A Study On The Impact Of Digital Inclusive Finance On China’s High Quality Economic Development

High-quality economic development was first proposed in the report of the 19th National Congress in 2017,which refers to the shift from the "rough" economic development model focusing on "quantity" and "speed" to the "comprehensive" economic development model focusing on "quality" and "efficiency".It refers to the shift from a "crude" economic development model that focuses on "quality" and "efficiency" to a "comprehensive" economic development model that focuses on "quality" and "efficiency".In this economic model,finance becomes an important puller to improve quality and efficiency,and its role is immeasurable.However,due to the high threshold and unbalanced and insufficient development of traditional finance,it is difficult for many people to realize their financial needs.Against this background,digital inclusive finance has emerged,with the characteristics of both low threshold and low cost,which can provide services to the financial disadvantaged more comprehensively,thus alleviating the problem of unbalanced and insufficient development of China’s economy and improving the quality and efficiency of economic development to a certain extent.Based on the panel data of 30 provinces in China from 2011 to 2020,this paper first measures the index of high-quality economic development,verifies the role of digital inclusive finance in promoting high-quality economic development,and tests whether there is a threshold effect;secondly,it investigates the variability of the impact of digital inclusive finance on high-quality economic development among different regions;again,from the connotation of high-quality economic development,it verifies the The moderating effects of five factors,namely,technological innovation,industrial structure upgrading,green development,openness to the outside world and resident consumption,in the process of digital inclusive finance promoting high-quality economic development are verified;finally,the relevant hypothesis in the theoretical analysis is confirmed through the intermediary effect test,namely,digital inclusive finance can influence high-quality economic development through the efficiency of financial resources use and resident consumption level.The conclusions of this paper are:(1)China’s high-quality development index has an overall upward trend,but there are also regional development imbalances;(2)digital inclusive finance can effectively promote high-quality economic development,both in general and locally;among the sub-dimensional indices,the pulling effect of coverage breadth index is the strongest;(3)the impact of digital inclusive finance on high-quality economic development has a threshold effect,and the promotion effect of digital inclusive finance on China’s high-quality economic development shows a non-linear process of changing from strong to weak and then to strong;(4)It is found that the five major factors,such as technological innovation,industrial structure upgrading,green development,openness and consumption,all have obvious positive moderating effects on digital inclusive finance’s promotion of high-quality economic development.(5)Digital inclusive finance can influence high-quality economic development through the efficiency of financial resources use and residents’ consumption level.Compared with the existing results,this paper is innovative in terms of research content and methodology.In terms of research content,this paper not only investigates the moderating role of the five factors of the new development concept in digital inclusive finance for high-quality economic development,but also verifies the transmission mechanism of digital inclusive finance influencing high-quality economic development from the perspectives of financial resource use efficiency and residents’ consumption level,which enriches the research results in this field.In terms of research methods,most of the existing literature uses a single model for research,and fewer scholars use a combination of threshold effect model,moderating effect model and mediating effect model to study the impact of digital inclusive finance on high-quality economic development.