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Exploring the drivers of digital financial inclusion: an empirical analysis based on interprovincial panel data in China

With rapid technological innovation, digital financial inclusion offers the advantages of wide geographical coverage, high availability, low cost and strong sustainability. Developing countries are increasingly making significant achievements toward greater financial inclusion. This study empirically examined the factors driving the development of digital inclusion finance in China, a major developing country. We performed co-integrated panel regressions on national and regional data from 31 provinces in China from 2011 to 2018. We found that the level of economic development, government intervention, internet penetration, and credit market development can significantly affect the level of digital financial inclusion in China; however, the degree of influence varies in different provinces. We propose that developing countries should strengthen their policy support and supervision of digital financial inclusion while encouraging the development of their economies and motivate the innovation and upgrading of the domestic financial industry for vigorous development of digital financial inclusion.