Research On The Impact Of Financial Technology Development On Farmers' Incom

The Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China clearly stated that it is necessary to promote common prosperity solidly.We strive to achieve more substantive progress in realizing common prosperity of all people by 2035.General Secretary Xi Jinping also pointed out that the most arduous task in promoting common prosperity is still in the countryside.We must consolidate and expand the achievement of poverty alleviation,promote rural revitalization comprehensively and then promote common prosperity of farmers in rural areas.The growth of farmers’ income is fundamental to promoting rural revitalization comprehensively and it is also a necessary requirement for achieving common prosperity.In order to promote rural revitalization comprehensively,we must start with increasing farmers’ incomes,meet the people’s aspiration for a better life constantly,upgrade the agricultural industry gradually and deepen the development of rural comprehensively,so as to enhance farmers’ sense of gain and happiness effectively.Finance is an important driving force for promoting rural revitalization and achieving common prosperity.In recent years,finance and technology have integrated deeply.Fintech has developed rapidly.The development of fintech can alleviate the asymmetry of information,reduce the cost and threshold of financial services,broaden the scope of financial services,ease the constraint of credit for farmers effectively,and improve the availability of funds.Through the above channels,fintech can promote the growth of farmers’ income and provide strong support for rural revitalization and common prosperity.Based on the theoretical analysis of the impact of fintech on farmers’ income,this paper constructed fintech index of 185 cities at level of municipality or above using“text mining”,studied the impact of fintech on farmers’ income and its internal influencing mechanisms through the panel fixed effect model.The findings show that fintech in cities at level of municipality or above is developing steadily,but there are large differences in different regions.The development of fintech in the eastern region is better than that in the middle and western regions.The development of fintech can promote the growth of farmers’ income significantly,but there are regional differences in its impact.The impact in the middle region is greater than that in the eastern and western regions.Fintech can promote the growth of farmers’ income by promoting the progress of agricultural technology and the upgrading of industrial structure.Based on the conclusions above,this paper puts forward the following recommendations:strengthen the construction of the infrastructure of fintech to achieve balanced development of fintech;innovate digital products and services of finance actively to promote the in-depth development of financial services;strengthen the publicity and popularization of the knowledge of fintech to deepen the understanding of fintech,and stimulate the demand of using fintech;implement differentiated policies of finance to promote the growth of farmers’ income in a more targeted manner;strengthen the synergy of a variety of channels to promote the growth of farmers’ income jointly.