关键词: 数字普惠金融, 城镇居民消费, 产业结构, 中介效应

Abstract: Raising the level of consumption is an important way to expand domestic demand and promote sustainable economic growth, and it is an important part of the strategy to build a large domestic economic cycle. With the help of big data information technology and innovative traditional financial services, digital inclusive finance can enhance financial inclusion and stimulate the growth of residents' consumption. Based on the panel data of 31 provinces in China from 2011 to 2020, this paper constructs a fixed effect model to study the impact of digital inclusive finance and its first-level dimensions on the consumption of urban residents in China. By building a mediation model, the role of industrial structure in the impact mechanism of digital inclusive finance on urban residents' consumption is examined. The results show that digital inclusive finance, its first-level dimensions and industrial structure upgrading all have supporting effects on urban residents' consumption; the analysis of the role mechanism shows that digital inclusive finance can indirectly promote urban residents' consumption through industrial structure upgrading; the heterogeneity analysis finds that the supporting effect of digital inclusive finance on the consumption of urban residents in coastal, inland, and remote areas decreases in turn.

Key words: digital inclusive finance, urban consumption, industry structure, mediating effect