数字金融赋能国内大循环的机制研究

As a new form of finance, digital finance has an enabling effect to empower the domestic circulation. This paper systematically examines the impact of digital finance on the domestic circulation and its mechanism by using the combined data from the multi-regional input-output tables of 30 regions in China and the Peking University Digital Financial Inclusion Index. The results of the study show that the development of digital finance promotes the domestic circulation, which is mainly driven by the breadth of digital finance coverage and the degree of digitization of inclusive finance. Technological innovation, upgrading of industrial structure and increasing consumption levels are the mechanisms through which digital finance development can empower the domestic circulation. In addition, this paper conducts heterogeneity tests and analyses from multiple dimensions, and the results show that digital finance development has a more significant effect on the promotion of province-industry domestic circular participation in the service sector, higher market maturity and lower market segmentation areas. From the perspective of digital finance, this study provides theoretical basis and policy reference for the construction of a new development pattern based on domestic circulation.