Inclusive Finance Development and Industrial Structure Adjustment

This article uses the financial index to measure inclusive finance development level,and tests the relationship between inclusive finance and industrial structure adjustment from 1985 to 2012 based on VAR model. The results show that there exists Granger causality relationship between inclusive finance development and rationalization of industrial structure,optimization of industrial structure,as well as a long- run equilibrium relation exists among the inclusive finance development,rationalization of industrial structure and optimization of industrial structure. In the short term,the inclusive finance uses rationalization of industrial structure,but not optimization of industrial structure to promote industrial structure adjustment,while it' s converse in the long run; the optimization of industrial structure significantly promotes the inclusive finance development,while the rationalization of industrial structure plays an impediment role,the convergent speed of inclusive finance development to the shock of rationalization of industrial structure is slower than optimization of industrial structure. In this regard,in order to expand the scale of inclusive finance development,government should gradually weaken the degree of intervention in economic development and accelerate the pace of optimization of industrial structure.