The Impact Of Digital Inclusive Finance On High-quality Economic Development

As China’s economy transitions from a phase of rapid expansion to a phase of quality-driven development,the construction of financial markets and economic systems also needs to meet new requirements.The continuous improvement of modern information technology has promoted the rapid development of Internet finance,Moreover,inclusive digital finance has emerged as a novel catalyst for spurring economic progress.Although digital inclusive finance is theoretically conducive to the high-quality development of the service economy,its actual effect needs to be further studied.Therefore,Further investigation into the correlation between inclusive digital finance and top-notch economic advancement is imperative.The present study examines how digital inclusive finance functions and operates in propelling high-quality development of regional economies,and analyzes its development status and trend.Theoretical analysis shows that digital inclusive finance can not only directly affect the high-quality development of the economy,but also indirectly affect it by promoting entrepreneurial activity and Factor allocation efficiency.In addition,the impact of digital inclusive finance on high-quality development is regulated by the degree of marketization.Digital inclusive finance has nonlinear characteristics on high-quality development,and changes in entrepreneurial activity and financial development degree will also affect the nonlinear spillover effect of digital inclusive finance.Based on the connotation of high-quality economic development,this paper empirically analyzes the impact mechanism,effect and regional heterogeneity of digital inclusive finance in high-quality economic development using panel data from30 provinces from 2011 to 2020.The research shows that the development of digital inclusive finance can significantly promote the high-quality development of the economy,and this promotion has the characteristics of nonlinear marginal effect increasing.Mechanism analysis shows that entrepreneurial activity and Factor allocation efficiency plays intermediary role in the relationship between the development of digital inclusive finance and high-quality economic development,while the degree of marketization plays a regulatory role,and entrepreneurial activity and financial development can adjust the nonlinear spillover effect of digital inclusive finance.Further research shows that digital inclusive finance has regional heterogeneity in promoting high-quality economic development,with the eastern and central regions being stronger than the western regions.