The Connotation of the Era, Long-term Obstacles and Path to Realization of Digital Enabling New Urbanization and Common Wealth

Abstract

Starting from the perspective of digital inclusive finance and new urbanization, this paper explores the mechanism and path of the joint drive of common wealth between the two. Through theoretical analysis to sort out the intrinsic connection between digital inclusive finance, new urbanization, and the development of common wealth, a hypothetical model between the three is proposed. To examine the transmission mechanism of digital inclusive finance on common wealth, the mediation effect model is introduced to explore the mediation transmission role played by digital inclusive finance. A spatial econometric model is used to examine the spatial spillover effect of digital inclusive finance and new urbanization levels on common wealth. The use of a spatial panel Durbin model with double fixed time and spatial effects is employed to empirically analyze how digital financial inclusion affects common wealth and how new urbanization influences it. The analysis of the spatial spillover effect shows that a one-unit increase in the level of digital financial inclusion and new urbanization can lead to a 1.7965-unit increase in the level of common wealth development in this province. At the same time, it can increase the level of common wealth development in neighboring provinces by 2.8761 units, thus increasing the overall common wealth development level by 4.5104 units. It insists on promoting the development of digital inclusive finance in the construction of new urbanization, with a view to promoting the integrated development of digital inclusive finance and new urbanization, and advancing common wealth in high-quality development.