The Impact Of Digital Inclusive Finance On Residents’ Consumption In China

In recent years,my country’s economic development has entered a new normal,but external risks are still increasing.With the sudden impact of the new crown epidemic,the original economic order has been disrupted.Against this background,the Tenth National Economic and Social Development of the People’s Republic of China The Four Five-Year Plans and the 2035 Long-term Goals clearly stated that it is necessary to focus on the implementation of the domestic demand expansion strategy,form a dual-cycle development pattern,and comprehensively increase the consumption of Chinese residents to meet the needs of consumption upgrades.As an important department that promotes the flow of resources and serves the development of the real economy,finance has an undoubted impact on the consumption level of Chinese residents.In the report of the 20 th National Congress of the Communist Party of China,digital inclusive finance was proposed again.It is an important innovation within the financial system,which aims to promote the development of products,services and systems to meet the needs of various regions and allow everyone All can enjoy high-quality service.With its characteristics of low cost and high income,digital inclusive finance has quickly become a new driving force for the growth of today’s consumption level.It provides diversified services and adapts to the financial needs of different groups.Our country has always adhered to the people-centered development idea,and growth and distribution have always been an important proposition in our country’s economic development.The inclusive development of digital finance also has an important impact on winning the battle against poverty,building a well-off society in an all-round way,and achieving common prosperity,Digital technology and financial innovation work hand in hand to help my country move towards the goal of common prosperity.However,at present,there are not many researches on digital inclusive finance in my country in the study of consumption level,and many new problems need to be solved urgently,for example:what is the current development status of digital inclusive finance in my country? Can Digital Inclusive Finance Promote Consumption Upgrade? If it can promote consumption upgrading,then in what way can digital inclusive finance promote consumption upgrading? Does digital financial inclusion work the same in different regions? This article explores the impact of digital inclusive finance on my country’s residents’ consumption in depth,so as to find a way to promote the long-term development of my country’s residents’ consumption.This article first introduces the research background and significance of digital inclusive finance and resident consumption to illustrate the research value of this article,then sorts out digital inclusive finance,resident consumption and literature describing the relationship between the two,and then clarifies the content of the article Research content and research framework,introduce research methods,and state innovations and deficiencies.Secondly,define the related concepts of digital inclusive finance and resident consumption,introduce the classic theories of financial development and resident consumption,and then explain the impact mechanism of digital inclusive finance on resident consumption according to the coverage,depth of use and digitalization level;again,to describe the status quo of digital inclusive finance in general first,and then divide it into 31 provinces and three dimensions for sub-dimension description,first describe the overall consumption of residents and then divide it into consumption level and consumption structure,and at the same time divide it into urban and rural areas and three major regions.Dimensional description;followed by empirical analysis,starting with the three dimensions of coverage,depth of use,and digitalization level.Choose the fixed effect model to study the influence degree of my country’s digital inclusive finance on residents’ consumption.The empirical results show that: on the whole,digital inclusive finance has a significant role in promoting the consumption of residents in my country.From the perspective of the consumption level of residents,digital inclusive finance has a positive role in promoting the consumption level of residents at the level of 1%.Among the three-dimensional indicators,digital financial inclusion has a significant impact on the consumption level of residents in three aspects: coverage,depth of use,and digitalization level,among which coverage is the most important channel.In conclusion,It can be considered that digital inclusive finance has a positive impact on improving the consumption structure of residents.Observing from urban and rural areas,digital inclusive finance has a more significant impact on the consumption of urban residents,among which survival,development and enjoyment consumption are all more significant in urban areas.After regional heterogeneity analysis,it is found that the eastern,central and western regions of my country are the same as the overall situation of the country,and digital inclusive finance has played a positive role in promoting residents’ consumption.This shows that my country should strengthen the construction of the digital inclusive financial system so that more residents can enjoy the convenience it brings.This paper not only studies the impact of digital financial inclusion on residents’ consumption,but further divides the indicators of digital financial inclusion into three sub-dimensions: coverage,depth of use,and digitalization level.Improve the role and mechanism of residents’ consumption,and carry out empirical analysis.The data part is all first-hand data,which is obtained directly from Alipay and the National Bureau of Statistics,which is more accurate.