| Inclusive finance generally refers to the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society where those services are not available or affordable because of financial exclusion,making people of all classes get fair access to financial services.It has been ten years since China's scholar,Jinpu Jiao,introduced this concept in 2006,during which time this concept has been not only widely spread but also promoted by varieties of government policies.At the Third Plenary Session of the 18th Central Committee of the Communist Party of China(CPC),the development of Inclusive Finance and the promotion of financial services equalization were proposed at the national level for the first time.On December 31,2015,the notice on the 2016-2020 development plan for the promotion of inclusive financial was printed and distributed by the State Council,which marked the development of Inclusive Finance had been raised to one of the national strategies.Chinese President Xi Jinping also proposed to develop Inclusive Finance so that people of all countries could share the results of financial development at the G20 summit in 2016.This shows that the development of Inclusive Finance has become a global consensus and unified action.Financial development is the core force to promote economic growth.The GDP of economic Shandong province ranked third in 2015,but the size of its financial sector ranked more than 20.That is,financial development is far behind the economic development.As we all know,the stronger finance is,the better the county will be.Actually,the salient features of financial industry in Shandong province is "siphon effect,because cities gather abundant financial resources.In fact,many indexes of approximately two-thirds of cities,for example savings deposits and loans proportion,direct financing proportion,and premium income proportion,do not match the position in the entire province economy.In all,there have always been problems of county finance--small size,low development level,week service capability and so on.In order to solve this problem,a policy about financial innovation development of counties in Shandong province was published in 2012,which has been put into effect in 10 counties(city)in the earlier stage.Besides,"the 13th Five-Year Plan for Shandong financial development",which was put forward in December 2016,plans that the Shandong modern financial service system will adapt to economic and social development with multi-level,wide coverage,orderly competition,controllable risk at the end of 2020.Under the promotion of the above policies,whether the development of inclusive finance in Shandong province have increased farmers' income?How about the development status of inclusive finance in Shandong province?In order to study on these questions,this article concludes the concept and development course of inclusive finance at first.Then,in order to measure the development level of inclusive finance,this article constructs the inclusive finance index(IFI)by three dimensions based on 88 data from 2012 to 2014.Moreover,this paper analyses inclusive finance regional differences by comparing four areas of Shandong province.The results show that IFI of east of Shandong is the highest of four areas,the north Shandong is the lowest of four areas.Meanwhile,this paper uses time period fixed effects model based on three years of panel data to quantitatively analyze the relationship of the development of inclusive finance and farmers' income.From the regression formula,the paper draws that there is a significant linear correlation between them.The more abundant financial resources there have,the better development of inclusive finance there will be and vice versa.This paper puts forward corresponding suggestions on how to promote the development of inclusive finance and increase farmers' income by studying the impact of inclusive finance on farmers' income.The results have certain practical significance and policy implications. |
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