Research On The Coordinated Development Of Digital Inclusive Finance And Real Economy In China

Xi Jinping,General Secretary of the Communist Party of China Central Committee,pointed out: "Finance must serve the Real Economy and meet the needs of economic and social development and the needs of the people.Financial activity,economic activity;financial stability,economic stability;economic prosperity,financial prosperity;Strong economy,strong finance;Economy is the body and finance is the blood,and the two coexist and prosper." The important speech of President Xi Jinping has profoundly revealed the dialectical relationship between finance and the real economy.Over the past 40 years of reform and opening up,China's economy has achieved an average annual growth rate of over9%,and the financial industry has also maintained rapid development.In 2020,the added value of China's financial industry reached 8.4 trillion yuan,accounting for about 8.27% of GDP,far exceeding the 5% ratio of developed countries in Europe and the United States.At the same time,although China's Real Economy has made great progress,the proportion of the Real Economy in GDP has declined continuously.The financial industry and the Real Economy in China have a certain degree of non-coordinated and unbalanced development,and even problems of financial separation from the Real Economy and economic separation from the Real Economy to the virtual.Therefore,clarifying the relationship between finance and the Real Economy,promoting the return of finance to the origin of serving the Real Economy,and promoting the coordinated development of finance and the Real Economy has become the focus of academic and practical circles.In recent years,the vigorous development of Inclusive Finance has added a strong impetus to financial services to the Real Economy.With the accelerated integration of a new generation of digital technology and Inclusive Finance,Digital Inclusive Finance has begun to bloom,becoming a new stage and new trend in the practice of Inclusive Finance.Digital Inclusive Finance is committed to solving the "last mile" problem of financial services,using digital technology to provide financial services for farmers,urban low-income earners,and small and micro enterprises and other vulnerable groups excluded by traditional finance.With the help of digital technology,Digital Inclusive Finance has greatly improved the inclusiveness and accuracy of financial services,making financial products and services more directly reach the largest number of economic entities and consumers.Therefore,in a sense,Digital Inclusive Finance is the capillary of the economic body,which is more closely connected with the Real Economy and has a deeper interaction.Then,how about the coordinated development of Digital Inclusive Finance and the Real Economy? Is there a certain spatial difference in their coordinated development? What is the spatial correlation of their synergistic development? How to promote the coordinated development of Digital Inclusive Finance and Real Economy under the background of the new era,so as to promote the high-quality development of China's economy? It is an important subject of China's economic and financial development at present.From the perspective of collaborative development,this thesis studies the relationship between Digital Inclusive Finance and Real Economy.Firstly,this thesis analyzed the coordinated development mechanism of Digital Inclusive Finance and Real Economy;Then,the coupling collaborative model was constructed,and the collaborative development level of Digital Inclusive Finance and Real Economy in China as a whole and by region was systematically calculated based on the provincial panel data from 2011 to 2018;Next,Dagum Gini coefficient,Kernel density estimation,standard deviation ellipse,and Markov chain are used to analyze the regional differences,sources of differences,evolution trend,Markov chain state transition matrix and development status of Digital Inclusive Finance and Real Economy coordinated development.Furthermore,gravity model,social network analysis and other analytical tools were used to explore the spatial association network of collaborative development between the Digital Inclusive Finance and Real Economy.Finally,this thesis empirically studies the impact of Digital Inclusive Finance and Real Economy synergistic development on China's Macro Economy by using the fixed-effect model,and empirically analyzes the spatial spillover effect of Digital Inclusive Finance and Real Economy synergistic development by using spatial panel regression model.Through the above research,this thesis draws the following conclusions :(1)Digital Inclusive Finance and the Real Economy have an interactive,coordinated and mutually promoting relationship,so as to achieve the effect of coordinated development;(2)The coordinated development level of Digital Inclusive Finance and Real Economy in China is generally low but shows a trend of steady improvement;(3)The coordinated development of Digital Inclusive Finance and Real Economy in China has obvious unbalanced characteristics and certain regional heterogeneity;(4)The spatial correlation network density of the coordinated development of Digital Inclusive Finance and Real Economy in China needs to be further enhanced;(5)The improvement of the coordinated development level of Digital Inclusive Finance and Real Economy in China has a positive impact on macroeconomic development.Based on the above conclusions,in order to better improve the coordination development level of Digital Inclusive Finance and Real Economy,at the same time to reduce the regional differences,and to speed up the construction of spatial correlation network of the coordinated development of both,better play to positive effect of the coordinated development of both to the high quality growth in macro economic,this thesis puts forward some policy suggestions:(1)Strengthen top-level design,deepen the reform of inclusive financial system;(2)Promotes the deep integration of digital technology and finance,improve Digital Inclusive Finance development level;(3)Accelerate the construction of financial infrastructure to facilitate the development of Digital Inclusive Finance;(4)Adhere to the original positioning of serving the Real Economy and promote the coordinated development of Digital Inclusive Finance and the Real Economy;(5)Strengthen overall planning and coordination,and strengthen the construction of spatial connection network for the coordinated development of Digital Inclusive Finance and the Real Economy;(6)Leveraging synergies to promote high-quality economic development.Finally,this thesis puts forward the direction and prospect of future research.The innovation of this thesis is mainly as follows:(1)based on the perspective of collaborative development,a coupling collaborative model is constructed to study the relationship between Digital Inclusive Finance and Real Economy;(2)Systematically studied the differences in the synergistic development space between Digital Inclusive Finance and Real Economy in China;(3)Systematically analyze the correlation network between the collaborative development space of Digital Inclusive Finance and Real Economy in China;(4)Combined with the grey correlation model in the grey system theory,this thesis empirically analyzes the impact of the coordinated development of Digital Inclusive Finance and Real Economy on the Macro Economy in China.