A Study On The Impact Of Financial Development On The Consumption Structure Of Tibetan Residents

The 20th Party Congress report pointed out that efforts should be made to expand domestic demand and enhance the fundamental role of consumption in economic development.Consumption is an inexhaustible driving force for economic growth and an important source for expanding domestic demand in the new era.The economic development of Tibet in the new era has transitioned from the stage of high-speed growth to the stage of high-quality development,and residents’ consumption for development and enjoyment is gradually rising,and the consumption structure is subsequently optimized and upgraded.In addition to the government’s policy support,the construction of a long-term mechanism for expanding residents’ consumption demand also requires extensive financial participation.Finance is at the core of the modern economy,while financial development influences the flow of funds and becomes the main driving force for the development of the real economy and the transformation of the economic structure.In the context of high-quality economic development,the financial system of Tibet Autonomous Region has been improved day by day,and the relationship between finance and residents’ consumption has become increasingly close.It is important to study the influence of financial development on residents’ consumption structure to further release residents’ consumption potential,improve people’s life and promote Tibetan economic development.The article firstly compares the theories of financial development and consumption,constructs a theoretical analysis framework,and analyzes the mechanism of the role of financial development in influencing residents’ consumption.Financial development affects consumption in terms of residents’ access to financial resources and financial services,and influences residents’ consumption ability and propensity to consume,which in turn affects residents’ consumption structure.Secondly,the current situation of financial development and residents’ consumption structure in Tibet is analyzed.Finally,using the data related to financial development and residents’ consumption structure in seven cities of Tibet Autonomous Region from 2005 to 2020,this paper constructs a benchmark model and a mediating effect model to examine and analyze the total effect of financial development on consumption structure and the channels of influence respectively,in addition to examining the effect of financial development on the heterogeneity of urban and rural residents’ consumption structure in Tibet.The findings show that: financial development has a significant positive impact on developmental and basic consumption of Tibetan residents;financial development can promote the improvement of Tibetan residents’ consumption structure through two ways: increasing residents’ consumption ability and reducing liquidity constraints;the degree of financial development’s impact on Tibetan urban residents’ consumption structure is significantly higher than that of Tibetan rural residents’ consumption structure,and there are significant differences between urban and rural residents’ consumption expenditure.Based on the findings,this paper puts forward the policy suggestions for financial assistance to the upgrading of residents’ consumption from five perspectives,namely,optimizing the financial ecological environment and cultivating the "blood-making function";enhancing the financial income raising effect and raising residents’ income;improving the social security mechanism and meeting the insurance demand;improving residents’ financial literacy and promoting new consumption;and improving the residents’ consumption environment and Release consumption potential.