Research On The Impact Of Digital Inclusive Finance On Chinese Residents’ Consumption

Since the reform and opening up,exports,investment and consumption used to be the important engines that jointly promoted the rapid growth of China’s economy.After more than 30 years of development,my country’s economy has shifted from high-speed growth to high-quality growth.With the changes in the internal and external environment in recent years and the impact of the new crown pneumonia epidemic,among the above three main driving forces,the uncertainty of external exports has increased,and investment also has problems such as diminishing marginal returns,and the role of consumption in driving economic growth has become increasingly prominent.Digital inclusive finance applies digital technology to financial service scenarios,and has the characteristics of low cost and wide coverage.It overcomes the shortcomings of traditional financial services such as high threshold and low efficiency,and helps to lead consumption and release consumption vitality.Studying the impact of digital inclusive finance on household consumption expenditure and consumption structure is of great significance for smoothing the domestic economic cycle and promoting the transformation and upgrading of consumption structure.According to existing research results,the article analyzes the role of digital inclusive finance on China’s consumption from the theoretical and empirical perspectives.First,theoretically,relevant concepts are defined,relevant theories about the consumption of digital inclusive finance are discussed,and the influence pathways between the two are described,so as to lay a theoretical foundation for further research;the current situation of digital inclusive finance and residents’ consumption and their structures are analyzed;secondly,from the empirical aspect,the digital inclusive finance index of Peking University and CFPS household micro data are selected.The samples used are selected and cleaned out,and the two-way fixed effects model is applied to test the impact of digital inclusive finance on residents’ consumption expenditure and structure,and the heterogeneity and transmission channels are also tested empirically.The study shows that,firstly,digital inclusive finance can increase residents’ consumption expenditure and play a role in optimizing the consumption structure;secondly,the results of group regression test found that the promotion effect of digital financial inclusion on consumption is more effective in urban groups,with higher education,lower consumption level and higher household debt-to-income ratio;Third,from the perspective of transmission ways,developing digital financial inclusion boosts household income,increase the frequency of online payments,and reduce uncertainty,thereby promoting the increase in household consumption expenditures.The transmission path of credit constraints is not obvious.Finally,combining research results,this paper makes policy recommendations on how to better play the role of digital inclusive finance in promoting residents’ consumption and helping economic quality development.