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Using statistical data from 2011 to 2020 covering 281 prefecture-level cities in mainland China, it finds a significant positive relationship between digital inclusive finance development and farmers’ income levels. The findings also show that digital inclusive finance reduces urban–rural income disparity by advancing agricultural technological innovation. Impact varies by human capital and digital development, and low human capital and financial literacy reduce benefits.",{"@graph":69,"@context":121},[70,84,104],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/inclusive-or-fraudulent-digital-inclusive-finance-and-urbanrural-income-gap/648570/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":98,"encodingFormat":97,"isAccessibleForFree":99,"interactionStatistic":100},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/inclusive-or-fraudulent-digital-inclusive-finance-and-urbanrural-income-gap/648570.png","ImageObject",300,407,{"name":92,"@type":93},"นรินทร์","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-23",true,{"@type":101,"interactionType":102,"userInteractionCount":4},"InteractionCounter",{"@type":103},"ViewAction",{"@type":105,"mainEntity":106},"FAQPage",[107,113,117],{"name":108,"@type":109,"acceptedAnswer":110},"What is the main research goal of the study?","Question",{"text":111,"@type":112},"To assess the influence of digital inclusive finance on farmers’ income and clarify the mechanisms through which it works.","Answer",{"name":114,"@type":109,"acceptedAnswer":115},"Which data and scope are used to test the relationship?",{"text":116,"@type":112},"Statistical data from 2011 to 2020 across 281 prefecture-level cities in mainland China.",{"name":118,"@type":109,"acceptedAnswer":119},"How does digital inclusive finance affect the urban–rural income gap?",{"text":120,"@type":112},"It helps reduce the disparity mainly by promoting agricultural technological innovations, though the effect is weaker for individuals with low human capital and limited financial literacy.","https://schema.org",{"og:url":83,"og:type":123,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":125,"canonical":83},"index,follow",{"doc_id":127,"site_id":62},648570,1792794065,{"code":4,"msg":5,"data":130},{"doc_id":127,"user_id":131,"nickname":92,"user_avatar":132,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":133,"file_id":134,"file_url":135,"file_type":136,"file_size":137,"view_count":4,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":138,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":128,"read_time":143},2336475104957,"https://ap-avatar.wpscdn.com/avatar/22000c4c6bd8a5076e1?x-image-process=image/resize,m_fixed,w_180,h_180&k=1787554080175789136","Asia-Pacific Financial Markets (2025) 32:821–854 [https://doi.org/10.1007/s10690-024-09472-9](https://doi.org/10.1007/s10690-024-09472-9)  \nORIGINAL RESEARCH  \nInclusive or Fraudulent: Digital Inclusive Finance and Urban–Rural Income Gap  \nLiang Zhang1 · Jian‑kun Liu2 · Zi‑hang Li3 · Jun‑yan Yu4 · Chante Jian Ding5  \nAccepted: 30 May 2024 / Published online: 15 June 2024  \n© The Author(s), under exclusive licence to Springer Japan KK, part of Springer Nature 2024  \nAbstract  \nThis study aims to evaluate the influence of digital inclusive finance on the income levels of farmers and elucidate its operational mechanism. Using statistical data spanning from 2011 to 2020 across 281 prefecture-level cities in mainland China, our findings establish a significant positive correlation between the developmental stage of digital inclusive finance and farmers’ income levels. Additionally, digital inclusive finance plays a constructive role in reducing income disparity between urban and rural areas, primarily through advancing agricultural technological innovations. Heterogeneity analysis reveals that the beneficial impact of digital inclusive finance is more pronounced in regions with higher human capital and lower levels of digital development. Furthermore, we observe a mutually reinforcing relationship between traditional financial development and digital financial inclusion. While affirming the fostering of inclusive and balanced development to some extent, this paper underscores the imperative of addressing the digital divide. The favorable effects of digital inclusive finance are diminished for individuals with low human capital and limited financial literacy, highlighting the necessity of enhancing financial literacy and education among rural residents as pivotal factors for digital inclusive finance to effectively fulfill its inclusive role.  \nKeywords Digital inclusive finance · Farmers’ income · Urban–rural income gap · Agricultural technology progress  \nAbbreviations  \nIV Instrumental variable  \nTFP Total factor productivity  \nICT Information and communication technology SFA Stochastic frontier analysis  \nDEA Data envelopment analysis CRS Constant returns to scale  \nPech Pure technical efficiency change  \nExtended author information available on the last page of the article  \nSech Scale efficiency change  \nTWFE Two-way fixed effects model  \n1 Introduction  \nSince the implementation of market-oriented reforms, China’s economy has experienced rapid growth over the past few decades (Allen et al., 2005 ; Lin, 1992) . However, alongside this sustained economic expansion, inequality in China has deepened (Zhang, 2021). In 2009, the ratio of per capita disposable income for urban residents to per capita disposable income for rural residents in China stood at approximately 3. 1, whereas in 1978, this ratio was only about 2.5.1 Although the urban–rural income gap in China has gradually decreased in recent years, it remains significantly higher than that observed in developed countries during the same period. Existing literature suggests that the urban–rural financial development gap is a crucial factor exacerbating this issue (Banerjee & Newman, 1993 ; Beck et al., 2007, 2010 ; Galor & Zeira, 1993 ; Ghossoub & Reed, 2017 ; Greenwood & Jovanovic, 1990) .  \nGiven the divergence in financial development levels between rural and urban areas, policymakers frequently resort to inclusive financial policies to spur economic development in rural regions. With the rapid expansion of rural Internet infrastructure, digital inclusive finance is gaining prominence in these areas. The primary objective of digital inclusive finance is to provide credit support to lowincome households and micro and small enterprises, thereby mitigating their financing constraints and enhancing financial market accessibility in rural regions. Previous studies have investigated the welfare effects of digital inclusive finance on farmers, focusing on two main dimensions. Fi","cbCaiiwhww3VYYU4","https://ap.wps.com/l/cbCaiiwhww3VYYU4","pdf",1391439,34,"English","# Abstract\n# Keywords\n# Abbreviations\n# Introduction\n## Background and inequality in China\n## Role and debate on digital inclusive finance","[{\"question\":\"What is the main research goal of the study?\",\"answer\":\"To assess the influence of digital inclusive finance on farmers’ income and clarify the mechanisms through which it works.\"},{\"question\":\"Which data and scope are used to test the relationship?\",\"answer\":\"Statistical data from 2011 to 2020 across 281 prefecture-level cities in mainland China.\"},{\"question\":\"How does digital inclusive finance affect the urban–rural income gap?\",\"answer\":\"It helps reduce the disparity mainly by promoting agricultural technological innovations, though the effect is weaker for individuals with low human capital and limited financial literacy.\"}]","Inclusive or Fraudulent: Digital Inclusive Finance and Urban–Rural Income Gap | PDF",86]