Promoting Rural Consumption by Engaging in Digital Finance: Based on the Triple Perspective of Consumption Scale, Consumption Structure, and Consumption Propensity

Muchen Li and Yaoyi Yu

Emerging Markets Finance and Trade, 2025, vol. 61, issue 11, 3500-3513

Abstract: Digital finance addresses the limitations of traditional finance, presenting significant prospects for enhancing consumption among rural residents. This study adopts a financial function perspective to examine the influence of digital finance on rural consumption and the underlying mechanisms of this relationship. Our analysis uses an extensive panel dataset of the China Household Finance Survey (CHFS) from 2015–2019 in 29 provinces nationwide and applies a fixed effects model to empirically test the hypotheses. The results indicate that digital finance significantly enhances rural consumption scale, structure, and propensity. Moreover, the urban-rural income gap, disposable income, and industrial structure mechanically affect this relationship.

Date: 2025
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DOI: 10.1080/1540496X.2025.2486672

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