The Impact of Financial Technology Development on China's Common Prosperity:From the Perspective of Promoting Domestic Circulation
Financial Technology(FinTech)combines financial,inclusive and tech-nological aspects.Under the new development pattern,promoting China's common prosperity cannot be separated from the support of FinTech.Based on the provincial panel data of China from 2011 to 2020,this paper first constructs the common pros-perity index from the three dimensions of development,sharing and sustainability,and then examines the impact and function mechanisms of FinTech development on China's common prosperity.The results show that FinTech development can signifi-cantly promote China's common prosperity.Further analysis reveals that the coverage of FinTech has a more significant promoting effect on China's common prosperity,and the promotional effect of FinTech development is more obvious on the sustain-ability of common prosperity,followed by development and the weakest sharing.The results of mechanism analysis show that FinTech development can promote human capital accumulation,enhance marketization,promote the development of the circula-tion industry,boost residents'consumption,and thus contribute to China's common prosperity by smoothing the domestic circulation.Heterogeneity testing indicates that there exists a regional Matthew effect in FinTech development,but this effect can be mitigated by increasing innovation activities.Therefore,this paper proposes to continuously improve the quality and efficiency of FinTech development,smooth the domestic circulation,strengthen the tilt of digital basic resources,and enhance regional innovation vitality,so as to make FinTech more effective in adding impetus to the realization of China's common prosperity.
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