Does Fintech Promote Common Prosperity——From the Perspective of Wealth Inequality
Common prosperity is the essential requirement of Chinese-style modernization,and narrowing wealth inequality is the core of achieving common prosperity.This study explores whether fintech can promote common prosperity from the perspective of wealth inequality.Empirical research combining Fintech development Index with three rounds of Chinese household finance survey data in 2015,2017 and 2019 shows that the development of fintech has significantly reduced wealth inequality.Mechanism analysis shows that the development of fintech can significantly promote self-employment of low-wealth families,improve financial inclusion and so-cial capital to restrain wealth inequality and achieve common prosperity.Heterogeneity analysis found that the effect of fintech on wealth inequality was more significant among working households,highhuman capital households,and households located in second-tier and lower-tier cities,central and western regions.