Internet Finance,National Savings Rate And Economic Growth

China has been one of the countries with the highest savings rate in the world for a long time.Higher savings continue to be converted into investment,which has made an important contribution to China's rapid economic growth.However,with the development of Internet Finance and the diversification of payment means,these changes will have a certain impact on residents'consumption and savings behavior.At the same time,the new trend of residents'consumption and savings behavior will also have a corresponding impact on the current national savings rate.In order to explore the above problems,this paper first introduces the definition of Internet Finance in the world,then analyses the development course,main modes and current situation of Internet Finance in China,and then analyses the influence mechanism of Internet Finance on Chinese residents'consumption and the transmission mechanism of Internet Finance on Chinese residents'savings,and finds that Internet finance mainly passes through.To ease liquidity constraints and reduce transaction costs to promote Chinese consumption,thereby reducing the savings rate of Chinese residents,and through the construction of relaxation of the neutral assumptions of technological progress to expand Solow theoretical model.Finally,through the construction of corresponding indicators,this paper uses panel data model to analyze the correlation between urban residents'savings rate and regional Internet financial development index,the correlation between urban and rural residents'savings rate and regional Internet financial development index,and the correlation between rural residents'savings rate and regional Internet financial development index,and uses linear regression method to analyze.The impact of the development of Internet Finance on the savings rate of urban residents can be concluded as follows:First,the development of Internet Finance reduces the savings rate of Chinese residents in general.On the one hand,the development of Internet finance has a certain impact on people's borrowing behavior,which improves the convenience of people's borrowing and the sense of money acquisition.On the other hand,the progress of mobile payment means has a certain impact on people's consumption behavior,and the sense of money loss is weakened.These changes in consumer lending behavior will eventually lead to changes in residents' savings behavior,which will affect the growth of China's economy.Secondly,the impact of the development of Internet Finance on savings rate is more obvious in cities and towns,and the reduction of savings rate is more significant.Thirdly,there are regional differences in the impact of the development of Internet Finance on residents' consumption.