Research On The Impact Of Digital Financial Inclusion On Inclusive Growth

In the new stage of building a powerful modern socialist country and advancing the building of common prosperity,the problem of my country’s unbalanced and inadequate development is still prominent,and the gap in the development of different groups and income distribution is still large.Therefore,increasing inclusive growth has become an important issue of concern in the society.The world is now entering a digital era in all respects.Digital inclusive finance is not only the focus of future global economic competition and cooperation,but also of great strategic significance in terms of narrowing the gap between the rich and the poor in urban and rural areas and promoting the sharing of financial services.Digital inclusive finance is an important means to promote common prosperity.Its contribution to improving the balance,coordination and inclusiveness of development coincides with the connotation of inclusive growth.Based on this,this article is devoted to exploring two issues:(1)Whether digital inclusive finance has an influence on inclusive growth;(2)If there is an impact,how digital inclusive finance affects the level of inclusive growth in China?According to theoretical analysis,it is found that digital inclusive finance can improve inclusive growth through innovation and entrepreneurship.This article uses the fixed-base range entropy weight method to construct 16 indicator systems to measure the inclusive growth index of 31 provinces(autonomous regions,municipalities)in China.This paper use the Peking University Digital Inclusive Finance Index(2011-2018)compiled by the Internet Finance Research Center of Peking University as the core explanatory variable.The empirical part first uses a fixed-effect panel model regression model to explore the impact of the development of digital financial inclusion on inclusive growth,and gradually incorporates innovation and entrepreneurship variables to eliminate possible multicollinearity problems between core explanatory variables and channel variables.Secondly,this paper further analyzes the transmission mechanism.By adopting the mediation effect model and selecting the number of invention patent applications and the number of new private enterprises as mediating variables to test,it is found that innovation and entrepreneurship channels can be transmitted through partial mediation effect tests.Finally,in the robustness test part,the dependent variable is replaced by the sub-dimension index of inclusive growth,and the empirical results all pass the robustness test.Finally,based on the research results of this paper,the following policy recommendations are put forward: Firstly,the government should improve the construction of digital inclusive financial infrastructure,strengthen the equipment and staffing of enterprise infrastructure and the comprehensive coverage of individual infrastructure.Secondly,some measures,such as lowering service thresholds,simplifying the approval process and improving the credit system,should be taken to improve the availability of high-quality digital inclusive financial services.Finally,the government should dredge the transmission role of innovation and entrepreneurship channels,focus on continuous and long-term efforts in the improvement of human capital and unblock effective modes for innovation and entrepreneurship financial support and achievement transformation to further promote the positive role of digital inclusive finance in promoting inclusive growth.