Research on the Impact of Digital Inclusive Finance on High-Quality Economic Development

Abstract

To overcome the shortcomings of traditional finance, digital inclusive finance has emerged to improve the availability and utilization of financial resources in the original financial development model and reduce the cost of financial services, and digital inclusive finance has become an important driver of high-quality economic development. Based on the panel data of 30 provincial regions in China from 2011 to 2019, this paper explores the impact mechanism and effect of digital inclusive finance on high-quality economic development. It is found that: digital inclusive finance has a direct and significant positive impact on high-quality economic development. In terms of regional heterogeneity, the promotion effect of digital inclusive finance on high-quality economic development is significantly stronger in the eastern regions than in the central and western regions. The mechanism test shows that residential consumption is an important transmission mechanism for digital inclusive finance to influence high-quality economic development. Finally, countermeasures such as strengthening the construction of digital inclusive finance infrastructure, formulating regional differentiated development strategies, launching product customized financial services and building a sound regulatory system are proposed.