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Fintech, Growth And Inequality: Evidence From China’S Household Survey Data

Author

Listed:
  • XUN ZHANG

    (School of Statistics, Beijing Normal University, Beijing, P. R. China2Institute of Digital Finance, Peking University, Beijing, P. R. China)

  • JIAJIA ZHANG

    (School of Statistics, Beijing Normal University, Beijing, P. R. China3China Finance 40 Forum, Beijing, P. R. China)

  • GUANGHUA WAN

    (Institute of World Economy, Fudan University, Shanghai, P. R. China)

  • ZHI LUO

    (Center for Economic Development Research, Wuhan University, P. R. China)

Abstract

This paper represents an early attempt to investigate the growth and distributional effects of Fintech development, using household survey data from China. China’s rapid expansion of Fintech in the past decade has significantly improved the accessibility and affordability of financial services, particularly for formerly financially excluded population groups. Linking the index of digital financial inclusion with China Family Panel Studies (CFPS) data, we find that Fintech development is positively correlated with household income, and the positive effect is larger for rural households than the urban counterpart, suggesting that Fintech development has helped narrow the urban–rural income gap. Moreover, the poor gain more than the rich from Fintech development in rural China, indicating its benign distributive impacts within rural China.

Suggested Citation

  • Xun Zhang & Jiajia Zhang & Guanghua Wan & Zhi Luo, 2020. "Fintech, Growth And Inequality: Evidence From China’S Household Survey Data," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 65(supp01), pages 75-93, December.
    • Handle: RePEc:wsi:serxxx:v:65:y:2020:i:supp01:n:s0217590819440028
    DOI: 10.1142/S0217590819440028
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    Cited by:

    1. Xu, Meng & Yang, Zhonghai & Lin, Yu-En & Li, Gaobo, 2024. "Maturity mismatched investment, digital financial inclusion, and digital orientation: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 91(C).
    2. Liu, Dongwang & Yang, Ziqi, 2024. "Asymmetric linkages among fintech, oil prices, governance, and growth in Southeast Asian economies," Resources Policy, Elsevier, vol. 88(C).
    3. Marco Cozzi & Qiushan Li, 2024. "Do wealth shocks matter for the life satisfaction of the elderly? Evidence from the health and retirement study," Economics Bulletin, AccessEcon, vol. 44(1), pages 88-98.
    4. Yin, Yikun & Liu, Haoyu, 2024. "Fin-tech indicators, mineral resources and green productivity: Role of human development and globalization in BRICS region," Resources Policy, Elsevier, vol. 89(C).
    5. Xuanming Ji & Kun Wang & He Xu & Muchen Li, 2021. "Has Digital Financial Inclusion Narrowed the Urban-Rural Income Gap: The Role of Entrepreneurship in China," Sustainability, MDPI, vol. 13(15), pages 1-18, July.
    6. Isaac Appiah-Otoo & Na Song, 2021. "The Impact of Fintech on Poverty Reduction: Evidence from China," Sustainability, MDPI, vol. 13(9), pages 1-13, May.
    7. Liu, Jiankun & He, Xiaobin & Dong, Yinxi, 2024. "Household debt and children’s psychological well-being in China: The mediating role of parent–child relations," Children and Youth Services Review, Elsevier, vol. 157(C).
    8. Shang, Xiaoting & Niu, Huayong, 2023. "Does the digital transformation of banks affect green credit?," Finance Research Letters, Elsevier, vol. 58(PB).
    9. Mr. Boileau Loko & Yuanchen Yang, 2022. "Fintech, Female Employment, and Gender Inequality," IMF Working Papers 2022/108, International Monetary Fund.
    10. Cuadros-Solas, Pedro J. & Cubillas, Elena & Salvador, Carlos & Suárez, Nuria, 2024. "Digital disruptors at the gate. Does FinTech lending affect bank market power and stability?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    11. Wang, Yichen & Hu, Jun & Chen, Jia, 2023. "Does Fintech facilitate cross-border M&As? Evidence from Chinese A-share listed firms," International Review of Financial Analysis, Elsevier, vol. 85(C).
    12. Yuan Mo & Jing Mu & Hui Wang, 2024. "Impact and Mechanism of Digital Inclusive Finance on the Urban–Rural Income Gap of China from a Spatial Econometric Perspective," Sustainability, MDPI, vol. 16(7), pages 1-17, March.

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    Keywords

    Fintech; growth; inequality; China;
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