Using the data of first-tier and second-tier cities during 2013-2021 in China and utilizing the DID method,this paper takes the the e-CNY pilot project as"quasi natural experiment"to analyze the impact of the issuance of e-CNY on inclusive finance.The study finds that the issuance of e-CNY can significantly improve the inclusive finance develop-ment.The heterogeneity analysis indicates that the pilot project of e-CNY has a more significant impact on the central and western regions with poor financial infrastructure compared to the eastern regions with advanced financial infrastructure.Mechanism test finds that improving the level of payment business is an important channel for the issuance of e-CNY to enhance the level of inclusive finance.
万方数据