Can fintech innovation promote household consumption? Evidence from China family panel studies
利用中国家庭追踪调查和数字普惠金融指数，研究发现金融科技创新通过促进创业和增加收入显著提升家庭消费，且对东部、城市和富裕家庭效果更强。
Using data from the China Family Panel Studies (CFPS) and the digital inclusive financial index (DFI), this paper explores the relationship between fintech innovation and household consumption. The results show that fintech innovation can significantly promote household consumption at the nationwide level. Further mechanism tests show that entrepreneurship and increasing income are the two main transmission channels. Besides that, we further conduct heterogeneity tests. The tests present that the promoting effects in the eastern region, urban households, and wealthy households are higher than that in the western region, rural households, and low-and middle-income groups. The phenomenon shows that the Chinese government should positively guide the development of fintech in order to enable people to enjoy the benefits brought by scientific progress. In addition, the conclusions have great reference value for developing countries.