Digital Inclusive Finance, Human Capital and Inclusive Green Development—Evidence from China

To analyze the impact of digital inclusive finance and human capital on inclusive green economic development in China, we build a comprehensive indicator system to measure the level of inclusive green development and use the super-efficiency SBM method to measure the inclusive green total factor productivity (IGTFP) in Chinese cities, then the system GMM model is used to empirically test the direct and interactive influences. Inclusive green development in China has maintained a growing trend in recent years, reaching a peak in 2017. The development of digital inclusive finance in terms of breadth, depth and degree of digitization is conducive to promoting inclusive green development. Although human capital does not directly affect inclusive green development, it plays a significantly positive moderating role in the process of digital inclusive finance promoting inclusive green development. In this paper, the impact of digital inclusive financial and human capital and their interactions on inclusive green development is analyzed within a unified framework, which has important practical significance for the orderly promotion of the development of digital inclusive finance, improving residents’ education level and promoting inclusive green development.