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Digital inclusive finance, consumer consumption and high-quality economic development

Against the backdrop of the COVID-19 pandemic and China’s pursuit of the "double circulation" strategy, scholars are increasingly focusing on ensuring high-quality economic development in China. In this regard, digital inclusive finance and consumer consumption are of utmost significance....

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Detalles Bibliográficos
Autores principales: Li, Wei, Wang, Hui, Zhang, Lu, Liu, Runchen
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Public Library of Science 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10449199/
https://www.ncbi.nlm.nih.gov/pubmed/37616237
http://dx.doi.org/10.1371/journal.pone.0285695
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author Li, Wei
Wang, Hui
Zhang, Lu
Liu, Runchen
author_facet Li, Wei
Wang, Hui
Zhang, Lu
Liu, Runchen
author_sort Li, Wei
collection PubMed
description Against the backdrop of the COVID-19 pandemic and China’s pursuit of the "double circulation" strategy, scholars are increasingly focusing on ensuring high-quality economic development in China. In this regard, digital inclusive finance and consumer consumption are of utmost significance. This study employs panel data from 30 provinces and cities spanning 2011 to 2020 to explore the impact of digitized inclusive finance on consumer consumption and high-quality economic development through a spatial econometric model. Our findings indicate that integrating digital finance with consumer consumption and economic development fosters high-quality economic growth. Furthermore, our semi-parametric spatial lag model suggests a nonlinear relationship between digital inclusive finance and high-quality economic growth, shaped like an inverted "U". Additionally, we examine the mediating effect of consumer consumption on the relationship between digital inclusive finance and high-quality economic development. Our results reveal a substitution effect between digital inclusive financing and consumer consumption in promoting high-quality economic development. Therefore, it is essential to promote the development of digital inclusive finance, harness its positive spillover effects between regions, and encourage an increase in consumer consumption to optimize the consumption structure, upgrade and adjust the industrial structure, and spur growth in emerging industries.
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spelling pubmed-104491992023-08-25 Digital inclusive finance, consumer consumption and high-quality economic development Li, Wei Wang, Hui Zhang, Lu Liu, Runchen PLoS One Research Article Against the backdrop of the COVID-19 pandemic and China’s pursuit of the "double circulation" strategy, scholars are increasingly focusing on ensuring high-quality economic development in China. In this regard, digital inclusive finance and consumer consumption are of utmost significance. This study employs panel data from 30 provinces and cities spanning 2011 to 2020 to explore the impact of digitized inclusive finance on consumer consumption and high-quality economic development through a spatial econometric model. Our findings indicate that integrating digital finance with consumer consumption and economic development fosters high-quality economic growth. Furthermore, our semi-parametric spatial lag model suggests a nonlinear relationship between digital inclusive finance and high-quality economic growth, shaped like an inverted "U". Additionally, we examine the mediating effect of consumer consumption on the relationship between digital inclusive finance and high-quality economic development. Our results reveal a substitution effect between digital inclusive financing and consumer consumption in promoting high-quality economic development. Therefore, it is essential to promote the development of digital inclusive finance, harness its positive spillover effects between regions, and encourage an increase in consumer consumption to optimize the consumption structure, upgrade and adjust the industrial structure, and spur growth in emerging industries. Public Library of Science 2023-08-24 /pmc/articles/PMC10449199/ /pubmed/37616237 http://dx.doi.org/10.1371/journal.pone.0285695 Text en © 2023 Li et al https://creativecommons.org/licenses/by/4.0/This is an open access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/) , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
spellingShingle Research Article
Li, Wei
Wang, Hui
Zhang, Lu
Liu, Runchen
Digital inclusive finance, consumer consumption and high-quality economic development
title Digital inclusive finance, consumer consumption and high-quality economic development
title_full Digital inclusive finance, consumer consumption and high-quality economic development
title_fullStr Digital inclusive finance, consumer consumption and high-quality economic development
title_full_unstemmed Digital inclusive finance, consumer consumption and high-quality economic development
title_short Digital inclusive finance, consumer consumption and high-quality economic development
title_sort digital inclusive finance, consumer consumption and high-quality economic development
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10449199/
https://www.ncbi.nlm.nih.gov/pubmed/37616237
http://dx.doi.org/10.1371/journal.pone.0285695
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