A Study On The Impact Of Internet Finance On Residents’ Consumption

The socialist market economy with Chinese characteristics during the new normal is facing development contradictions,such as distortion between supply and demand and the decline of growth rate.China’ economy needs structural reform to complete the five development tasks,but also relies on a strong domestic demand to stimulate digestion and absorption,which will be unified in the five-development concept.Since the popularization of Internet mobile devices,network consumption has become a new important way of consumption.In addition,the innovation and development of Internet banking provides a convenient consumer credit and financing channels for the residents.The concept openness,sharing,inclusive of value of internet finance is gradually accepted by people.Internet banking is becoming the important forces to promoting domestic demand and to stimulating consumption in the new economic era.Therefore,it is of great practical significance to explore the impact of development of internet finance on the changes of residents’ consumption.This article revolves the thread of the status-mechanism-the empirical analysis-suggestion,trying to analyze the impact of development of internet finance on the residents’ consumption.Firstly,according to the situation analysis,it is found that,thanks to the promotion of national policy and the popularization of network infrastructure,the Internet finance has been developing rapidly,the scale of network consumption is increasing and gradually becoming an important form of consumption in the Internet economy,network consumption is one of the important means of residents’ consumption.Secondly,Internet finance has affected the consumer situation from the consumer demand,consumption psychology and consumption patterns and other dimensions.Internet finance has improved the current consumption tendency of residents and can play to improve the residents’ willingness to consume,smooth residents’ intertemporal consumption level with the help of Internet tools,large data analysis,convenient consumer credit model.Furthermore,this paper explored the effect of Internet finance on the consumption of residents by means of smooth transition regression model and panel vector autoregressive model,it is found that the Internet finance has a non-linear effect on the residents’ consumption and the influence of Internet finance on the per ca-pita consumption of the residents is also significant,at the same time,the residents’ income is still the main factor restricting the consumption of residents.Finally,this paper presents a number of targeted policy recommendations based on research conclusions,which is to help the healthy development of Internet finance and to make suggestions to improve the consumption of residents,and which on the one hand can provide theoretical support for the country to promote the development of the Internet finance,on the other hand can provide new ideas about stimulating consumer demand and expanding domestic demand.