Research on the Influence Mechanism and Spatial Effect of Digital Inclusive Finance in Emerging Economies: A Case Study of a Province in China

According to the report, the 19th Congress stated that our country’s economy is at a critical stage of structural upgrading, transitioning from high-speed growth to high-quality development. Based on the domestic and foreign history of the development of high-quality development experience, it is evident that high-quality economic development is a key factor in a country’s overall economic progress. Digital inclusive finance plays an important role in the promotion of digital finance and the realization of regional high-quality development. The recent 24th Meeting of the Commission for Deepening Overall Reform also emphasized “orderly promotion of the development of digital inclusive finance”. Jilin Province responded positively, and Tonghua City and Siping City were approved as national pilot zones for inclusive finance reform. The “difference” finance development special planning of Jilin province also proposed to build the Jilin regional financial inclusion index system, to develop the digital financial inclusion (DFI). Based on the empirical analysis of the actual impact mechanism of digital inclusive finance on the high-quality economic development of Jilin Province, this study provides feasible policy suggestions to promote the high-quality economic development of Jilin Province and accelerate the promotion of the use of digital inclusive finance. Based on the review of relevant literature and theories, this study first establishes relevant indicators for digital inclusive finance and high-quality economic development. It then calculates and analyzes the comprehensive index of digital inclusive finance development and high-quality economic development index of Jilin Province by using the coefficient of variation method and entropy method, respectively. Second, the study explores the influence mechanism of three aspects: the direct impact mechanism, indirect effect mechanism and the spatial spillover effect. By using data from 2012 to 2021, it employs a combination of sthe fixed effects model, the moderating effect model, and spatial econometric models to conduct an empirical test of the effects and transmission pathways between digital inclusive finance and high-quality economic development. Finally, a variety of robustness tests are used to prove the robustness and reliability of the empirical results of this study. Therefore, this study puts forward the following four policy implications: first, closely follow the “digital Jilin”, adhere to the linkage between mountains and seas, and formulate a regional coordinated and cooperative development strategy. Second, stick to driving the development of science and technology innovation, and give full play to radiating and driving play dual-core Fuzhou and Xiamen. Again, we will improve the mechanism of financial services to protect, to strengthen the construction of a digital inclusive financial services regulatory system. Finally, we should focus on industrial digitalization and accelerate the construction of a modern industrial system.