Research On The Impact Of Fintech On Residents’ Consumption Behavior

The global political and economic pattern is accelerating change,international relations are undergoing turning point changes,a new round of scientific and technological revolution and industrial revolution is changing the global mode of production,social structure and way of life,and the world is facing major changes unprecedented in a century.Fintech coupled by science and technology and finance has greatly changed the financial industry,China’s traditional financial system ushered in new development opportunities,whether it can keep up with the trend of Fintech development,has become a serious challenge faced by financial institutions,Fintech is reshaping the existing financial system,and profoundly affecting the production and life of our society.Based on the “domestic cycle,domestic and international double cycle”,from the perspective of expanding domestic demand,this paper discusses the impact of Fintech on the consumption behavior of Chinese residents through empirical analysis of panel data from 31 provinces and cities in China from 2013 to 2020.The empirical results show that,the development of Fintech has a significant effect on the improvement of the overall consumption level of residents;in terms of consumption structure,the development of Fintech can improve the level of residents’ subsistence consumption and development and enjoyment consumption,and Fintech will affect the consumption structure of residents,the proportion of subsistence consumption will increase.Further,this paper analyzes the indirect effect of Fintech improve consumption level of residents by increasing residents’ income,proves the existence of this indirect effect through empirical analysis.When examining regional heterogeneity,it is found that Fintech will have different impacts on urban and rural residents,urban residents are more likely to get the convenience brought by Fintech,so the impact on cities and towns is greater than that in rural areas;The heterogeneity test of the eastern,midlands and western regions found that Fintech can promote consumption in the eastern region and inhibit consumption in the central region,and the impact on consumption in the western region is not significant.According to the empirical results.This paper suggests that China needs to further promote financial innovation,strengthen the construction of Fintech infrastructure in various regions,improve the depth and breadth of Fintech coverage in rural areas and the central and western regions,rationally optimize the economic layout,and achieve the sustainable development of Fintech.