The Impact of the National Big Data Comprehensive Pilot Zone on Digital Inclusive Finance: Evidence From China

This study utilizes panel data spanning 2011 to 2022 from 285 Chinese cities at the prefectural level and above, treating the National Big Data Comprehensive Pilot Zone (NBDCPZ) as a quasi-natural experiment. Employing a staggered difference-in-differences model, we investigate the impact of the NBDCPZ on Digital Inclusive Finance (DIF). The findings reveal that the NBDCPZ significantly promotes the development of DIF. A sub-dimensional analysis of DIF further indicates that the promotional effect is concentrated in the coverage breadth and usage depth dimensions, whereas no significant impact is detected on the digitization level. Mechanism tests demonstrate that the NBDCPZ fosters the development of DIF by upgrading digital infrastructure, spurring digital technological innovation, and attracting FinTech enterprise agglomeration. Heterogeneity analysis shows that the promotional effect of the NBDCPZ on DIF is concentrated in cities with advanced digital economies, higher marketization levels, and favorable geographic locations. This study contributes to a clearer understanding of the socioeconomic effects of the NBDCPZ and offers insights for advancing the development of DIF.