Digital Inclusive Finance, Manufacturing Upgrading and Common Prosperity

On the basis of constructing China's mainland—provincial common affluence index, this paper uses panel data from 30 provinces from 2011 to 2020 to explore the impact and path of digital inclusive finance on common affluence. The study found that the development of digital inclusive finance has a significant positive effect on common prosperity, and this effect has nonlinear characteristics; the coverage, depth of use and degree of digitization of digital inclusive finance all have a significant positive effect on common prosperity; the upgrading of manufacturing industry plays an intermediary role in the relationship between the development of digital inclusive finance and common prosperity. Further research has found that there is obvious regional heterogeneity in the impact of digital inclusive finance on common affluence. The development of digital inclusive finance in the central region has a stronger impact on common affluence than in the eastern and western regions.