Study of the Impact of Digital Financial Inclusion on the Consumption of Rural Residents: Taking Guangdong Province as an Example

Abstract

The emergence of digital inclusive finance can enable rural residents to enjoy more diversified products and services, which is conducive to promoting the implementation of the rural revitalization strategy from various aspects and helping the all-round development of rural areas. This paper selects the panel data of Guangdong Province from 2013 to 2022, and empirically analyzes it by constructing a fixed effects model. The empirical results show that the continuous development of digital inclusive finance in Guangdong Province has a facilitating effect on the consumption of rural residents. Second, from the perspective of regional division, the promotion effect is more obvious in the Pearl River Delta (PRD) and the northern part of Guangdong, effectively promoting the growth of rural residents' consumption in these two regions, while the positive effect on the western and eastern parts of Guangdong is not significant. Next, from the perspective of pathways, digital payment and digital credit have a positive impact on rural residents' consumption, while digital insurance has a smaller degree of positive impact.