Research On Impacts Of The Development Of Chinese Inclusive Finance On Upgrading Of Industrial Structure

China's economic development has entered the new normal,the high-input and extensive industrial development mode has become a hindrance to the healthy development of our economy.The upgrading of industrial structure is an important guarantee to promote the transformation of national economic growth to high quality in the new tendency.The essence of industrial structure upgrading is the transformation of the mode and power of economic development.As the core of the present economy,finance has a significant impact on the upgrading of industrial structure.However,at this stage,the financial development which is just expansion in scale or increase in depth.can not ease the financial constraints on technological innovation and industrial upgrading.Inclusive finance,which emphasizes inclusiveness and encourages financial innovation,can enrich financial market levels,enhance resource allocation efficiency and provide affordable and effective financial services to emerging small and micro industries,urban and rural low-income groups,support the development of new industries,update industrial structure into a new impetus,provide a new perspective for the healthy development of the national economy from the financial development aspect.Based on this background,this paper uses the panel data with 31 provinces and cities from 2010 to 2016 to study the impact of inclusive financial development on the upgrading of industrial structure.This paper firstly combs the literature from the perspectives of inclusive finance and industrial structure upgrading,and the measurement of inclusive finance development level,defines the concepts of industrial structure upgrading and inclusive finance.This paper summarizes the influence mechanism of inclusive financial development on the upgrading of industrial structure from four aspects which are financial threshold reduction,resource allocation efficiency improvement,technological innovation enhancement and weak industry development,lays a theoretical foundation for the following studies.Secondly,we select nine specific indicators from the aspects of usage and availability and calculate the inclusive financial development index in various provinces and cities to investigate the current situation of inclusive finance development in China.The achievements and problems in the development of inclusive finance in China are expounded from three angles:macro,medium and micro,and the changing trend of industrial structure is analyzed from three aspects: the change of output value,the change of industrial structure and the situation of employment.The industrial structure upgrading coefficient is selected to describe the current situation of industrial structure upgrading,and the problems in industrial structure upgrading areexpounded.The preliminary conclusion is that the development of inclusive finance has a positive impact on the upgrading of industrial structure.Then,according to the index of inclusive finance,we use provincial panel data to empirically test the impact of inclusive finance on the upgrading of industrial structure,and use the system GMM method to test the robustness of the regression results.The results show that the development of inclusive finance has significantly promoted the upgrading of industrial structure.We further conduct a sub-regional test on the data,and find that the development of inclusive finance in the eastern,central and western regions promote the upgrading of industrial structure,and compared with the eastern region,the development of inclusive finance in the central and western promote the upgrading of industrial structure.Finally,according to the current situation and research conclusions of inclusive financial development and industrial structure upgrading in China,the paper puts forward policy recommendations for the healthy development of inclusive finance and the promotion of industrial structure.