Xu, Sheng; Liu, Xichuan; Zhang, Lu; Xiao, Yu
A icle
Can he use o digi al inance p omo e he enhancemen
and quali y imp o emen o household consump ion
among a me s?
Economies
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MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Xu, Sheng; Liu, Xichuan; Zhang, Lu; Xiao, Yu (2024) : Can he use o digi al inance
p omo e he enhancemen and quali y imp o emen o household consump ion among a me s?,
Economies, ISSN 2227-7099, MDPI, Basel, Vol. 12, Iss. 12, pp. 1-20,
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Ci a ion: Xu, Sheng, Xichuan Liu, Lu
Zhang, and Yu Xiao. 2024. Can he
Use o Digi al Finance P omo e he
Enhancemen and Quali y
Imp o emen o Household
Consump ion Among Fa me s?
Economies 12: 325. h ps://doi.o g/
10.3390/economies12120325
Academic Edi o : Sanzidu Rahman
Recei ed: 1 No embe 2024
Re ised: 18 No embe 2024
Accep ed: 22 No embe 2024
Published: 27 No embe 2024
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A icle
Can he Use o Digi al Finance P omo e he Enhancemen and
Quali y Imp o emen o Household Consump ion Among
Fa me s?
Sheng Xu , Xichuan Liu *, Lu Zhang and Yu Xiao
College o Economics and Managemen , Huazhong Ag icul u al Uni e si y, Wuhan 430070, China;
[email p o ec ed] (S.X.); [email p o ec ed] (L.Z.); [email p o ec ed] (Y.X.)
*Co espondence: [email p o ec ed]
Abs ac : The key s a egic poin o acili a ing domes ic ci cula ion is o enhance and expand
household consump ion. Based on a su ey o 1080 a ming households in Hunan, Hubei, and
Jilin P o inces, his s udy examines he impac o digi al inance use on he scale and s uc u al
upg ading o household consump ion among a me s. The indings indica e ha digi al inance use
e ec i ely expands he scale o household consump ion and p omo es s uc u al upg ades. The
esul s emain obus h ough a ious endogenous and obus me hods. He e ogenei y analysis
e eals ha he bene i s o digi al inance use a e g ea e o middle- o high-income g oups and
hose wi h lowe educa ion le els, indica ing he p esence o a digi al di ide e ec . Fu he mo e, he
cons uc ion o illage communi ies, skill aining, imp o emen s in illage logis ics se ices, and
he a ailabili y o medical clinic acili ies can enhance he consump ion-p omo ing e ec s o digi al
inance use. Mechanism analysis shows ha digi al inance p ima ily ope a es h ough alle ia ing
c edi cons ain s, enhancing isk p e en ion, and imp o ing inancial e u ns o in luence he scale
and s uc u al upg ading o household consump ion. This s udy p o ides policy insigh s o u al
e i aliza ion and unlocking he consump ion po en ial o u al esiden s.
Keywo ds: use o digi al inance; consump ion upg ading; c edi cons ain s; isk p e en ion;
inancial e u ns
1. In oduc ion
In he con ex o accele a ing he cons uc ion o a new de elopmen pa e n ha
p io i izes domes ic ci cula ion and p omo es mu ual ein o cemen be ween domes ic and
in e na ional ci cula ions, household consump ion is inc easingly playing a s abilizing ole
as a “ballas s one” o China’s economic s abili y. In 2021, he Cen al Documen No. 1 p o-
posed he impe a i e o “comp ehensi ely p omo ing u al consump ion”, iden i ying he
u al consump ion ma ke as a co e ocus o d i ing high-quali y economic de elopmen
unde new ci cums ances (Zhang and Xu 2019). In ecen yea s, he consump ion le el o
u al households has con inued o ise, accompanied by a shi in consump ion concep s
ha has led o inc easing di e si ica ion and pe sonaliza ion o household consump ion
s uc u es.
Howe e , challenges, such as he pe sis en decline in he o e all household con-
sump ion a e and he slowing pace o consump ion s uc u e upg ading, ha e g adually
eme ged. A key eason o his is he neglec o he mic o-le el consume decision-making
p ocess. Acco ding o da a eleased by he Na ional Bu eau o S a is ics o China, in 2020,
he pe capi a consump ion expendi u e o u al esiden s was 13,713 yuan, wi h a nominal
g ow h o 2.9%. Howe e , a e adjus ing o p ice ac o s, he e was an ac ual decline o
0.1%
1
. This indica es ha he eal consump ion expendi u e o u al esiden s dec eased in
2020
2
. T adi ionally, household consump ion beha io , as he basic uni o socioeconomic
ac i i y, is iewed as a ional in economic heo y, based on he assump ion ha households
Economies 2024,12, 325. h ps://doi.o g/10.3390/economies12120325 h ps://www.mdpi.com/jou nal/economies
Economies 2024,12, 325 2 o 20
possess su icien in o ma ion o smoo h consump ion and maximize u ili y o e hei
li ecycles (Fang and Yu 2014). Howe e , many u al households exhibi signi ican i a-
ional beha io s. Fo ins ance, u al amilies gene ally lack sys ema ic inancial knowledge,
c ea ing a knowledge gap ha hinde s hei abili y o e ec i ely assess isks and e u ns,
lea ing hem suscep ible o misin o ma ion o impulsi e in es men decisions. Due o he
absence o s able income sou ces and social secu i y, u al esiden s end o a o low- isk o
e en isk- ee asse s, such as sa ings o gold, a he han alloca ing unds o highe - e u n
bu iskie in es men p oduc s. This excessi e isk a e sion o en esul s in subop imal
inancial e u ns, he eby limi ing weal h accumula ion po en ial and con ibu ing o sig-
ni ican wel a e losses (Peng and Zhu 2018). Wha , hen, leads o decision-making e o s
in economic beha io among u al households? Exis ing esea ch sugges s ha he use
o digi al inancial ools and se ices may in luence household inancial decisions and is
closely ela ed o a ious inancial beha io s (Ande son e al. 2017). A low le el o digi al
inance usage could be a signi ican ac o con ibu ing o e oneous o i a ional economic
decision-making among hese households (Chamon and P asad 2010).
Whe he he imp o emen in he le el o digi al inance usage can e ec i ely p omo e
he expansion and quali y enhancemen o household consump ion among a me s emains
o be u he explo ed. On one hand, as digi al inance inc easingly pene a es u al inancial
ma ke s and e ail inance, mic o-le el consume s a e exposed o mo e digi al inancial
p oduc s, asse p o ec ion se ices, and b oade inancial planning op ions. A he same
ime, ma ke isks a e g adually shi ing owa d indi iduals, leading u al households o
inc easingly ely on digi al inancial ools and inancial knowledge o asse managemen
and inancial decision-making (Jiang e al. 2019).
Addi ionally, a me s mus na iga e complex and i e e sible inancial decisions,
such as e i emen planning and mo gages (Song e al. 2017). These decisions equi e
hem o make di e en o ecas s abou cu en income, u u e expendi u es, and po en ial
economic shocks based on household budge cons ain s and inancial condi ions, as well
as o alloca e ese e asse s easonably o mi iga e isks.
On he o he hand, aced wi h adi ional in es men op ions, such as s ocks, unds,
bonds, and de i a i es, alongside di e se, pe sonalized, and e ined digi al inancial
p oduc s and se ices, a me s need o il e and analyze a weal h o complex in o ma ion,
weigh he p os and cons, and make a ional decisions. This no only demands a high le el
o inancial knowledge bu also necessi a es su icien p o iciency in digi al inancial ools
(Wang e al. 2021).
Exis ing esea ch on he ela ionship be ween digi al inance usage and household
consump ion p ima ily ocuses on he impac s o inancial knowledge o sma phone usage
on a me s’ consump ion beha io . Howe e , hese ac o s a e me ely impo an compo-
nen s o subse s o digi al inance usage (Meng e al. 2019). Fi s , a me s’ access o digi al
inancial ools, p oduc s, and se ices elies on e minal de ices, such as sma phones and
compu e s. Mo eo e , hei use o digi al inance may p oduce a “lea ning by doing” e ec ,
imp o ing hei inancial li e acy, including he alloca ion o household inancial asse s and
inancial knowledge de iciencies, as hey lea n o use hese ools. F om a mic o-pe spec i e,
cu en s udies o en analyze da a om indi idual p o inces wi hou adequa ely consid-
e ing in e - egional di e ences (Chen e al. 2021), o hey may ocus solely on he impac
o a single ool, such as mobile paymen s, on u al esiden s’ consump ion (Allais 1952),
neglec ing he complexi y o digi al inancial ools and se ices and hei high demands
o inancial knowledge (Yin e al. 2015a;Chamon and P asad 2010). Second, om he
pe spec i e o echnological means and consump ion scena ios, he imp o emen o house-
hold consump ion h ough digi al inance is e lec ed in new consump ion and paymen
scena ios. Changes in consump ion expendi u e le els and s uc u es a e also in luenced by
he “lea ning by doing” e ec , b idging he gap o he consump ion decision-making le els
o households wi h highe inancial li e acy. Thi d, om he pe spec i e o ansmission
mechanisms, digi al inance usage no only expands consump ion me hods and scena ios
bu also add esses how o eposi ion household consump ion decision-making amids
Economies 2024,12, 325 3 o 20
adi ional inancial c edi cons ain s h ough me hods such as “lea ning by doing” and
he p ecise iden i ica ion o digi al inance echnology a ge s, he eby boos ing consume
con idence. Focusing solely on mobile paymen s and p o iciency in sma phone usage
o e looks a me s’ new unde s andings o household asse po olios, c edi cons ain s,
and isk p e en ion wi hin he amewo k o bounded a ionali y in consump ion decisions.
O e all, while cu en domes ic and in e na ional esea ch on digi al inance usage and
household consump ion p o ides insigh ul ideas o his pape , u he expansion in his
ield is s ill necessa y.
Compa ed o exis ing esea ch, he ma ginal con ibu ions o his pape a e as ollows:
(1) While p e ious s udies on household consump ion upg ading p ima ily ocus on mac o-
and indus y-le el pe spec i es, his pape examines he changes in a me s’ consump-
ion concep s and he op imiza ion o consump ion decision-making om a mic o-le el
pe spec i e. (2) This pape expands he mechanisms h ough which digi al inance usage
in luences a me s’ consump ion decisions by analyzing h ee aspec s: alle ia ing c edi
cons ain s, enhancing isk p e en ion, and inc easing inancial e u ns. (3) Inno a i ely,
his pape explo es he di e ences in he impac o digi al inance usage on household
consump ion based on a ia ions in illage-le el in as uc u e and basic se ices, o e ing
s ong p ac ical implica ions.
2. Theo e ical Analysis and Resea ch Hypo hesis
2.1. The Impac o Digi al Finance Usage on Household Consump ion Beha io Among Fa me s
Digi al inance e e s o he use o digi al echnologies (such as mobile paymen s, in e -
ne banking, and big da a analy ics) o deli e con enien , e icien , and low-cos inancial
se ices, pa icula ly a ge ing g oups ha ha e adi ionally aced di icul ies accessing
inancial se ices, such as u al esiden s and low-income popula ions. Cu en ly, a ming
households ace an inc easingly complex economic and inancial decision-making en i on-
men . They no only need o make choices abou he alloca ion o exis ing esou ces bu
also mus make p edic ions abou u u e income expec a ions and mac oeconomic changes,
especially in he decision-making p ocess ega ding expendi u es on de elopmen al- and
su i al-o ien ed consume p oduc s o se ices. Digi al inancial se ices and ools, p i-
ma ily including digi al paymen s, digi al c edi , digi al weal h managemen , and digi al
insu ance, p o ide c ucial suppo o a ming households’ p oduc ion in es men s and
consump ion decisions (Yin e al. 2015b;Wen and Meng 2012;Huang and Hao 2021;Meng
and Yan 2020;Luo 2020). Howe e , a ming households wi h low le els o digi al inance
usage o en need o expend signi ican ime and e o , and e en incu economic cos s, o
acqui e, il e , and analyze ele an in o ma ion o mi iga e issues o in o ma ion asym-
me y (Lan and Yang 2021;Zou and Wang 2020;Xiang 2018). In ac ual economic and
consump ion decision-making, a me s no only need o co ec ly unde s and ele an
economic concep s bu also possess basic compu a ional skills. Fa me s need o easonably
plan hei household income, expendi u es, and sa ings o op imize esou ce alloca ion.
Wi hou basic compu a ional skills, hey may ail o accu a ely es ima e he p opo ion
o expenses o income, leading o esou ce was age o o e consump ion. Addi ionally,
a me s may o e ly ely on in ui ion in hei consump ion decisions due o a lack o com-
pu a ional abili y, esul ing in i a ional choices. Fo ins ance, hey may misjudge he ac ual
alue o discoun ed goods o be misled in o pa icipa ing in high- isk inancial p oduc s.
In he ace o unce ain y shocks, hose a me s wi h highe le els o digi al inance us-
age a e mo e likely o access o mal c edi (Du 2017;Li and Xu 2022), which also helps
achie e di e si ied alloca ion and decen alized combina ions o household asse s, he eby
unlocking household consump ion po en ial (Yi and Zhou 2018;Zhou and Fan 2018;Ma
and Ning 2017). On he o he hand, he s uc u e o household consump ion is becoming
inc easingly di e si ied, g adually shi ing om basic consump ion o de elopmen al- and
enjoymen -o ien ed consump ion (Shi and Wang 2017;Zhang e al. 2020;Mao e al. 2019;
Zhang e al. 2021). This de elopmen al- and enjoymen -o ien ed consump ion exhibi s
cha ac e is ics o di e si ica ion, pe sonaliza ion, quali y enhancemen , e inemen , and
Economies 2024,12, 325 4 o 20
digi iza ion, closely in eg a ed wi h digi al inancial ools and se ices, deeply embedding
in o digi al echnology and new consump ion scena ios. Fa me s need o possess s ong
digi al inance knowledge and skills o e ec i ely dis inguish and u ilize hese ools (He
e al. 2020;Zhang and Li 2021;Klappe e al. 2013). In summa y, an inc ease in he le el o
digi al inance usage no only impac s he o e all consump ion o a ming households bu
also makes de elopmen al- and enjoymen -o ien ed consump ion mo e elian on digi al
inance, he eby con ibu ing o he expansion and quali y enhancemen o household
consump ion. Based on he abo e, we p opose Resea ch Hypo hesis 1:
H1: The use o digi al inance will inc ease he consump ion le el o a ming households and
p omo e he expansion and quali y enhancemen o hei consump ion.
2.2. The C edi Cons ain Mechanism Th ough Which Digi al Finance Usage A ec s Household
Consump ion Beha io Among Fa me s
The de elopmen o digi al inance no only b eaks he limi a ions o adi ional c edi
models bu also possesses ad an ages in c edi e iciency while expanding i s de i a i e
unc ions based on basic unc ionali ies (Mouna and Ja boui 2015;Nan e al. 2020;Li 2020).
Wi h ad ancemen s in cu ing-edge echnologies, such as big da a and cloud compu ing,
digi al inance has been apidly p omo ed in u al a eas, signi ican ly imp o ing he acces-
sibili y and con enience o inancial se ices, and g ea ly enhancing a me s’ subjec i e
willingness o consume, he eby d i ing he p ospe i y o he consump ion ma ke . Acco d-
ing o liquidi y cons ain heo y, insu icien de elopmen in inancial ma ke s p e en s
some consume s om achie ing op imal c oss-li ecycle consump ion. On one hand, om
he pe spec i e o bo owing willingness and channels, he le el o digi al inance usage
e lec s a me s’ abili y o u ilize inancial knowledge, digi al paymen s, and skills o
esou ce alloca ion o ensu e sus ained income. Fa me s wi h lowe le els o digi al inance
usage o en s uggle o access su icien in o ma ion abou o mal inancial channels and
ypically ely on in o mal lending o mee hei c edi needs (Dinko a e al. 2021;Aga wal
e al. 2017). On he o he hand, an inc ease in digi al inance usage helps imp o e a me s’
p e e ences o bo owing channels, enhancing hei willingness o use o mal inancial
lending and inc easing he a ailabili y o loans (Yin e al. 2024;Zhan and Wang 2023;
Lusa di and Tu ano 2015). F om he pe spec i e o consump ion po en ial, digi al inance,
h ough c edi se ices such as “Huabei” and “Bai iao”, assis s a me s in iden i ying digi al
inancial p oduc s and se ices ha ma ch hei economic capabili ies and consump ion
p e e ences, hus a oiding excessi e bo owing ha could nega i ely impac u u e income
expec a ions (Wang e al. 2016). In e ms o epaymen abili y, a me s wi h lowe digi al
inance usage o en ha e weake c edi managemen skills, making hem p one o excessi e
deb , o e due loans, and deb accumula ion o mee minimum epaymen equi emen s
(Qin e al. 2016). In con as , a me s wi h highe le els o digi al inance usage end
o ha e s onge inancial li e acy, enabling hem o manage household cash low and
balance expendi u es mo e e ec i ely, esul ing in a lowe p obabili y o o e due loans.
Mo eo e , hese a me s ha e g ea e income g ow h po en ial and a s onge epaymen
capaci y (Dohmen e al. 2018). In summa y, deepening he le el o digi al inance usage
enhances a me s’ willingness o consume, b oadens bo owing channels, and imp o es
bo owing capaci y, allowing g oups p e iously excluded om inancial se ices mo e
oppo uni ies o access low-cos , ailo ed digi al inancial p oduc s and se ices. This no
only acili a es in e empo al smoo hing o consump ion bu also helps ealize he po en ial
o de elopmen al- and enjoymen -o ien ed consump ion. Based on he abo e, we p opose
Resea ch Hypo hesis 2:
H2: The use o digi al inance p omo es he expansion and quali y enhancemen o household
consump ion among a me s by alle ia ing c edi cons ain s.
Economies 2024,12, 325 5 o 20
2.3. The Risk P e en ion Mechanism Th ough Which Digi al Finance Usage A ec s Household
Consump ion Beha io Among Fa me s
Unde condi ions o unce ain y, pa icipa ing in insu ance is one o he impo an
ways o esiden s o seek e ec i e isk a oidance and enhance hei p e en i e capabili ies.
The social insu ance sys em has a b oad co e age, bene i ing a la ge popula ion and
p ima ily aimed a mee ing he basic li ing needs o a me s. In con as , comme cial
insu ance se es as a s ong supplemen o social insu ance, illing he gaps no co e ed
by social secu i y and p o iding deepe p o ec ion o asse s and pe sonal sa e y, he eby
signi ican ly enhancing a me s’ abili y o cope wi h isks. As pa icipan s in he insu ance
ma ke , a me s need a ce ain le el o inancial knowledge o unde s and complex insu -
ance e ms and calcula e bene i s, and he ex en o digi al inance usage plays a c ucial ole
in il e ing and analyzing insu ance in o ma ion (Cao e al. 2020). On one hand, a me s
mus comp ehensi ely assess he likelihood o a ious po en ial isks and he wel a e losses
ha may a ise om hem. Fa me s wi h highe le els o digi al inance usage ypically
possess s onge isk iden i ica ion capabili ies (Wu e al. 2018), enabling hem o e ec i ely
a oid and di e si y po en ial economic and inancial isks h ough pa icipa ion in insu -
ance. On he o he hand, a me s wi h g ea e digi al inance usage ace lowe in o ma ion
asymme y and in o ma ion collec ion cos s when selec ing insu ance, allowing hem o
accu a ely unde s and hei isk p o iles and seek be e inancial managemen solu ions
a lowe cos s (Hus on 2012). Fo example, heal h insu ance and acciden insu ance can
ensu e ha a household’s long- e m income expec a ions do no signi ican ly decline due
o majo illnesses o acciden s. Meanwhile, pension insu ance and li e insu ance co e
he en i e consump ion cycle o a household, enhancing u u e income expec a ions and
he eby unlocking consump ion po en ial. Agains he backd op o low le els o u al social
secu i y and medical co e age, pa icipa ion in comme cial heal h insu ance and pension
insu ance can subs an ially imp o e income secu i y, inc ease cu en consump ion le els,
and enhance household wel a e. In summa y, inc easing he le el o digi al inance usage
helps enhance a me s’ willingness and ex en o pa icipa ion in comme cial insu ance,
s eng hens hei isk p e en ion capabili ies in he ace o unce ain y, educes he mo i a-
ion o p ecau iona y sa ings, and he eby s imula es he elease o consump ion po en ial.
Based on his, we p opose Resea ch Hypo hesis 3:
H3: The use o digi al inance p omo es he expansion and quali y enhancemen o household
consump ion among a me s by imp o ing hei isk p e en ion capabili ies.
2.4. The Weal h Managemen Bene i Mechanism Th ough Which Digi al Finance Usage A ec s
Household Consump ion Beha io Among Fa me s
Cu en ly, asse dis ibu ion in China is une en, wi h a p edominance o housing asse s
and a ela i ely low alloca ion o inancial asse s, such as s ocks, unds, and bonds (Deu l-
ha d e al. 2019). This si ua ion, cha ac e ized by a high p opo ion o non- inancial asse s
and poo liquidi y, is de imen al o weal h app ecia ion and he enhancemen o household
wel a e. Tools such as digi al inance, digi al insu ance, and digi al paymen pla o ms ha e
p o ided impo an channels o a me s o sell ag icul u al p oduc s, while digi al weal h
managemen p oduc s ha e b oadened he ways in which a me s can di e si y hei asse
po olios. This di e si ica ion educes he po en ial isks associa ed wi h a na ow asse
alloca ion, a oiding an inc eased demand o p ecau iona y sa ings due o poo u u e
income expec a ions, he eby eleasing he consump ion po en ial o a me households.
An inc ease in he le el o digi al inance usage helps enhance a me s’ unde s anding
o he isks and e u ns associa ed wi h digi al inancial p oduc s, educing in es men
e o s and imp o ing hei abili y o make a ional inancial decisions (Ab eu and Mendes
2010). On one hand, e ec i e asse managemen o a me households equi es a ce ain
le el o inancial knowledge and in o ma ion-seeking abili y. Households wi h highe
le els o digi al inance usage ypically ha e mo e esou ces and s onge capabili ies in
assessing digi al inancial isks, acing lowe in o ma ion and ansac ion cos s. As a esul ,
Economies 2024,12, 325 6 o 20
hey a e mo e likely o pa icipa e in inancial ma ke s and isk in es men s, accele a ing
weal h accumula ion h ough he acquisi ion o inancial e u ns and isk ewa ds (He and
Song 2020;Wu and Lü 2013). On he o he hand, an inc ease in digi al inance usage can
change household isk p e e ences, p omo e en ep eneu ship, and encou age amilies
o alloca e mo e asse s o inancial ma ke s, hus achie ing po olio di e si ica ion (Gan
e al. 2018;Liu 2021). In summa y, an inc ease in he le el o digi al inance usage aids
a me households in making di e si ied in es men decisions, s abilizing u u e income
expec a ions, enhancing cu en income le els, and imp o ing household wel a e, which in
u n p omo es he expansion and quali y enhancemen o household consump ion. Based
on his, we p opose Resea ch Hypo hesis 4:
H4: The use o digi al inance p omo es he expansion and quali y enhancemen o household
consump ion among a me s by inc easing inancial managemen e u ns.
Based on he li e a u e and heo e ical analysis abo e, he use o digi al inance—
h ough ools such as digi al c edi , digi al insu ance, digi al weal h managemen , and
digi al paymen —op imizes inancing, in es men , and weal h managemen beha io s.
This alle ia es inancing cons ain s, enhances households’ isk con ol capabili ies, and
achie es weal h app ecia ion, he eby inc easing he consump ion scale o u al households
and p omo ing he op imiza ion and upg ading o consump ion s uc u e. The mechanisms
h ough which digi al inance usage a ec s household consump ion among a me s a e
illus a ed in Figu e 1.
Economies 2024, 12, x FOR PEER REVIEW 6 o 20
households equi es a ce ain le el o inancial knowledge and in o ma ion-seeking abil-
i y. Households wi h highe le els o digi al inance usage ypically ha e mo e esou ces
and s onge capabili ies in assessing digi al inancial isks, acing lowe in o ma ion and
ansac ion cos s. As a esul , hey a e mo e likely o pa icipa e in inancial ma ke s and
isk in es men s, accele a ing weal h accumula ion h ough he acquisi ion o inancial
e u ns and isk ewa ds (He and Song 2020; Wu and Lü 2013). On he o he hand, an
inc ease in digi al inance usage can change household isk p e e ences, p omo e en e-
p eneu ship, and encou age amilies o alloca e mo e asse s o inancial ma ke s, hus
achie ing po olio di e si ica ion (Gan e al. 2018; Liu 2021). In summa y, an inc ease in
he le el o digi al inance usage aids a me households in making di e si ied in es men
decisions, s abilizing u u e income expec a ions, enhancing cu en income le els, and
imp o ing household wel a e, which in u n p omo es he expansion and quali y en-
hancemen o household consump ion. Based on his, we p opose Resea ch Hypo hesis 4:
H4: The use o digi al inance p omo es he expansion and quali y enhancemen o household con-
sump ion among a me s by inc easing inancial managemen e u ns.
Based on he li e a u e and heo e ical analysis abo e, he use o digi al inance—
h ough ools such as digi al c edi , digi al insu ance, digi al weal h managemen , and
digi al paymen —op imizes inancing, in es men , and weal h managemen beha io s.
This alle ia es inancing cons ain s, enhances households’ isk con ol capabili ies, and
achie es weal h app ecia ion, he eby inc easing he consump ion scale o u al house-
holds and p omo ing he op imiza ion and upg ading o consump ion s uc u e. The
mechanisms h ough which digi al inance usage affec s household consump ion among
a me s a e illus a ed in Figu e 1.
Digi al Finance
Digi al lending
Digi al insu ance
Digi al weal h
managemen
Digi al paymen
Household consump ion
o a me s
Le el o consump ion
Su i al consump ion
De elop consump ion
Enjoy consump ion
Financing and
lending beha io
Insu ance
pa icipa ion and
co e age beha io
In es men and
weal h managemen
beha io
Alle ia e inancing
cons ain s
Enhance isk con ol
capabili ies
Di e si y weal h
channels
Di ec impac
Figu e 1. Mechanism diag am o he impac o digi al inance usage on household consump ion
among a me s.
3. Da a, Models, and Va iables
3.1. Da a
The da a o his s udy come om ield isi s and su eys conduc ed by he esea ch
eam in July and Augus 2022 in u al a eas o Hunan and Hubei P o inces in Cen al
China, as well as Jilin P o ince in No heas China. Responden s included household
heads, o he amily membe s in ol ed in economic consump ion decisions, and illage
leade s o commi ee membe s. The selec ion c i e ia o he su eyed egions in ol ed
andomly choosing ou coun ies (o ci ies) om each o he h ee p o inces, ollowed by
andomly selec ing h ee ownships wi hin each coun y. Subsequen ly, h ee illages we e
andomly chosen om each ownship, and ques ionnai es we e dis ibu ed o en house-
holds in each illage. Addi ionally, he esea ch eam designed a illage ques ionnai e,
collec ing da a om a o al o 36 illage su eys ac oss he 4 coun ies, 3 ownships, and 3
illages. Th ough andom sampling and one-on-one ques ionnai e in e iews, a o al o
1080 ques ionnai es we e dis ibu ed. A e sc eening based on key a iables, 1080 alid
Figu e 1. Mechanism diag am o he impac o digi al inance usage on household consump ion
among a me s.
3. Da a, Models, and Va iables
3.1. Da a
The da a o his s udy come om ield isi s and su eys conduc ed by he esea ch
eam in July and Augus 2022 in u al a eas o Hunan and Hubei P o inces in Cen al
China, as well as Jilin P o ince in No heas China. Responden s included household heads,
o he amily membe s in ol ed in economic consump ion decisions, and illage leade s o
commi ee membe s. The selec ion c i e ia o he su eyed egions in ol ed andomly
choosing ou coun ies (o ci ies) om each o he h ee p o inces, ollowed by andomly
selec ing h ee ownships wi hin each coun y. Subsequen ly, h ee illages we e andomly
chosen om each ownship, and ques ionnai es we e dis ibu ed o en households in each
illage. Addi ionally, he esea ch eam designed a illage ques ionnai e, collec ing da a
om a o al o 36 illage su eys ac oss he 4 coun ies, 3 ownships, and 3 illages. Th ough
andom sampling and one-on-one ques ionnai e in e iews, a o al o 1080 ques ionnai es
we e dis ibu ed. A e sc eening based on key a iables, 1080 alid ques ionnai es we e
ob ained, wi h 360 om Hunan, 360 om Hubei, and 360 om Jilin P o inces. The a me
ques ionnai e p ima ily co e ed esponden s’ pe sonal in o ma ion, amily ci cums ances,
de ailed consump ion and expendi u e da a, and hei usage o digi al inance. The illage
Economies 2024,12, 325 7 o 20
ques ionnai e ocused on economic and demog aphic in o ma ion, na u al esou ces and
en i onmen al da a, in as uc u e condi ions, and in e ne and communi y in o ma ion.
3.2. Models
To examine he impac o esiden s’ digi al inance usage on he scale and s uc u e
o household consump ion among a me s, an OLS (o dina y leas squa es) model was
es ablished. The speci ic o m o he model was as ollows:
Consum_ o ali=α+βFin_ ac o i+λXi+εi(1)
Consumij =α+βFin_ ac o i+λXi+εi(2)
In he equa ion,
Consumi
ep esen s he o al consump ion expendi u e o household i,
and
Consumij
deno es he expendi u e o household iin ca ego y j.
Fin_ ac o i
is he co e
explana o y a iable, indica ing he index o digi al inancial use by a me s.
Xi
ep esen s
con ol a iables a he household head le el, amily le el, and illage le el, while
εi
is he
unobse able e o e m.
3.3. Va iables
3.3.1. Dependen Va iable: Household Consump ion o Fa me s
Household consump ion expendi u es o u al households ypically encompass mul-
iple ca ego ies, including ood, daily necessi ies, clo hing, cul u al and en e ainmen
expenses, medical insu ance, and anspo a ion and communica ion cos s. This s udy
used he o al scale o household consump ion (Consum_ o al) o ep esen he magni ude
o consump ion. The o e all end in he s uc u e o esiden consump ion indica es a shi
om su i al-o ien ed consump ion o de elopmen -o ien ed and enjoymen -o ien ed
consump ion. Based on he exis ing esea ch (Yin and Zhang 2019), his s udy ca ego-
ized household expendi u es on ood, daily necessi ies, u ili ies, and o he goods and
se ices as su i al-o ien ed consump ion (Consum1), anspo a ion and communica ion,
educa ion, medical se ices, and ela ed se ices we e classi ied as de elopmen -o ien ed
consump ion (Consum2), while public wel a e, social in e ac ions, en e ainmen , and
ela ed se ices we e ca ego ized as enjoymen -o ien ed consump ion (Consum3). Addi-
ionally, conside ing he cha ac e is ics o du able goods—such as low pu chase equency,
long consump ion cycles, and high single expendi u es, along wi h he challenges in ac-
cu a ely calcula ing he ac ual consump ion o du able goods o e di e en yea s — his
s udy excluded housing main enance and u ili y epai s om su i al-o ien ed consump-
ion o ob ain a measu e o su i al-o ien ed consump ion ha does no include du able
goods. Simila ly, expendi u es on au omobile pu chases and u ni u e we e deduc ed
om de elopmen -o ien ed consump ion o a i e a a measu e o de elopmen -o ien ed
consump ion ha excludes du able goods. Fu he mo e, high- alue appliances and o he
du able goods we e excluded om enjoymen -o ien ed consump ion, esul ing in a mea-
su e o enjoymen -o ien ed consump ion ha does no include du able goods.
3.3.2. Explana o y Va iable: Digi al Financial Usage
Cu en ly, he e a e wo main me hods o measu ing digi al inancial usage: he i s
me hod in ol es assessing esponden s’ subjec i e le el o digi al inancial usage based on
hei amilia i y wi h and u iliza ion o digi al inancial p oduc s and se ices, while he sec-
ond me hod e alua es he objec i e le el o digi al inancial usage by sco ing esponden s’
answe s o co e inancial knowledge ques ions. In his s udy, he explana o y a iable
was digi al inancial usage, wi h a ocus on analyzing u al households’ engagemen wi h
in e ne lending, in e ne weal h managemen , in e ne insu ance, and digi al inancial
li e acy. The measu emen o digi al inancial usage was conduc ed h ough ield su eys
and ques ionnai es. The ques ionnai e included ele an ques ions abou he esponden s’
usage o digi al inancial se ices, as de ailed in Table 1. Fo each ype o digi al inan-
cial se ice, a alue o 1 was assigned i he household uses he se ice, and 0 i hey do
Economies 2024,12, 325 8 o 20
no . Simila ly, a alue o 1 was assigned o co ec esponses ega ding digi al inancial
knowledge, and 0 o inco ec esponses, esul ing in i e dummy a iables. Following
his assignmen scheme, ac o analysis was employed o educe he dimensionali y o he
da a, esul ing in an index o digi al inancial usage (Fin_ ac o ). The assigned alues
o he i e dummy a iables we e subjec ed o Ba le ’s es and he KMO es . The
KMO alue was 0.677, and he signi icance alue in he Ba le sphe ical es was 0.000,
mee ing he c i e ion o being less han 0.01. These esul s indica e ha he da ase was
sui able o ac o analysis. Addi ionally, ollowing he app oach o Ab eu and Mendes,
he o al sco e o digi al inancial usage was measu ed by coun ing he numbe o co ec
esponses o he a o emen ioned ques ions. This me hod, howe e , does no accoun o
he a ying impo ance o di e en digi al inancial usage ques ions, and will la e be used
as a obus ness check.
Table 1. Indica o s o digi al inancial usage and hei desc ip ions.
Ques ion Op ion
Ha e you e e used in e ne consume loans? 1
YES; 2
NO
Do you ha e expe ience wi h managing in es men s h ough
in e ne channels? 1
YES; 2
NO
Ha e you pu chased in e ne insu ance? 1
YES; 2
NO
Can you dis inguish be ween a c edi ca d and a debi ca d? 1
YES; 2
NO
Do you know how o check you pe sonal c edi epo online? 1
YES; 2
NO
3.3.3. Con ol Va iables
G ounded in he esea ch ques ion and p ac ical conside a ions, his s udy inco -
po a es he ollowing con ol a iables: (1) Household head cha ac e is ics—age o he
household head and i s squa ed e m di ided by 100 (age and age
2
), gende , educa ion le el,
ma i al s a us, sel - a ed heal h, and ch onic illness s a us. (2) Economic cha ac e is ics o
he household—household size, ne household income, household deb , and household
liquid cash. (3) Regional cha ac e is ics— illage popula ion and pe capi a ne income o
he illage. Table 2p o ides a de ailed explana ion o each a iable.
Fu he mo e, Table 2p esen s he p elimina y s a is ical in o ma ion o he a iables.
The a e age o al consump ion o a ming households (Consum_ o al) was 28,297, wi h
a maximum o 520,000 and a minimum o 100, indica ing signi ican dispa i ies in he
consump ion scale among a ming households. In e ms o consump ion s uc u e, he
mean alues o su i al- ype consump ion and enjoymen - ype consump ion we e lowe
han ha o de elopmen - ype consump ion, wi h de elopmen - ype and enjoymen - ype
consump ion accoun ing o a ela i ely high p opo ion. Addi ionally, ega ding he
digi al inancial usage indica o s, he maximum and minimum alues we e 4.626 and
−
0.325, espec i ely, highligh ing conside able di e ences in digi al inancial capabili ies
among a me s. This indica es ha he lack o digi al compu a ion skills and basic inancial
knowledge among a me s hinde s hei digi al inancial capabili ies.
The a e age subsis ence consump ion o u al households was 5357.903, he a e age
de elopmen -o ien ed consump ion was 14,409.59, and he a e age enjoymen -o ien ed
consump ion was 8728.027. De elopmen -o ien ed consump ion had he highes mean
alue, which also con i med ha u al China is cu en ly in a pe iod o apid de elopmen ,
wi h educa ion, heal hca e, and daily necessi ies cons i u ing he p ima y componen s o
household consump ion expendi u es.
Addi ionally, he a e age age o household heads was 56.755 yea s, e lec ing he
accele a ing end o aging in u al China. The a e age educa ion le el was only 8.044
yea s, indica ing a ela i ely low le el o labo quali y in u al a eas. These wo ac o s
collec i ely highligh a esea ch di ec ion: whe he imp o ing digi al inance usage can
enhance household economic condi ions and p omo e consump ion g ow h.
Economies 2024,12, 325 15 o 20
comme cial insu ance and hei isk p e en ion capabili ies signi ican ly imp o ed, hus
alida ing Resea ch Hypo hesis 3.
The s udy used he indica o o “ inancial in es men e u ns o u al households”
o examine he mechanism h ough which digi al inancial capabili y a ec s household
consump ion scale. Acco ding o he esul s in Columns (3) and (6) o Table 8, digi al inan-
cial capabili y signi ican ly enhanced he inancial in es men e u ns o u al households,
alida ing Hypo hesis 4.
4.5. He e ogenei y Analysis
4.5.1. Analysis Based on Di e ences in Income Le els and Educa ion Le els
To e eal he ela ionship be ween digi al inancial use and household consump-
ion le els among amilies wi h di e en income endowmen s, his s udy ca ego izes
households in o h ee g oups: low income, middle–high income, and high income. The sub-
sample es s based on household income classi ica ions a e p esen ed in
Columns (1) o (3)
o Table 9. The esul s indica e ha inc eased digi al inancial usage signi ican ly posi i ely
a ec ed o e all consump ion le els o middle- and high-income amilies, while i had a
posi i e bu insigni ican impac on low-income amilies. This sugges s ha he p omo ing
e ec o digi al inancial use on household consump ion is in luenced by he amily’s
income le el. Fu he mo e, his s udy examined he he e ogenei y in he impac o digi al
inancial use on household consump ion based on educa ion le els. Responden s’ educa-
ional a ainmen was di ided in o h ee ca ego ies: low, medium, and high educa ional
le els, wi h esul s shown in
Columns (4) o (6)
o Table 9. The in luence o digi al inancial
use on household consump ion was g ea e among indi iduals wi h lowe o medium
educa ion le els. Fo each uni inc ease in digi al inancial usage, household consump ion
expendi u e ose by 6499 yuan and 8607 yuan, espec i ely.
Table 9. He e ogenei y Tes I: based on di e ences in income and educa ion le els.
Va iables (1) (2) (3) (4) (5) (6)
Low
Income
Middle
Income
High
Income
Low
Educa ion
Middle
Educa ion
High
Educa ion
Fin_ ac o 637.0 5594 * 5096 ** 6499 * 8607 ** 3250 **
(1871) (2980) (2211) (3532) (3327) (1556)
Con ols YES YES YES YES YES YES
Cons an 20,464 −453.9 −92,632 ** −39,847 −13,374 8899
(19,744) (36,850) (43,005) (35,700) (40,090) (21,470)
Obse a ions
270 270 540 111 208 761
R-squa ed 0.349 0.138 0.481 0.553 0.728 0.335
No e: *, **, and *** indica e signi icance a he 10 pe cen , 5 pe cen , and 1 pe cen le els, espec i ely, and alues
in pa en heses a e s anda d e o s.
4.5.2. Based on Di e ences in Communi y Basic Se ice Le els
When enhancing he le el o digi al inancial usage and inancial li e acy in households
h ough inancial educa ion p og ams, special a en ion should be paid o he scien i ic
design o policies and he p ecision o hei implemen a ion. This leads o a new ques ion:
how do he cons uc ion and p omo ion o ounda ional and de elopmen al acili ies
and se ices in illages, such as communi y building, skills aining, logis ics deli e y,
and medical se ices, c ea e g oup di e ences in he impac o digi al inancial usage on
household consump ion? In he con ex o u al e i aliza ion, how can illages enhance
he ole o digi al inancial usage in p omo ing household consump ion? To add ess his,
we examined he di e ences in communi y in o ma ion g oup cha , skills aining, logis ics
deli e y, and medical se ices, wi h esul s p esen ed in Table 10, Pa A and Pa B.
Among hem, Columns (1) and (2) ep esen he g ouped di e ences based on he
numbe o communi y in o ma ion g oup cha s, wi h g oups ha ing h ee o ewe and
mo e han h ee. Columns (3) o (5) illus a e he g oup di e ences based on he annual
Economies 2024,12, 325 16 o 20
numbe o aining pa icipan s in illages, ca ego ized as 0–10, 10–30, and o e 30 indi id-
uals. Columns (6) and (7) show he di e ences be ween g oups whe e deli e y se ices
can and canno each he doo s ep. Finally, Columns (8) o (10) e lec he g oup di e ences
based on he numbe o s anda dized medical clinics in illages, ca ego ized as 0, 1, and
mo e han 1 clinic.
Table 10. He e ogenei y Tes II: he e ec s o communi y building.
Pa A: Based on Communi y Building and Skills T aining
Va iables (1) (2) (3) (4) (5)
Low
Communi y
High
Communi y Low T ain Meddle
T ain High T ain
Fin_ ac o 13,505 *** 11,378 *** 13,786 *** 12,497 *** 7195 **
(1955) (1651) (1976) (1830) (3217)
Con ols YES YES YES YES YES
Cons an 27,065 *** 29,749 *** 28,326 *** 28,092 *** 28,370 ***
(1344) (1238) (1331) (1530) (1993)
Obse a ions 560 520 600 320 160
R-squa ed 0.079 0.084 0.075 0.128 0.031
Pa B: Based on Logis ics and Medical Se ices
Va iables (6) (7) (8) (9) (10)
Deli e y_YES Deli e y_NO
0_Clinic 1_Clinic 2_Clinic
Fin_ ac o 13,377 *** 11,450 *** 6382 ** 11,553 *** 22,457 ***
(1961) (1679) (2737) (1487) (3968)
Con ols YES YES YES YES YES
Cons an 31,959 *** 26,250 *** 22,141 *** 28,847 *** 32,098 ***
(1588) (1114) (1586) (1111) (2774)
Obse a ions 380 700 160 780 140
R-squa ed 0.110 0.062 0.033 0.072 0.188
No e: *, **, and *** indica e signi icance a he 10 pe cen , 5 pe cen , and 1 pe cen le els, espec i ely, and alues
in pa en heses a e s anda d e o s.
F om Columns (1) and (2) in Table 10, i can be obse ed ha households wi h highe
le els o digi al inance usage we e be e able o enhance hei consump ion le els when
he numbe o communi y in o ma ion g oup cha s was limi ed. Wi h ewe communi y
in o ma ion g oup cha s, channels o in o ma ion exchange and esou ce sha ing a e
cons ained, educing a me s’ oppo uni ies o access ma ke in o ma ion (such as p oduc
p ices and consump ion oppo uni ies) and inancial se ices. Digi al inance, h ough
ools such as mobile paymen s, online c edi , and e-comme ce, p o ides a me s wi h di ec
access o ma ke and inancial esou ces, he eby compensa ing o he lack o communi y
in o ma ion. In illages wi h ewe pa icipan s in skill aining, he p omo ing e ec o
digi al inance usage on consump ion expendi u e was he s onges . Howe e , as he
numbe o aining pa icipan s inc eased, he in luence o digi al inance usage g adually
diminished, hough i s ill main ained a signi ican posi i e impac on consump ion.
In illages whe e logis ics deli e y was a ailable, he p omo ing e ec o digi al inance
usage on household consump ion was g ea e . These illages ypically ha e well-de eloped
oad in as uc u e, allowing o smoo h anspo a ion and wa ehousing logis ics, enabling
a me s o engage in b oade online shopping and e-comme ce ac i i ies h ough digi al
inance. Con e sely, in illages wi hou medical clinics, he impac o digi al inance
usage on household consump ion expendi u e was ela i ely small. This may be due o
insu icien heal h secu i y supp essing some consump ion demands, as a me s p io i ize
p e en i e sa ings o heal h easons, which es ains cu en consump ion. Howe e , as
he numbe o medical clinics inc eased, he posi i e in luence o digi al inance usage on
consump ion expendi u e signi ican ly enhanced.
Economies 2024,12, 325 17 o 20
5. Resea ch Conclusions and Implica ions
Expanding esiden consump ion demand is a c ucial equi emen o mee he g owing
aspi a ions o a be e li e and o achie e domes ic ci cula ion. E ec i ely unleashing
esiden consump ion po en ial and p omo ing consump ion upg ades a e key s a egic
bases o accele a ing he cons uc ion o a new de elopmen pa e n. This s udy, based
on mic o-su ey da a om households and illages collec ed by he esea ch eam in 2022,
in es iga ed he impac mechanisms and e ec s o digi al inance usage on he household
consump ion scale and s uc u al upg ades.
The esul s indica ed ha (1) digi al inance usage signi ican ly p omo ed he expan-
sion o he household consump ion scale and he upg ading o he consump ion s uc-
u e, pa icula ly in os e ing de elopmen o enjoymen -based consump ion. Robus ness
checks—using cumula i e sco ing o digi al inance usage, excluding du able goods con-
sump ion indica o s, elimina ing samples o households wi h sel - epo ed high inancial
li e acy, and employing ins umen al a iable me hods o add ess endogenei y—con i med
ha he esul s emained obus . (2) Mechanism es ing e ealed ha alle ia ing c edi
cons ain s, enhancing isk p e en ion capabili ies, and inc easing inancial in es men
e u ns a e he p ima y pa hways h ough which digi al inance usage d i es he expansion
and quali y imp o emen o household consump ion. (3) The analysis o he he e ogeneous
consump ion e ec s o digi al inance usage showed ha i was mo e e ec i e in unlocking
consump ion po en ial among middle- and high-income households, and i s p omo ing
e ec was mo e p onounced among hose wi h lowe educa ion le els. Addi ionally, he -
e ogenei y es s a he illage le el indica ed ha communi y building and skills aining
signi ican ly ampli ied he consump ion-p omo ing e ec s o digi al inance usage, while
imp o emen s in logis ics deli e y and basic medical clinic se ices also enhanced he
capaci y and e iciency o consump ion e ec s.
Based on he abo e esea ch, his pape p oposes he ollowing policy ecommen-
da ions: Fi s , s eng hen digi al inancial educa ion and p omo ion. Ta ge ed and ie ed
educa ion p og ams should be implemen ed o di e en g oups. Fo a me s wi h lowe
le els o educa ion, accessible and s aigh o wa d aining on digi al inancial li e acy
should be p o ided, ocusing on he use o basic inancial ools, such as mobile paymen s,
online loans, and digi al sa ings. Addi ionally, communi y in o ma ion g oup cha s should
be le e aged a he illage le el o sha e case s udies on he use o digi al inancial ools and
bes p ac ices o making consump ion decisions. This app oach aims o enhance us and
willingness o adop digi al inance solu ions. Second, op imize he u al digi al inancial
ecosys em. E o s should be made o de elop a di e se ange o digi al inancial p od-
uc s. Fo middle- and high-income g oups, mo e consump ion-o ien ed c edi p oduc s,
such as specialized loans o educa ion, heal hca e, and ou ism, should be designed. A
he same ime, low-income g oups should be p o ided wi h low-in e es , low- h eshold
mic oc edi p oduc s. Addi ionally, he con enience o digi al inancial se ices should
be enhanced by p omo ing he adop ion o sma e minal de ices and ela ed so wa e
applica ions, enabling a me s o access digi al inancial se ices wi h ease. Simpli ying he
ope a ional p ocesses o digi al inancial ools is also essen ial o educe echnical ba ie s.
Thi d, s eng hen illage in as uc u e de elopmen . E o s should be made o p omo e
communi y building and skills aining by encou aging illages o o ganize egula aining
cou ses on opics such as e-comme ce ope a ions and inancial managemen . This will en-
hance esiden s’ abili ies o use digi al inancial ools, he eby ampli ying he ole o digi al
inance in d i ing consump ion. Addi ionally, he logis ics dis ibu ion ne wo k should
be imp o ed by es ablishing e icien logis ics channels be ween u al and u ban a eas o
educe anspo a ion cos s o consume goods and p omo e e-comme ce consump ion.
Policy suppo should also be p o ided o e-comme ce logis ics en e p ises o add ess he
“las -mile”-deli e y challenge in u al a eas. Fu he mo e, medical and heal h secu i y
should be enhanced by imp o ing he in as uc u e o u al medical clinics. This will
p o ide a me s wi h eliable heal hca e se ices, educe hei p ecau iona y sa ings needs,
and unlock g ea e consump ion po en ial.
Economies 2024,12, 325 18 o 20
Au ho Con ibu ions: Concep ualiza ion, S.X. and X.L.; me hodology, L.Z.; so wa e, S.X.; alida ion,
S.X. and Y.X.; o mal analysis, L.Z.; in es iga ion, S.X.; esou ces, X.L.; da a cu a ion, S.X. and
Y.X.; w i ing—o iginal d a p epa a ion, S.X.; w i ing— e iew and edi ing, S.X., X.L. and L.Z.;
isualiza ion, Y.X.; supe ision, S.X.; p ojec adminis a ion, X.L.; unding acquisi ion, L.Z. All
au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This esea ch was unded by he Na ional Social Science Founda ion P ojec (22BGL066).
In o med Consen S a emen : In o med consen was ob ained om all subjec s in ol ed in he s udy.
Da a A ailabili y S a emen : The da a ha suppo he indings o his s udy a e a ailable om he
au ho s, upon easonable eques .
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
No es
1
Sou ce: Na ional Bu eau o S a is ics, h ps://www.s a s.go .cn/xxgk/jd/sjjd2020/202101/ 20210119_1812623.h ml (accessed on
12 Sep embe 2024).
2
Sou ce: Na ional Bu eau o S a is ics, “2020 Residen Income and Consump ion Expendi u e,” h ps://www.s a s.go .cn/sj/
zx b/202302/ 20230203_1900970.h ml (accessed on 12 Sep embe 2024).
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