Research On The Impact Of Digital Inclusive Finance On The Consumption Structure Of Rural Residents In China

The 14 th Five Year Plan for the Development of the National Economy and Social Economy of the People’s Republic of China and the Outline of the Long Range Goals for2035 pointed out that new consumption,information consumption and digital consumption should be developed.The 20 th National Congress of the CPC also pointed out that we should unswervingly implement high-quality development,organically combine a strategy to expand domestic demand with deepening supply-side structural reform,and to increase the the endogenous power and reliability of the domestic big cycle.The contribution rate of the final consumption of the world’s more mature consumer bodies to the economy is about 70%-80%,while the resident consumption and final consumption of China hover around 60% all the year round.China’s lack of consumptive power has historically been a major factor restricting economic development.China’s seventh population census data shows a rural population of 509.79 million in China.In the face of such a huge consumer market,how to improve its consumption structure in order to be able to better and faster promote economic development of China is the meaning and the inevitable requirement of the fourteen Five-Year Plan for the National Economic and Social Development of the People’s Republic of China and the high quality development of China’s economy for a long time to come,Digital inclusive finance combines inclusive finance with digital technology to expand the coverage of services,to achieve coverage low income individuals and rural residents,in order to improve incomes of the lower income groups,and subsequently improve rural residents’ quality and capacity for consumption.Digital inclusive finance provides ideas for solving the constraints restricting consumption growth and promoting transformation and modernization of rural residents’ consumption.It is thus of great importance in order to explore how inclusive digital finance impacts on the consumption structure of rural dwellers and the heterogeneity of digital inclusive finance in different regions for formulating relevant policy recommendations.With the aim of exploring the relationship between the two,in theory analysis,based on the fact that we are in the post-epidemic era a few days ago,investment and export are insufficient to drive the economy,while consumption,especially domestic market,has emerged as the main force driving the economy.The No.1 document with a focus on "farming,rural areas and farmers",released first proposed in 2021 to develop inclusive digital finance in rural areas,which gives practical significance to the study of this paper in this era.Having referred we advance the innovation points of by drawing on the theoretical research findings of domestic and international scholars of this article,which compensate for the lack of research in relevant areas.Then define the relevant concepts of digital inclusive finance and rural residents’ consumption structure.Drawing on theoretical analysis of the mechanism of impact of digital inclusive finance on the consumption structure of rural residents and advancing three hypotheses.Second,it combs the development status of China’s inclusive digital finance and the consumption structure of rural residents,including the development process,the development status of digital inclusive finance-related businesses,and analyzes the current situation of China’s digital inclusive finance and rural residents’ consumption structure.Finally,using panel data from 31 of the provinces(municipalities directly under the Central Government,autonomous regions)in the decade 2011-2011 are selected for regression analysis,digital inclusive finances as the central explanatory variable,the consumption structure of residents as the explanatory variable,and rural residents’ income as an intermediary variable.The control variables are the degree of economic development the price level the level of urbanization,the scale of government tax expenditures,and the level of fixed asset investment.To make use of the measurement knowledge from fixed effect and intermediary effect to build the corresponding measurement model,and explore the specific impact of digital inclusive finance on residents’ consumption structure.The research shows that the development of digital inclusive finance has a certain role in promoting the survival of rural residents and the development of rural residents’ enjoyment consumption,and has a greater role in promoting the development of enjoyment consumption.The role of digital inclusive finance in rural residents’ consumption has regional differences,and its promotion role in the east is stronger than that in the central and western regions.In the process of digital inclusive finance promoting residents’ consumption,The income level plays an intermediary role in promoting the development of subsistence consumption and development of enjoyment consumption.So far,relevant policy recommendations are put forward based on empirical research and theoretical analysis.