Research On The Impact Of Digital Inclusive Finance On The Development Of Real Economy

The real economy is the foundation of the country and an important support for China to achieve high-quality economic development and build strategic advantages for future development.At present,the proportion of capital flowing to the virtual economy is increasing,while the proportion of capital flowing to the real economy is decreasing,and the economy is showing a "de-realisation towards deficiency",with enterprises in the real economy facing serious difficulties in financing and expensive financing.At the same time,China is focusing on building a new development pattern and constructing a modern economic system,and is at a critical period of transforming the mode of economic development and changing the dynamics of economic growth,so we must insist on promoting the development of the real economy and putting the focus of economic development on the real economy.Finance is the core and bloodline of the modern real economy and is symbiotic with the real economy.The use of digital technology and its deep integration with traditional inclusive finance has enabled digital inclusive finance as a new financial industry to expand the application scenarios based on the previous traditional finance,improve the liquidity and accessibility of financial resources,reduce the cost of corporate financing and improve the financing needs of enterprises,playing a vital role in promoting the development of China’s real economy.Therefore,it is important to study the impact of digital inclusive finance on the real economy in order to further boost the real economy and promote high-quality economic development.This paper firstly composes the relevant studies on digital inclusive finance and the real economy by scholars in recent years,then defines the concept and introduces the theoretical basis of digital inclusive finance and the real economy,analyses the impact mechanism of digital inclusive finance on the development of the real economy,puts forward the research hypothesis of this paper,and on this basis uses the panel data of31 provinces in China from 2011 to 2020 to construct a panel threshold model and a spatial Durbin model to explore the impact effect of digital inclusive finance on the real economy,the research results show that:Firstly,digital inclusive finance can significantly and positively contribute to the development of the real economy,with the breadth of coverage playing the main contributing role and generating the largest impact among the three sub-dimensions,followed by the depth of use and the smallest degree of digitisation.The increase in the level of development of digital inclusive finance can significantly contribute to the development of the real economy in the central,eastern and western regions,with a higher contribution to the western region than to the eastern and central regions.Secondly,there is a single threshold effect on the impact of digital inclusive finance on the development of the real economy.The positive impact of digital inclusive finance on real economic development has a tendency of increasing marginal effects,and digital inclusive finance has a stronger positive promotion effect on real economic development within a higher threshold.There is a non-linear relationship between all three sub-dimensions and real economic development,with a single threshold effect for breadth of coverage,which gradually increases as the breadth of coverage increases,and a double threshold effect for depth of use and digitalisation,which gradually decreases as the degree of digitalisation increases.Thirdly,the role of digital inclusion in the development of the real economy has been increasing.Thirdly,there is a spatial effect on the impact of digital inclusive finance on the development of the real economy.The development of digital inclusive finance in the region will have a catalytic effect on the development of the real economy in the region,but will have a suppressive effect on the development of the real economy in neighbouring regions,there is a "siphon effect" on the development of digital inclusive finance.From the three dimensions of digital inclusive finance,the breadth of coverage has a significant positive impact on the real economy of the region,but has a negative impact on the real economy of the neighbouring regions.Finally,the study results are combined with relevant recommendations from various perspectives,with a view to promoting better and faster development of the real economy.