degree of inclusive financial development scale index.The index framework and index selection dimension of this paper mainly refers to the relevant literature of domestic scholars,and on this basis,introduces the coverage degree of guaranteed financial services,which makes up for the deficiency of the measurement of guaranteed financial services.The correlation coefficient between the index and the traditional financial GSP index compiled by Jiao Jinpu in 2015 is as high as 0.8,which also illustrates China compiled in this paper to some extent.The scale index of inclusive financial development has some representativeness and reliability,but it focuses more on describing the scale of inclusive financial development.This chapter studies the role of inclusive financial funds on the scale of inclusive financial development through empirical methods.Firstly,the paper establishes a theoretical model of fiscal effect on the development of Inclusive Finance in China,and then quantitatively depicts the causal relationship between fiscal and Inclusive Finance in China by using panel data of 31 provinces(regions and municipalities)from 2016 to 2017.Finally,the empirical conclusions are analyzed and interpreted.The main results of this empirical analysis are as follows:1.The overall role of Finance in the development of inclusive finance.The empirical results of fiscal impact on the development of Inclusive Finance in China show that there is a positive impact on the development and change of inclusive finance,which can prove to some extent that the development of Inclusive Finance is positively affected by finance.2.Fiscal role in the "quantity" and "quality" aspects of inclusive financial development.At present,China's inclusive financial development in terms of penetration,usability and coverage of protective financial services has achieved greater results(more reflected in the"quantity" aspect),while the effectiveness of inclusive financial services is weak(more reflected in the "quality" aspect).In addition,the correlation coefficient between the special financial funds and the dimension score of inclusive financial development is greater,while the correlation coefficient between the dimension score of inclusive financial development and the dimension score of quality is smaller.It can be explained to a certain extent that the growth of inclusive financial development(in terms of scale)is easier to promote its development through financial inclusive financial special funds,while the improvement of inclusive financial quality(in terms of service quality,service environment,etc.)is more difficult only by means of financial support of inclusive financial special funds.3.The role of Finance in the structure of inclusive financial development.In the economically developed group,the correlation coefficient between the special financial funds and the development level of Inclusive Finance is larger,while in the economically underdeveloped group,the coefficient is smaller.It can be explained to a certain extent that the development level of Inclusive Finance in economically developed areas is easier to be promoted by the financial special funds of inclusive finance,while it is more difficult to upgrade the development level of Inclusive Finance in economically underdeveloped areas only by means of financial special funds of inclusive finance.The seventh chapter is the case study of the role of Finance in inclusive finance.This chapter focuses on the case of fiscal role in inclusive financial development and the case analysis of fiscal role in inclusive financial to narrow the income gap.The method of case analysis is helpful to expound the realistic goal that finance promotes inclusive financial development and that finance acts on inclusive financial development to narrow the income gap.Fiscal role in inclusive financial development has chosen the cases of "financial guidance of agricultural insurance services”and "Jiangsu agricultural risk compensation fund to ease the financing difficulties of farmers' cooperatives".The case of "financial beneficiary agriculture credit helps family farms to double their scale" confirms the view that finance acts on Inclusive Finance to increase residents'income;the case of "financial beneficiary agriculture credit rounds the dream of entrepreneurship" confirms the view that finance acts on Inclusive Finance to promote entrepreneurship;and the case of "early extrication of poverty in Caichuan Village,Guyuan City,Ningxia" confirms that finance acts on Inclusive Finance to push poverty out.The viewpoint of overcoming difficulties.Chapter 8 is "Experience of International Inclusive Financial Development".This chapter mainly introduces the experience of international inclusive financial development.The development of Inclusive Finance is mainly carried out from six aspects:agency bank,mobile payment,diversified suppliers,reform of state-owned banks,consumer protection and financial identity certification.At present,international organizations devoted to global inclusive financial development mainly include International Finance Corporation(IFC),Consultative Group on Poverty Alleviation(CGAP),United Nations Capital Development Fund(UNCDF).Developed countries in Europe and the United States,developing countries in Asia and the Americas and other countries around the world are making efforts for the development of inclusive finance.The experience of international development provides some references for China's fiscal role in inclusive financial development.The role of Finance in the development of Inclusive Finance can be carried out from the following aspects:government support for the relevant legislative system of inclusive finance,government-led construction of inclusive financial system,strengthening the construction of financial service facilities through fiscal policy,tax preferential policies,financial support for scientific and technological innovation,government supervision of relevant industries,financial support for micro-credit and new type of inclusive fund Fusion product development,etc.Chapter 9,"Conclusion and Policy Suggestions",is the foothold of this paper.The main conclusions of this paper are as follows:1.Fiscal influences the development of Inclusive Finance from the aspects of quantity,quality and structure,and fiscal functions on Inclusive Finance to achieve the realistic goal of narrowing income gap.Fiscal support the development of Inclusive Finance through its multiple functions of quantity,quality and structure.On the one hand,finance promotes the balance of supply and demand of Inclusive Finance in China,and promotes the growth of inclusive financial scale.On the other hand,finance actively creates a development environment to improve the quality of inclusive financial development,and constantly optimizes the structure to support the development of Inclusive Finance from multiple levels and perspectives.The ultimate realistic goal of fiscal action on Inclusive Finance is to narrow the income distribution gap,promote the equalization of public services,help the disadvantaged groups to increase their income,give full play to the hematopoietic function of inclusive finance,realize the productive means of fiscal solution to the distribution problem,promote entrepreneurship and employment,and help them overcome poverty.2.The empirical results show that finance has a positive effect on the overall level of inclusive financial development.In addition,the empirical results of fiscal impact on the development of Inclusive Finance in China show that fiscal impact on the development of Inclusive Finance has a positive impact,which can prove to some extent that the development of Inclusive Finance is affected by fiscal impact.3.Fiscal role in the "quantity" and "quality" aspects of inclusive financial development.At present,China has made great achievements in the growth of quantity(scale)of inclusive financial development,while the improvement of quality(service quality,service environment,etc.)of inclusive financial development is weak.From the perspective of the next plan and medium-and long-term development,more support is needed in the quality of inclusive financial development.The growth of the quantity of inclusive financial development is easier to promote its development through financial inclusive financial special funds,while the improvement of the quality of inclusive financial development is more difficult only from the way of financial inclusive financial special funds.The promotion of "quality" needs the coordination of comprehensive financial means and the sustained development in the medium and long term.4.The role of Finance in the structure of inclusive financial development.The empirical results show that the development level of Inclusive Finance in economically developed areas is easier to be promoted by financial inclusive financial special funds,while it is more difficult to improve the development level of Inclusive Finance in economically underdeveloped areas only by means of financial inclusive financial special funds,which requires more coordination of financial means.In addition,the development of Inclusive Finance without considering the municipality directly under the Central Government is less affected by the positive impact of finance.Therefore,increasing fiscal expenditure on Inclusive Finance in municipalities directly under the Central Government may achieve better results.5.Fiscal role in inclusive financial development to narrow the income gap.Fiscal action on Inclusive Finance to narrow the income gap is the ultimate realistic goal.Firstly,finance can help the disadvantaged groups increase their income by acting on Inclusive Finance and promoting the equalization of public services;secondly,finance can play the role of Inclusive Finance and exert the hematopoietic function of Inclusive Finance to realize the productive means of financial solution to distribution problems and promote entrepreneurship and employment;thirdly,finance can promote subsidy and productive funds by acting on inclusive finance.Financial services measures should be taken simultaneously to help fight poverty.6.Fiscal policies need to take into account both "quantity","quality" and "structure",maintain and optimize the policies related to the "growth of quantity" of inclusive finance,the policies related to development and innovation,and the policies related to the"upgrading of quality" of inclusive finance,and constantly carry out "structural optimization" in order to better realize the situation of Inclusive Finance in China from scale and quantity to high-quality development and overall improvement of quality and efficiency.?In view of the existing problems of Inclusive Finance in China,this paper puts forward specific suggestions:First,we should increase financial support to promote the supply of inclusive finance.We can promote the improvement of basic financial service conditions by adjusting the threshold and intensity of financial policy support and promoting the development of Internet finance.In addition,broadening the coverage of financial support will help promote the coordinated development of Inclusive Finance in the region.Second,we should optimize the structure of financial input and clarify the innovation orientation of inclusive finance.We should support the innovation of inclusive financial business model,encourage financial institutions to innovate inclusive financial products and services,and actively cultivate scientific and technological innovation enterprises.In addition,the use of financial science and technology innovation for inclusive financial undertakings.The development of digital inclusive finance can help to simplify the process,improve the contradiction between slow financing and strong timeliness of capital demand.Third,we should enrich the form of financial support and actively create a favorable development environment for inclusive finance.Firstly,finance plays an important role in guiding financial resources by classification and promoting balanced development of urban and rural areas.Finance can actively support large and medium-sized financial institutions to set up inclusive financial departments,actively carry out inclusive financial services;guide the financial resources of small and medium-sized financial institutions to the inclusive financial system;finance should actively guide county financial institutions to increase the intensity of agricultural loans;attract social capital to participate in investment in public service projects.Finance can support the improvement of guarantee and credit reporting system,actively cultivate multi-level capital market,and help enterprises obtain direct financing channels.In addition,fiscal policies should ensure the sustainability,coherence and consistency of these policies.Fourthly,we need to straighten out the relationship between "quantity","quality" and"structure" in the development of inclusive finance,so that the development of "quantity"and "quality" can be unified,mutually reinforcing,and the virtuous circle of "structure"continuous optimization.Finance promoting the development of Internet finance can effectively improve the efficiency of inclusive financial services,support entrepreneurship and promote employment,and give full play to the productivity of inclusive finance.Function.By broadening the benefits of inclusive finance,finance can actively create a good situation of fair opportunities for financial services.To sum up,the financial policy support of Inclusive Finance should have strategic thinking and vision,and provide efficient guarantee and strong support for the grand goal of"building a well-off society in an all-round way" in order to achieve the "building a matching inclusive financial service system by 2020" required by China's inclusive financial development plan. |
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