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

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  • Chen, Yuhe
  • Zhang, Kexin

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.

Suggested Citation

  • Chen, Yuhe & Zhang, Kexin, 2025. "Impact of population aging on Chinese residents’ consumption: Empirical analysis based on impact of digital inclusive finance," Finance Research Letters, Elsevier, vol. 82(C).
    • Handle: RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325007494
    DOI: 10.1016/j.frl.2025.107490
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    References listed on IDEAS

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    1. Curtis, Chadwick C. & Lugauer, Steven & Mark, Nelson C., 2017. "Demographics and aggregate household saving in Japan, China, and India," Journal of Macroeconomics, Elsevier, vol. 51(C), pages 175-191.
    2. Bano, Sadia & Liu, Lu & Khan, Anwar, 2022. "Dynamic influence of aging, industrial innovations, and ICT on tourism development and renewable energy consumption in BRICS economies," Renewable Energy, Elsevier, vol. 192(C), pages 431-442.
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