The concept of inclusive finance was first proposed by the United Nations in 2005, and then at the end of 2015, China defined the concept of inclusive finance in China for the first time in the "Plan for Promoting the Development of Inclusive Finance (2016-2020)": based on the business philosophy of equal opportunity and sustainability, to provide appropriate and effective financial services for all social strata and groups with financial service needs at affordable costs.Digital inclusive finance combines inclusive finance with digital information technology to form a new financial service system, which can allow people in areas with poor financial service capabilities to enjoy various financial services for a long time. In addition, from the perspective of inclusiveness, it is based on "digital" to achieve financial inclusion. The definition of "inclusive" in this article is not limited to a specific target.
Financial inclusion is mainly reflected in fairness and sustainability, and the so-called fairness is equal opportunity, and all classes can enjoy the most basic financial services. In the past, "inclusiveness" was aimed at specific targets, such as small and micro enterprises, private enterprises, or underdeveloped rural areas, but this article does not look at it that way, and from the perspective of consumption, the topic of the study, the "inclusiveness" mentioned in this article is in a broader sense, covering all groups of people.
Financial structure refers to the various parts that make up finance, which is the sum of financial instruments and financial institutions, which can reflect the level of financial development. Changes in the financial structure are in line with a certain law in different time periods and in different economic environments, even if there are different levels of economic development in economies, unless force majeure factors occur.
In other words, the financial structure is always related to the economy as a whole and continues to move forward, and we can derive the level of financial development of a country by looking at the financial structure of a country, and this change is interpreted as the financial correlation rate. The ratio has an important position, the larger the correlation ratio, the higher the degree of financial correlation, the greater the degree of separation of deposits and investments, the higher the economic growth rate, and the higher the financial level of a country.
Financial Deepening Theory. Due to the large proportion of the natural economy and the intervention and regulation of financial markets, the financial activities and financial freedom of developing countries have been greatly restrictedThe backwardness of the financial market has seriously hindered the development of the financial market.
In order to effectively control inflation, it is necessary to eliminate financial repression and promote the in-depth development of finance. This theory also suggests that countries should interfere less in the financial system and loosen interest rate and currency controls. After deregulation, interest rates will rise, which can play a role in income, savings, investment and employment to promote economic development.
Financial exclusion, also known as financial exclusion, is that access to financial services is affected by geography, and it is difficult to obtain financial services if there are few financial institutions in remote and backward areas. Based on this view, the academic community has done a lot of research on the concept of financial exclusion. Financial exclusion is divided into five types, the first is customer proximity to resource exclusion;The second is conditional exclusion, which is excluded because certain financial products or services are conditional;
The third is exclusion, because some products are overpriced and some groups cannot afford them, so they are excluded;The fourth is marketing exclusion, and some backward groups are excluded from marketing at the beginning;The fifth is self-exclusion, in which some groups subconsciously exclude themselves from the perception that they do not have access to financial services, or the consciousness that they do not have access to financial services.
The phenomenon of financial exclusion in China mainly exists in rural remote and backward areas, because the dispersion of the rural population means that the already scarce funds have also become dispersedProblems such as low profitability or even loss of financial outlets have made rural areas excluded from finance, but it is undeniable that there are some financial exclusions in urban areas.
In 2007, the Asian Development Bank (ADB) proposed inclusive growth for the first time, proposing a new growth model that could enable sustainable and coordinated social and economic development, rather than pursuing economic growth alone, and which would enable those who were excluded from the fruits of economic development to fully enjoy the benefits it provides, thereby gradually narrowing the disparities between different groups and maintaining social stability.
The theory of inclusive growth includes four major connotations: economic development, enjoyment of rights, equal opportunity, and inclusivenessThe meaning of the three policy levels: the cultivation and promotion of human resources;Institutional design and decision-making fairness;Create a fair market environment, build a fair resident protection system, and ensure the fairness of social security.
Inclusive growth is closely related to China's harmonious economic and social development. Although the development of internal and external economic circulation is an inevitable requirement for China's economic growth, under the transformation of China's domestic and foreign environment, it is also urgent to change the mode of economic growth, adjust the industrial structure, and smooth China's internal economic cycle, and the concept of inclusive growth is an important direction of China's economic growth.
Consumers are efficiency-seeking, and they regulate their lifelong spending and savings according to the principle of maximizing benefits, so that lifelong economic income is equal to consumption.
Consumers are rational in their spending behavior, they focus on long-term and sustained income, rather than relying on current temporary income to make spending decisions, and they seek to maximize the benefits of consumption. The enduring income assumption divides income into two categories: persistent income, which is the expected income that is averaged over a long period of time and is expected to be stable over a longer period of time. Temporary income is earned on a short-term basis or by chance. Friedman believes that only a long-term stable income can affect people's consumption spending to some extent.
In the case of restricted spending due to insufficient funds, it is not possible to obtain credit from financial institutions or other financial institutions, resulting in limited spending behavior of consumers. The liquidity constraint hypothesis holds that if there are certain liquidity constraints, then household consumption spending will fall and savings will grow.
When the interest rate on consumer lines of credit is higher than the interest rate on deposits, consumers often choose to forgo consumer loans to stabilize their spending. If consumers are restricted in their mobility, then their path to consumption becomes uneven. From a more realistic perspective, when consumers face liquidity constraints, whether short-term or expected, they can lead to a decline in consumption.
Due to the difference in wealth**, there are different marginal consumption, and people will measure the consumption value of goods. Secondly, different payment methods can also have a big impact on the user's payment loss. Compared to online payments, people lose more psychologically. Thus,All kinds of transactions have different effects on people's psychology and have a certain impact on consumers' consumption behavior.
The above introduces the relevant theories of financial development and consumption, but there is no accurate statement on whether and how digital inclusive finance can affect residents' consumption. Based on the relevant theories of inclusive finance and consumption theory, this chapter summarizes the specific transmission mechanism of digital inclusive finance based on its own characteristics and consumption influencing factors.
Before discussing the transmission pathways between the two, the connection between digital inclusive finance and household consumption is first constructed. From the above introduction and the research of relevant scholars, it can be seen that digital inclusive finance has a promoting effect on improving the consumption level of residents, and digital means and the principle of inclusiveness have improved the coverage and convenience of financial servicesAt the same time, it also enables people to better diversify risks, make rational use of resources, promote the growth of consumer spending, and promote the transformation of consumption structure.
"Digitalization" has brought impetus to the development of financial services, one is to provide convenient, fast and flexible transfer payments;The second is to enable traditional financial institutions not to be subject to geographical restrictions, reduce the cost of financial services, and also make some credit conditions relaxed, improve coverage and expand user groups;
Third, the emergence of Internet insurance and other products allows the masses to enjoy more of the role of insurance in reducing and diversifying risks, which can reduce future uncertainty, reduce savings, and increase consumptionFourth, online wealth management products enable more people to enter the financial market, and at the same time, as mentioned above, digital inclusive finance can boost the economy and increase income.
From the perspective of household consumption expenditure and its structure, digital inclusive finance can significantly increase household consumption expenditureSecond, from a structural point of view, digital inclusive finance can promote the proportion of residents' development and enjoyment-oriented consumption, while inhibiting the proportion of basic consumption. Hence the conclusion:Digital inclusive finance will not only simply increase consumer spending, but also promote the optimization of consumption structure, improve residents' living standards, and provide impetus for the high-quality development of China's economy.
From the perspective of heterogeneity analysis, the promotion effect of digital inclusive finance on urban residents is more significant, but the impact on rural residents is not significantFrom the perspective of consumption level, digital inclusive finance has a greater promoting effect among low-consumption groups, but has no obvious effect among people with high consumption levels
From the perspective of household debt-to-income ratio, the development of digital inclusive finance has promoted the improvement of household debt-to-income ratioAt the same time, the impact on households with high household debt-income ratios is even more significant, and it is necessary to take into account the negative impact of excessive debt growth.
From the perspective of impact pathways, this paper examines the transmission pathways from four perspectives: digital payment, credit constraints, precautionary savings, and household income. It is concluded that digital financial inclusion can promote household consumption by increasing household income, premium expenditure and frequency of digital payments. As for credit constraints, whether using the gradual regression or bootstrap test, although digital inclusive finance can alleviate credit problems, it does not play a significant role in household consumption growth.
Digital inclusive finance is an important boost to promote the optimization and upgrading of consumption level and structure. China should actively develop digital inclusive finance, promote the improvement of consumption levels, and give full play to the important role of consumption optimization and upgrading in helping the high-quality and healthy development of the economy.
First of all, it is necessary to strengthen the construction of financial hardware facilities. It is necessary to vigorously develop digital inclusive finance, "digital" plays an important role, it is necessary to increase the construction expenditure of special funds, and to improve the level of communication networks in all regions of the country, especially for rural areas where the economy is underdeveloped and the communication infrastructure is weak, and it is necessary to comprehensively build a communication network that can achieve full coverage.
Second, it is necessary to improve the ecological construction of digital inclusive finance, improve the incentive and restraint mechanisms of relevant financial institutions, and promote the development of digital inclusive finance in key areas. Although digital inclusive finance can reduce costs, compared with general financial institutions, the cost of digital inclusive finance business is still higher than that of other financial services, which will also lead to a lack of development momentum for financial institutions.
To this end, it is necessary to improve the inclusive financial system, improve the incentive and restraint mechanism, promote the demonstration and guidance of relevant financial institutions, realize the combination of profitability and inclusiveness, and according to the differences in the development needs of different industriesMeet the needs of different financial services, so that digital inclusive finance can better promote the healthy development of the digital economy.
Since digital inclusive finance has not been able to effectively improve the consumption level of residents in rural areas, it is necessary to improve financial availability, strengthen the publicity and education of basic financial knowledge of remote and backward groups in rural areas, establish and strengthen residents' financial concepts, so that people from all walks of life can better understand the convenience and advantages brought by digital inclusive finance, remove the rejection of some residents' traditional backward concepts of finance, alleviate the "digital divide" between regions, and improve the financial availability of groups.
However, in this process, it is necessary to pay attention to avoid excessive consumer credit that leads to excessive household debt and triggers a crisis of household economic debt.