Whether The Development Of Digital Inclusive Finance Can Promote The Transformation And Upgrading Of China’s Industrial Structure

At the current stage,the main bottleneck encountered in the transformation and upgrading of China’s industrial structure is the problem of financial constraints,which is mainly reflected in three aspects: financial exclusion,cost constraints and transaction risk.To a certain extent,the development of inclusive finance can improve China’s financial supply level and moderately reduce the capital constraints encountered in the transformation and upgrading of industrial structure.Nonetheless,limited by the problems of information asymmetry and financial risks,it still can’t effectively resolve the contradiction between insufficient financial supply and large demand in China,resulting in many vulnerable groups having difficulty in obtaining financial products and services.Thanks to the promotion and popularization of emerging technologies such as big data,digital inclusive finance came into being.Based on the underlying technology,it has the unique features of reducing information barriers and transaction risks,and can make up for the shortcomings of inclusive financial development to the greatest extent.It is worth noting that although the development of digital inclusive finance has found a new path for China to solve the problem of financial constraints,as a new financial model,can it promote the transformation and upgrading of industrial structure as we expected? If so,what is the mechanism and effect of the two? Are there impact differences between regions?These issues are worthy of our in-depth study.Based on the significant advantages of digital inclusive finance,this paper deeply explored whether it can promote the transformation and upgrading of China’s industrial structure.The main research contents are as follows: firstly,analyze the relevant background of industrial structure transformation and upgrading from the perspective of domestic and foreign,compare the relevant background of digital inclusive finance,and summarize the main conclusions and deficiencies of the existing relevant literature,so as to determine the research problems of this paper.Secondly,define the basic concepts of digital inclusive finance and industrial structure transformation and upgrading,and summarize relevant economic theories.Thirdly,it systematically expounds the significant advantages of digital inclusive financial development in three aspects: risk control ability,financial transaction cost and financial coverage,and further analyzes its mechanism through three paths: asset accumulation effect,resource allocation effect and technological innovation effect.Fourth,sort out the measurement index system of digital inclusive finance and analyze its development characteristics;sort out the movement track of industrial structure transformation and upgrading,and point out its existing difficulties;further analyze the current situation of the comprehensive impact of digital inclusive finance in different stages on the transformation and upgrading of industrial structure.Fifthly,the empirical analysis is carried out based on 2104 panel data from 263 cities above prefecture level in China from 2011 to 2018.The results show that digital inclusive finance can give full play to its significant advantages to promote the transformation and upgrading of industrial structure,but the effects of each dimension are different.Only the coverage has an obvious positive effect,the effects of digitization and use depth are not obvious;the functions and effects of different businesses of digital inclusive finance are obviously different.In order of size,they are insurance business,payment business and credit business;There is an obvious gap in the effect of digital inclusive finance in different regions,and the eastern region is greater than the central and western regions;there is an obvious gap in the effect of digital inclusive finance in cities of different sizes,and small and medium-sized cities are larger than large cities.Sixthly,based on the research conclusions,put forward countermeasures and suggestions: consolidate the digital financial infrastructure,promote the publicity and education activities of digital inclusive finance,innovate digital inclusive financial products and services,and improve the digital inclusive financial system and mechanism.