Spatial-Temporal Differentiation and Dynamic Evolution of Digital Finance Inclusive Development in the Yangtze River Delta Economic Cluster of China

Clarifying the sources of the digital finance inclusive development gap helps profoundly understand the regional characteristics of inclusive digital finance and benefits and formulate and implement specific policies scientifically and reasonably. Based on the 2011-2020 "Peking University Digital Finance Inclusive Index," this study explores the regional disparity in digital finance inclusive development and its sources in the Yangtze River Delta economic cluster using the methods of the center of gravity shift, standard deviation ellipse, nested Theil index difference decomposition, and Kernel density. We found that inclusive digital finance shows a rising trend year by year, with evident heterogeneity and spatial agglomeration characteristics; interprovincial differences are the primary sources of the overall differences in inclusive digital finance in the Yangtze River Delta. The spatial effect of digital inclusion finance between the Yangtze River Delta regions has continuity. Because of the significant positive spatial correlation of digital inclusion finance between regions, digital inclusion finance in this region is vulnerable to potential shocks from neighboring regions. Moreover, with or without the spatial lag term, the level of inclusive digital finance in all regions of the Yangtze River Delta shows a leap forward. This paper looks at the regional gap of inclusive digital finance and its structural decomposition in the Yangtze River Delta city cluster from three perspectives: time trend, spatial structure, and dynamic evolution. This gives an empirical basis for the different kinds of digital finance inclusive development policies and a guide for making decisions to speed up the formation of a regional digital finance inclusive synergistic development path.