Consumption is a persistent driver of economic growth,and the'14th Five-Year Plan'clearly emphasizes the fundamental role of consumption in economic development.Under the new development pattern,commercial insurance plays a great role in stabilizing the economy and protecting people's livelihood.Based on 2016 and 2018 China Family Panel Studies(CFPS)data,this article empirically examines the relationship between commercial insurance and residents'con-sumption from the perspectives of consumption level and consumption structure.The empirical results show that commercial insurance can promote residents'consumption and effectively facilitate the expansion of the consumption level and optimization of the consumption structure of households,which reflects that commercial insurance can reduce the ieconomic vulnerability of households,alleviate uncertainty,and effectively release the consumption potential of residents;heterogeneity analysis shows that there is an asymmetric impact of commercial insurance on household consumption in different industrial policy-supported regions,and that com-mercial insurance improves the consumption structure of households in industrial policy-supported regions more significantly relative to industrial policy-supported regions.To maximize the function of commercial insurance in boosting residents'con-sumption,this article suggests that we should con-tinue to encourage the promotion of commercial insurance in the future,play an important role in the multi-level protection system,and complement the corresponding industrial support policies with the continuous development of commercial insurance.
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