Research on the Impact of Digital Inclusive Finance on County Economic Growth
——Analysis based on the Perspective of Traditional Finance and Industrial Structure Upgrading
Abstract：County economic growth depends on the support of financial system，and rural inclusive finance system is of great significance for the breakthrough of the development dilemma of county economy. On the basis of the panel data of Chinese counties from 2015 to 2020，the fixed effect model，panel threshold model，regulatory effect and intermediary effect model are used to empirically analyze the impact of digital inclusive financial on county economic growth. The results show that digital inclusive finance has a significant promoting effect on county economic growth. The mechanism test shows that traditional finance and digital inclusive finance mainly promote the growth of county economy through the synergistic effect，and the low efficiency of traditional finance weakens the promoting effect of digital inclusive finance on the growth of county economy ，and the upgrading of industrial structure plays an intermediary role in the process of digital inclusive finance promoting the growth of county economy. Heterogeneity analysis shows that digital financial inclusion is more effective in promoting county economic growth in eastern regions and areas with low urbanization level. To effectively improve county economic growth ，we should， first，further strengthen digital financial infrastructure at county level to promote the balanced development of digital inclusive finance and economy among regions；second，we should focus on improving the efficiency，development level，and degree of convenience of traditional finance，and better play the role of synergistic effect of traditional finance and digital inclusive finance ； and third，we should give full play to the role of advantages of digital inclusive finance in resource allocation ，improve regional innovation and input-output efficiency，optimize industrial structure，and drive the upgrading of industrial structure at the county level.
Key words：digital inclusive finance；county economic growth；traditional finance；industrial structure upgrade