Impact of population aging on Chinese residents’ consumption: Empirical analysis based on impact of digital inclusive finance

Yuhe Chen and Kexin Zhang

Finance Research Letters, 2025, vol. 82, issue C

Abstract: This study empirically examines the impact of the degree of population aging on consumption expenditure in China under the influence of digital financial inclusion. By using the panel data of 31 provinces in China for the period of 2003–2022, this study conducts empirical analysis by using a two-way fixed effects model of time and region. Results show that population aging exerts a significant negative effect on the consumption expenditure of residents in China, and the effect varies in different regions. However, the development of digital inclusive finance can weaken the negative effect of population aging on the consumption expenditure of residents in China.

Keywords: Population aging; Consumer expenditure; Digital inclusive finance; Moderating influence (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325007494

DOI: 10.1016/j.frl.2025.107490

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