Research On The Impact Of Digital Inclusive Finance On Residents’ Consumption Expenditure

The Yellow River Basin is an important ecological barrier and economic belt in China,as well as an important area for population activities and economic development,and has an important strategic position in the overall situation of national development and socialist modernization.However,for a long time,the Yellow River Basin has suffered from unbalanced economic development,low regional synergy,shortcomings in the field of people’s livelihood and insufficient economic growth momentum.In May 2020,General Secretary Xi Jinping proposed "to give full play to the advantages of China’s mega-market and the potential of domestic demand",and the enhancement of the pulling effect of consumption on the economy has received widespread attention.Digital technology has weakened regional boundaries and increased regional connectivity.Digital inclusive finance driven by digital technology has the advantages of low cost,wide coverage and fast service,which can break through time and space limitations,stimulate residents’ consumption potential and promote their consumption structure upgrade.Therefore,studying the impact of digital inclusive finance on residents’ consumption expenditure in the Yellow River Basin provides new ways and ideas to improve residents’ quality of life and promote high-quality development in the Yellow River Basin.In this paper,80 localities and cities within eight provinces and regions in the Yellow River Basin are taken as research objects,and relevant data from 2011-2019 are selected as samples to explore the impact of digital inclusive finance on the level and structure of residents’ consumption expenditure.Firstly,an in-depth analysis of the current situation of digital inclusive finance and residents’ consumption expenditure in the Yellow River Basin is conducted to explore their connections in the process of realistic development;secondly,based on finance and consumption-related theories,the influence mechanism of digital inclusive finance on the level and structure of people’s consumption expenditure is analyzed,and the research hypothesis is proposed based on the current situation examination and the analysis of the influence mechanism;finally,the spatial Durbin model and partial differential method are used to verify the research hypothesis Finally,the spatial Durbin model and partial differential method are used to verify the research hypotheses and test the impact mechanism.The empirical results show that:(1)the digital inclusive finance,the level of consumer spending and the ratio of development and enjoyment consumption spending in the Yellow River Basin are positively clustered at the spatial level of "high-high" and "low-low".(2)Digital inclusive finance and its coverage in the Yellow River Basin can promote residents to increase consumption expenditure and upgrade the structure of consumption expenditure,and there is a positive spatial spillover effect,while the effect of depth of use and digitalization is not obvious.(3)Digital inclusive finance in the east and west regions of the Yellow River Basin can promote residents to increase consumption expenditure and upgrade the structure of consumption expenditure,and there is a positive spatial spillover effect;digital inclusive finance in the central region can promote residents’ consumption expenditure,but the effect on the structure of consumption expenditure is not obvious and there is no spatial spillover effect.(4)Income plays an intermediary role in the process of digital inclusive finance influencing the level and structure of residents’ consumer spending,digital payment and insurance can promote residents to increase the level and upgrade the structure of consumer spending,and the effect of credit on the level and structure of residents’ consumer spending is not obviousBased on the research findings,this paper proposes the following countermeasures with the starting point of improving the level and quality of residents’ consumption and promoting high-quality development in the Yellow River Basin: first,deepening regional financial reform and accelerating financial digital transformation;second,improving digital infrastructure construction and promoting balanced allocation of financial resources;third,innovating inclusive financial products and services and expanding the depth of use and breadth of coverage;fourth,improve financial support for residents and increase their income on all fronts;fifth,accelerate the popularization of financial knowledge and improve residents’ financial literacy.