Research On Regional Differences Of Inclusive Finance Development In China

The concept of inclusive finance was first formally proposed at the UN International Year of Microcredit in 2005,followed by International organizations such as Grouo of Twenty(G20),Organization for Economic Co-operation and Development(OECD),Inclusive Finance Alliance(AFI)and Global Partnership for Financial Inclusion(GPFI)have successively issued strategic frameworks,actions and development plans to promote global inclusive financial development.Later,it is extensive discussed as a prominent topic at the 2010 Seoul Summit,the 2012 Mexico Summit,the 2013Asia-Pacific Economic Cooperation(APEC)Annual Meeting and the St.Petersburg Summit,the 2014 Brisbane Summit,and the 2016 G20 Hangzhou Summit.It can be seen that the development of inclusive finance has become a key concern of all countries in the world.It is true that China,as a large developing country,is no exception,raising the development of inclusive finance to the height of national strategy.As early as the Third Plenary Session of the 18 th CPC(Communist Party of China)Central Committee,the“Development of Inclusive Finance” was officially written into the resolution,and was highlighted in the government work reports of 2014,2015,2016,2017,2018 and 2019.In 2015,at the Fifth Plenary Session of the 18 th CPC(Communist Party of China)Central Committee,the emphasis was placed on the development of inclusive finance to meet the growing financial needs of the people,especially the vulnerable groups such as farmers,small and micro enterprises and low-income groups.In 2016,the State Council promulgated the “romoting Inclusive Financial Development Plan(2016-2020)”,which established the inclusive financial development strategy for the first time at the national level.In 2017,at the National Financial Work Conference,the “Building Inclusive Financial System” was first proposed.In October 2018,the Ministry of Finance issued10 billion special funds to support the development of inclusive finance.In February 2019,the Political Bureau of the CPC(Communist Party of China)Central Committee took the vigorous development of Inclusive Finance as an important grasp of financial supply-side reform in its thirteenth collective study.In November 2019,the Fourth Plenary Session of the 19 th CPC(Communist Party of China)Central Committee once again clearly stated that "improving the modern financial system withhigh adaptability,competitiveness and universality".It can be seen that the development of inclusive finance has become an important breakthrough and focus of China's deepening financial system reform.Based on this background,how to objectively and accurately evaluate the current level of China's inclusive financial development,focus on the reasons for regional differences,accurately capture the evolution and trends of regional differences,and comprehensively clarify the direction of adjustment will become the important focus of achieving the goal of balanced and sustainable development of inclusive finance in China.At this point,this article has carried out in-depth systematic research,trying to clarify the status quo and extent of regional differences in the development of inclusive finance in China through the comprehensive evaluation of regional differences,trying to grasp the evolution characteristics and changing trends of regional differences in the development of inclusive finance in China through the convergence test of regional differences,trying to clarify the mechanism of the balanced development of China's inclusive finance through the discussion of the influencing factors of regional differences,in order to provide suggestions for weakening the regional differences in the development of inclusive finance and achieving the goal of balanced development and sustainable development of inclusive financial development in China.The specific arrangements are as follows:The first chapter is the introduction.First,by introducing the research background and significance,this paper explains the importance of writing a study on regional differerces in the development of China's inclusive.Secondly,through the elaboration of research ideas and methods,main content and technical route,the overall plan of this paper is further clarified.Finally,summarize the innovations and shortcomings of this article.The second chapter is the review section of the relevant literature.This part first reviews and sorts out the related literatures on the development of inclusive finance,including the importance of inclusive financial development,the connotation of inclusive finance,the measurement of inclusive financial development and the influencing factors of inclusive financial development.Secondly,the above related literatures are summarized and the shortcomings in the existing research are developed.Finally,it isvery necessary to conduct an in-depth and systematic discussion on the current development of inclusive finance in China,in order to obtain a good medicine for the goal of achieving balanced and sustainabe development of inclusive finance.The third chapter is the category and theoretical basis of inclusive financial development.First,through the introduction of the concept,characteristics and system framework of inclusive finance,the content of inclusive finance is deeply explained.Secondly,through the introduction of the development goals,principles,significance and evolution of inclusive finance,the context of inclusive financial development is clarified.Finally,through the detailed elaboration of related theories such as financial function theory,financial inhibition theory,financial exclusion theory and financial sustainable development theory,in order to provide a solid theoretical basis for subsequent research.The fourth chapter is the regional measurement part of China's inclusive financial development.First,this paper builds an inclusive financial development indicator system.Here,19 indicators were selected from three dimensions: financial service penetration,financial service availability and financial service utility to construct an inclusive financial development index.Secondly,it is the choice of measurement method for the inclusive financial development.Here,the European space distance method is used for measurement,and the coefficient of variation is used to determine the relevant weights of the dimensions and sub-indicators of the inclusive financial development index.Finally,the analysis of the calculation results of regional inclusive financial development shows that China's inclusive financial development level is low and there are regional differences.The fifth chapter is a comprehensive evaluation of regional differences in China's inclusive financial development.Firstly,using the weighted average deviation method and the coefficient of variation method to analyze the overall change trend of the regional differences in the development of inclusive finance,it is concluded that the regional differences in the development of inclusive financial development in China are obvious,but the degree of difference has declined.Secondly,using the Gini coefficient method and the Theil index method to analyze the differences in the development of inclusive finance between regions and regions,and the extent to which these differences exist to the overall difference in the development of inclusive financial development in China.Itis concluded that the inter-group difference is the main reason for the regional differences of inclusive financial development in China,and the inter-group and intra-group differences in the development of inclusive financial development in each region tends to weaken.The sixth chapter is the convergence test part of the regional differences in China's inclusive financial development.First,through the theoretical explanation of the convergence hypothesis,it is explained that the development of inclusive finance should also conform to the convergence characteristics,that is,the regional differences in the development of inclusive finance will gradually weaken.Secondly,the beta convergence test is used to test the trend of regional differences in the development of inclusive finance from a static perspective.Finally,using kernel density convergence test and Markov chain convergence test to deeply analyze the evolution characteristics,change trend and transfer situation of the regional differences in the development of inclusive finance from the dynamic point of view.The seventh chapter is the part of the influencing factors of regional differences in China's inclusive financial development.On the basis of the obvious differences in the development of the inclusive financial development,but the difference has a weakening trend,this section will continue to use the three major regions(east,central and western)and the eight comprehensive economic zones as research samples,using the common panel model and the spatial panel model performs the fusion analysis of plane and solid to capture the influence of various influencing factors on the regional differences of inclusive financial development,and lays a foundation for subsequent policy recommendations.The eighth chapter is the conclusion and policy recommendations section.First,summarize the research conclusions of this paper,including the regional calculation of inclusive financial development,the comprehensive evaluation of regional differences,the convergence test and the analysis of influencing factors.Secondly,according to the conclusions reached,it puts forward effective policy recommendations,and provides policy prescriptions for inclusive finance to effectively improve the financial supply side service capability.Finally,the research outlook and the issues that need further resolution in the future are proposed.The innovations of this paper mainly reflect the following aspects:First,the innovation of index construction.For the construction of the inclusive financial development indicator system,the traditional indicators are mainly constructed from the three dimensions of penetration,contact and utility,and most of the indicators are concentrated in the banking indicators,while the main body of inclusive financial development includes not only the banking category,but also include financial institutions such as insurance,which may lead to certain limitations of the traditional inclusive financial development indicator system.Therefore,the selection of construction indicators includes not only bank-related indicators,but also insurance-related indicators,and the corresponding indicators have been further extended and extended,in order to re-construct the inclusive financial development indicator system from the three dimensions of financial service penetration,financial service availability and financial service utility,so as to make its calculation results more real and appropriate to the actual situation of inclusive financial development in China.Second,the innovation of research perspective.In the traditional research paradigm analysis,it is more limited to the discussion of the three regions of the country and the East,Central and West.With the rapid development of the economy,the regional economic characteristics show more detailed appeals.The analysis of the three regions of East,Central and West based on geographical division appears to be limited.In view of the above considerations,in the relevant research on the regional differences in the development of inclusive finance,this paper not only analyzes the traditional three regions of East,Central and West,but also conducts a more detailed discussion of the eight comprehensive economic zones,in order to achieve a precise and sustainable goal for the development of inclusive financial in China.Third,the innovation of research methods.The convergence hypothesis is the neoclassical economic growth theory,which is used to study the changing trends among different economic individuals,different economic individuals and the whole economy in the economic system.This paper attempts to apply the convergence hypothesis to the development of inclusive finance,and to explore the evolutionary trend of regional differences in inclusive financial development,so as to tap the impact of the marginal diminishing law of capital investment in the development of economically developedregions,whether its growth rate gradually converges with the growth rate of inclusive finance in economically underdeveloped regions,whether there is a convergence trend between the inclusive financial growth rate and the overall inclusive financial growth rate in each region,and the dynamic evolution trend and distribution characteristics of inclusive financial development in various regions,as well as the transfer of various inclusive financial development levels within and between regions,in order to further explore the regional coordination and balance of China's inclusive financial development.